Visiongain has published a new report on “CNS Therapeutics Market Forecast, 2021-2031”. Forecasts by Disease (Neurovascular Disease, Trauma, Mental Health, Degenerative, Others), End Use (Hospitals, Home Care, and Others), Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa), Plus COVID-19 Recovery Scenarios.
According to Visiongain analysis, global CNS therapeutics market is estimated to be valued at US$ 94.2 billion in 2020. The global market is expected to witness a CAGR of 6.0% from 2021 to 2026 and is expected to reach US$ 133.2 billion in 2026 from its previous value of US$ 99.6 billion in 2021. Visiongain further anticipates that the global CNS therapeutics market will reach US$ 180.3 billion in 2031 while growing at a CAGR of 6.1% from 2021 to 2031.
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COVID-19 Impact on CNS Therapeutics Market
COVID-19 pandemic has wreaked havoc on the global economy and disrupted the flow of trade since the coronavirus spread in late 2019. As lockdowns were imposed in all the countries, diagnosis rates went down in majority of countries during the year hitting the drug sales for some period. Although lockdown measures have been eased up in most countries by mid-year 2020, this trend is expected to continue beyond 2020, stock up of medicines by patients is likely to propel the drug sales in majority of the developed economies, which account for majority of CNS therapeutics.
Increasing Geriatric Population to Trigger Market Growth
Geriatric population is prone to various neurological problems Alzheimer, Parkinson’s, ALS, and many more as well as chronic diseases. With such high risks of mental diseases associated with high age, increase in elderly population is currently one of the largest markets for CNS disorder treatment and is expected to be so in near future. It is estimated that, by the end of 2030, 71 million Americans which account for 20% of the overall population are expected to cross the age of 65. Such projections are expected to make the U.S. potential market for CNS drugs and therapies in near future.
With increase in age, degradation of brain cells is observed. Such factors are expected to increase the rate of degenerative disease incidence across the globe fuelling the market over the study period. There are millions of Americans with Alzheimer's disease or other type of dementias. The number of Americans with Alzheimer's or other disease will rise as the proportion of the U.S. population aged 65 and older continues to increase. Similar trend is likely to be observed in countries such as Japan, China, India and many more.
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Competitive Landscape
Currently, key players are forming various strategies such as partnerships, collaborations, and continuous research and development to strengthen their position in the global CNS therapeutics market. Companies are also expanding their pipelines, distribution, and management facilities to expand their business and to hold a competitive edge in the CNS therapeutics market. The global CNS therapeutics market is consolidated in nature on account of top 10 companies accounting for over 70% of the global market share. Less number of approvals coupled with high R&D costs associated compared to other therapeutic areas is the major reason for market consolidation.
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Visiongain is one of the fastest growing and most innovative, independent, market intelligence around, the company publishes hundreds of market research reports which it adds to its extensive portfolio each year. These reports offer in-depth analysis across 18 industries worldwide. The reports cover a 10-year forecast, are hundreds of pages long, with in depth market analysis and valuable competitive intelligence data. Visiongain works across a range of vertical markets, which currently can influence one another, these markets include automotive, aviation, chemicals, cyber, defense, energy, food & drink, materials, packaging, pharmaceutical and utilities sectors. Our customized and syndicated market research reports mean that you can have a bespoke piece of market intelligence customized to your very own business needs.
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