Richmond, Nov. 28, 2023 (GLOBE NEWSWIRE) -- According to a research report "Neurodegenerative Disease Market, By Indication Type (Alzheimer's Disease, Huntington Disease, Multiple Sclerosis, Parkinson's Disease, Other), Drug Type (Cholinesterase Inhibitors, Dopamine Agonists, Immunomodulatory Drugs, N-methyl-D-aspartate Receptor antagonists, Other), Distribution Channel (Drug Stores and Retail Pharmacies, Hospital Pharmacy, Online Pharmacy) and Region.
Global Neurodegenerative Disease Market Report Scope:
| Report | Details |
| Market size value in 2023 | USD 45.8 Billion |
| Market size value in 2030 | USD 69.8 Billion |
| CAGR (2023-2030) | 6.2% |
| Forecast Period | 2023–2030 |
| Historic Data | 2019 |
| Forecast Units | Value (USD Million/USD Billion) |
| Segments Covered | Indication Type, Drug Type, Distribution Channel, End User and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and RoW |
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| Sample of Companies Covered |
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TOC Covers in Depth & Breath on Neurodegenerative Disease Market
170 - Market Data Tables
65 - List of Figures
225 – Pages
The report includes Vendor Assessment (Company Profiles, Market Positioning, Strategies, Recent Developments, Capabilities & Product Offerings / Mapping), Technology Assessment (Developments & Economic Impact), Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional FootPrint by MarketDigits.
Market Overview
The rising prevalence of neurodegenerative diseases such as Parkinson’s, multiple sclerosis, and Alzheimer's disease is expected to drive the demand for drugs to address these conditions. The growth of the neurodegenerative drugs market is anticipated to be propelled by untapped emerging markets, benefitting from improved healthcare infrastructure and an increasing incidence of chronic diseases. Additionally, the healthcare industry in emerging economies is experiencing significant development, fueled by a rising demand for enhanced healthcare services and substantial government investments in healthcare infrastructure. Governments, pharmaceutical companies, and non-profit organizations are increasing their investments in research and development (R&D) for neurodegenerative drugs. This heightened focus on R&D is leading to the development of new treatments and therapies, further supporting the growth of the neurodegenerative drugs market.
Furthermore, the growing awareness of neurological disorders and the emphasis on early diagnosis and treatment are driving an increased demand for drugs that can slow down or halt the progression of these diseases. This awareness is expected to contribute significantly to the market's growth. The global adoption of e-commerce as a crucial tool for businesses, both small and large, is adding to the momentum, driven by consumers' preference for online shopping over traditional purchasing methods. This trend further supports the expansion of the neurodegenerative drugs market size.
However, the development of new drugs for neurodegenerative diseases is a complex and costly process that demands substantial investments in R&D. The high costs associated with drug development limit the number of companies willing to invest in this area, constraining the introduction of new drugs to the market and impeding the growth of the neurodegenerative drugs market share. Additionally, the lengthy and expensive regulatory approval process for new drugs can further limit the number of drugs that reach the market, causing delays in patient access to innovative treatments. Consequently, the high costs and complications associated with neurodegenerative drugs present challenges to the expansion of the market share.
Major vendors in the Global Neurodegenerative Disease Market:
- AbbVie Inc.
- Amneal Pharmaceuticals Inc.
- Biogen Ide
- Boehringer Ingelheim International GmbH
- F. Hoffmann-La Roche Ltd
- GlaxoSmithKline
- Merck & Co. Inc.
- Merck Serono
- Novartis AG
- Pfizer Inc.
- Sanofi S.A.
- Teva Pharmaceuticals
- UCB SA
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Increasing Prevalence of Neurodegenerative Diseases is Drive the Global Neurodegenerative Disease Market
The prevalence of neurodegenerative diseases is a pivotal factor driving the global Neurodegenerative Disease Market. As these debilitating conditions, such as Parkinson’s, multiple sclerosis, and Alzheimer's disease, become more widespread, there is a heightened demand for effective therapeutic interventions. The aging global population, particularly in developed countries, is a significant contributor to the increasing prevalence of neurodegenerative disorders, as age is often a primary risk factor for these conditions. With a growing number of individuals entering the age brackets associated with higher susceptibility to neurodegenerative diseases, the overall patient population is expanding rapidly.
This rise in prevalence directly correlates with an escalated need for pharmaceutical solutions to address the complex symptoms and challenges presented by neurodegenerative disorders. Pharmaceutical companies are compelled to intensify their efforts in research and development to meet the evolving healthcare demands associated with these diseases. The economic burden of neurodegenerative disorders on both individuals and healthcare systems further underscores the importance of developing and making available effective neurodegenerative drugs.
Moreover, the prevalence of these diseases is not limited to developed regions; it is increasingly becoming a global health concern. Emerging economies are also witnessing a surge in the incidence of neurodegenerative disorders, driven by factors such as lifestyle changes and increased life expectancy. This global prevalence amplifies the market potential for neurodegenerative drugs on an international scale. Governments, healthcare organizations, and pharmaceutical companies are strategically aligning their efforts to address this growing health challenge, fostering collaborative initiatives and investments in research, drug development, and healthcare infrastructure. In essence, the prevalence of neurodegenerative diseases acts as a catalyst, propelling the Neurodegenerative Disease Market into a critical sphere where innovation, accessibility, and global collaboration are imperative for meeting the evolving healthcare needs of diverse populations.
