Central Nervous System Therapeutic Market Size to Hit US$ 209.2 Bn by 2030

Ottawa, Feb. 08, 2022 (GLOBE NEWSWIRE) -- The global central nervous system therapeutics market size was valued at US$ 113.6 billion in 2020. The rising prevalence of various central nervous system diseases among the population such as Alzheimer’s disease, Parkinson’s disease, brain cancer, anxiety disorders, and epilepsy is a major factor that drives the demand for the central nervous system therapeutics. As per the Alzheimer’s Association, over 5million people are affected with the Alzheimer’s diseases and this number is projected to reach 14 million by 2050. It is estimated that around 300,000 people were diagnosed with brain cancer across the globe in 2018 around 240,000 people died in the same year due to it.

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Moreover, the rising awareness regarding the various central nervous system diseases is fueling the demand for the CNS therapeutics across the globe. The rising investments by the top market players to develop novel therapies and diagnostic tests is expected to significantly influence the market growth. Furthermore, the presence of strong pipeline therapeutics is fostering the sales of the CNS therapeutics, thereby driving the growth of the global central nervous system therapeutic market.

Scope of the Central Nervous System Therapeutic Market

Report Highlights

• Based on the disease, the neurodegenerative diseases segment dominated the global central nervous system therapeutic market, garnering a market of around 40% in 2020. This is attributed to the increasing prevalence of diseases like Parkinson’s disease, Alzheimer’s disease, and multiple sclerosis. According to the Alzheimer’s Association, around 14 million people will be suffering from Alzheimer’s disease by 2050 across the globe. The growing geriatric population is increasing the risks of Parkinson’s disease and hence this segment is expected to sustain its significance throughout the forecast period.
  
  

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Regional Snapshot

North America accounted for more than 45% of the revenue share and dominated the global central nervous system therapeutic market in 2020. This is attributed to the growing geriatric population and rising prevalence of various CNS diseases. As per the Parkinson’s Foundation, about 60,000 people are diagnosed with Parkinson’s disease in US each year and around 1 million people are living with Parkinson’s disease in US.It is estimated that approximately 70,800 people are affected with brain cancer every year in the US, which causes 2.4% of the total cancer deaths in US. As per the GBD 2019, neurological diseases are the fourth major causes of death in US and third in Canada. The increased awareness regarding various central nervous system diseases among the population has fostered the demand for the CNS therapeutics in North America.

Asia Pacific is estimated to be the most opportunistic market during the forecast period. Asia Pacific is witness a surge in the number of patients affected with the central nervous system diseases such as dementia, anxiety disorders, Alzheimer’s disease, and Parkinson’s disease. The non-profit organizations are providing cost-free treatment for the CNS diseases and playing a crucial role in spreading the awareness about mental health. The emerging nations like China and India are foreseeing increased investments in the development of healthcare infrastructure. The improving access to advanced healthcare facilities and diagnostic tests are expected to fuel the growth of the Asia Pacific central nervous system therapeutic market.

Market Dynamics

Driver

Rising prevalence of neurological disorders owing to the growing geriatric population

According to the Parkinson’s Foundation, the risks of getting Parkinson’s disease increases with age. Therefore the growing geriatric population across the globe is expected to fuel the growth of the global central nervous system therapeutic market. According to the United Nations, the global geriatric population is expected to reach at 2 billion by 2050 and around 80% of this population will be living in the low and middle income countries. Therefore, the developing countries presents a lucrative growth opportunity for the market players during the forecast period.

Restraint

Stringent regulations and time-consuming approval process

The research & developmental activities associated in the development of novel therapies for the central nervous system diseases is a costly and time consuming process. Therefore, the research results and clinical trials involves a lot of time. Moreover, the stringent government regulations regarding the therapies presents a challenge to the manufacturers. The high time-consuming process and huge costs involved may hamper the growth of the global central nervous system therapeutic market.

Opportunity

New product launches and approvals

The market players are investing heavily in the new product developments and seeking approvals from the concerned authorities. These new launches and may provide growth aspects to the players in the forthcoming future. For instance, in February 2020, Biogen and Sangamo Therapeutics entered into a deal of US$2.7 billion for developing a gene regulation therapy for the treatment of Alzheimer’s disease.

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Challenge

Lack of adequate healthcare infrastructure

The developing and the underdeveloped countries suffers from the lack of adequate access to the basic healthcare facilities. This results in under treatment. Most of the patients remain undiagnosed and untreated. This is a major challenge for the market.

Segments Covered in the Report

By Disease

• Neurovascular Diseases
• Mental Health
• Neurodegenerative Diseases
• CNS Trauma
• CNS Cancer
• Infectious Diseases
• Others
  
  

By Geography

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)
  
  

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