Market Dynamics
Drivers:
- Emerging Markets and Healthcare Infrastructure
- Research and Development Investments
- Growing Awareness and Early Diagnosis
Opportunities:
- Advancements in Precision Medicine
- Digital Health Technologies and Remote Patient Monitoring
- Collaborations and Partnerships in Drug Development
The integration of digital health technologies and remote patient monitoring solutions offer new opportunity to the Neurodegenerative Disease Market
The integration of digital health technologies and remote patient monitoring solutions presents a transformative opportunity for the Neurodegenerative Disease Market. As advancements in technology continue to reshape healthcare, these innovative tools offer a fresh and dynamic approach to managing neurodegenerative disorders. Digital health technologies, including wearable devices, mobile applications, and telehealth platforms, enable continuous and remote monitoring of patients with neurodegenerative diseases. Wearable devices equipped with sensors can track key health parameters, such as movement patterns, heart rate, and sleep patterns. Mobile applications provide a means for patients to log symptoms, medication adherence, and lifestyle factors, creating a comprehensive dataset for healthcare providers. Telehealth platforms facilitate virtual consultations, allowing healthcare professionals to remotely assess patients and adjust treatment plans as needed.
This integration brings several advantages to the Neurodegenerative Disease Market. Firstly, it offers real-time, objective data on patients' conditions, allowing for more personalized and data-driven decision-making in treatment strategies. Continuous monitoring can provide early indicators of disease progression or complications, enabling timely interventions and potentially improving patient outcomes. Also, remote patient monitoring enhances the efficiency of clinical trials for neurodegenerative drugs. Traditional trials often face challenges related to patient recruitment, retention, and data collection. Digital health technologies address these challenges by enabling researchers to collect real-world data from patients in their natural environments. This not only accelerates the pace of clinical research but also enhances the generalizability of study findings.
Moreover, the integration of digital health technologies fosters a more patient-centric approach to neurodegenerative disease management. Patients gain greater autonomy over their health through self-monitoring and active participation in their care. This not only improves the overall patient experience but also promotes better adherence to treatment plans.
The Alzheimer's disease is dominate the global Neurodegenerative Disease Market.
Based on Indication Type, The Alzheimer's disease segment is anticipated to dominate and hold the major market share of the neurodegenerative disease market during the forecast period. Characterized by a progressive degeneration and death of brain cells, Alzheimer's disease is the leading cause of dementia—a continuous decline in cognitive, behavioral, and social abilities that impairs independent functioning. The global prevalence and mortality rates associated with this disorder are on the rise, leading to an escalating demand for effective treatments and therapies and thereby propelling the market's growth.
The prevalence of Alzheimer's disease is a global concern, as evidenced by the 2021 Alzheimer's Disease Facts and Figures report released by the Alzheimer's Association. In the United States alone, an estimated 6.2 million individuals aged 65 and older were living with Alzheimer's dementia in 2021. The report further highlighted that 1 in 9 people aged 65 and older have Alzheimer's dementia, with approximately two-thirds of those affected being women. This high incidence globally is anticipated to have a positive impact on the growth trajectory of the market.
Furthermore, the Alzheimer's disease segment benefits from increasing research and development activities and the introduction of new products. A noteworthy example is Eli Lilly and Company's January 2021 revelation of the positive outcomes of a study on Donanemab—an investigational antibody targeting a modified form of beta-amyloid known as N3pG. The study demonstrated a significant slowing of decline in cognition and daily function in patients with early symptomatic Alzheimer's disease compared to a placebo in the Phase 2 TRAILBLAZER-ALZ study. Additionally, the accelerated approval granted by the US Food and Drug Administration (FDA) on June 10th, 2021, for Biogen's and Eisai's Aduhelm (aducanumab) marked a significant milestone in the treatment of Alzheimer's disease. These advancements are poised to drive the growth of the Alzheimer's disease segment in the foreseeable future, underscoring its significant expansion in the coming years.
The market for Neurodegenerative Disease Market is dominated by North America.
North America is poised to emerge as the dominant player in the neurodegenerative disease market, with various factors influencing its growth trajectory. Key drivers include the escalating prevalence of neurological disorders and concerted research and development efforts by both private and government organizations, dedicated to devising effective treatments for these ailments.
The impact of neurodegenerative diseases is notably evident in the statistics provided by the Alzheimer's Association's 2022 Alzheimer's Disease Facts and Figures report. The United States alone saw an estimated 6.5 million Americans aged 65 and older grappling with Alzheimer's dementia in 2022. Furthermore, North America is expected to command a substantial market share, bolstered by a robust presence of pharmaceutical manufacturers and an evolving paradigm of care for patients afflicted by neurodegenerative diseases.
The proactive stance of regulatory bodies adds impetus to the region's prominence. Notably, the Food and Drug Administration's launch of an action plan in June 2022 specifically targeting rare neurodegenerative diseases, including Amyotrophic Lateral Sclerosis (ALS), stands as a significant stride. This five-year strategy aims to enhance and prolong the lives of individuals grappling with rare neurodegenerative diseases across the nation, focusing on advancing the development of safe and effective medical products and ensuring comprehensive access to innovative treatments.
Additionally, pharmaceutical innovation contributes to the region's growth narrative. Alterity Therapeutics, a company dedicated to developing disease-modifying therapies for neurodegenerative diseases, secured a new US patent in January 2022 for compounds designed to address conditions such as Parkinson's and Alzheimer's. The culmination of numerous drug development initiatives and approvals positions the market for substantial growth in the North American region throughout the forecast period. Consequently, driven by these multifaceted factors, the neurodegenerative disease market is poised for significant expansion in North America.
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