Pune, India, Dec. 13, 2023 (GLOBE NEWSWIRE) -- The central nervous system treatment market is expected to grow from USD 89.02 billion in 2021 and poised to achieve a USD 166.53 billion valuation by 2028, with a CAGR of 9.4% throughout the forecast period. Growth drivers include the rising elderly population and corresponding surge in neurological disorders, propelling market expansion.
Fortune Business Insights details this in their report titled "Central Nervous System Treatment Market, 2021-2028."
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Key Industry Development:
January 2021: The U.S. FDA has granted approval to Glenmark Pharma for its central nervous system stimulant drug, Amphetamine Sulfate tablets. These tablets represent a generic version of Arbor Pharmaceuticals LLC's Evekeo tablets.
Key Takeaways:
- As per the Alzheimer's Association, approximately 6 million individuals in the U.S. are presently coping with Alzheimer's, and it is estimated to increase to 13 million by the year 2050.
- Public Health England reports that the prevalence of multiple sclerosis in the U.K. for the year 2018 has risen to over 131,000 individuals.
- The market is categorized by distribution channel, with segmentation into hospital pharmacies, retail pharmacies, and other channels.
- In the year 2020, North America led the market, generating a revenue of USD 38.25 billion.
Discover the Leading Players Featured in the Report:
Biogen (Massachusetts, U.S.), Pfizer Inc. (New York, U.S.), F. Hoffmann-La Roche Ltd (Switzerland)Novartis AG (Basel, Switzerland), Johnson & Johnson Services, Inc. (New Jersey, U.S.), Teva Pharmaceutical Industries Ltd. (Israel), Sanofi (Paris, France), Otsuka Holdings (Japan)
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2021 to 2028 |
| Forecast Period 2021 to 2028 CAGR | 9.4% |
| 2028 Value Projection | USD 166.53 billion |
| Base Year | 2020 |
| Market Size in 2020 | USD 81.67 billion |
| Historical Data | 2017-2019 |
| No. of Pages | 160 |
| Segments covered | Disease Type, Drug Class, Drug Type, Distribution Channel, and Region |
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Segmentation:
The market is divided based on disease type into infectious diseases, mental health, neurodegenerative diseases, neurovascular diseases, and others. In terms of drug class, the market is segmented into immunomodulatory drugs, interferons, analgesics, antidepressants, dopamine agonists, decarboxylase inhibitors, and others. Categorization by drug type includes non-biologics and biologics. Distribution channels are categorized into online pharmacies, retail pharmacies, and hospital pharmacies. Geographically, the market is classified into Asia Pacific, Latin America, North America, Europe, and the Middle East & Africa.
Driving factor:
Increasing Incidence of Neurological Disorders to Drive Market Expansion
The growing incidence of neurological disorders, such as Parkinson's, Alzheimer's, multiple sclerosis, and others, alongside the expanding elderly population, is expected to drive the global central nervous system treatment market. The Alzheimer's Association predicts around 14 million cases by 2050, significantly contributing to market growth.
Prospective launches of new products and drugs in the pipeline are poised to create lucrative growth opportunities for the market. These introductions are likely to enhance treatment accessibility in developing nations, thereby stimulating market expansion.
Moreover, the increasing trend of partnerships, mergers, and acquisitions among key players is projected to strengthen the market's growth during the forecast period. However, a stringent regulatory framework and a time-consuming approval process may pose challenges to market growth
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Regional insights:
Ample Growth Expected in North America Due to the Strong Presence of Key Market Players.
North America is expected to secure the largest market share in the global central nervous system treatment market. The region's market growth is likely to be propelled by increased access to treatment and the robust presence of major market players. Furthermore, the management of central nervous system treatment regulatory guidelines by government agencies, including the U.S. FDA, is expected to contribute to the region's market expansion.
Europe is poised to achieve the second-largest market share, driven by favorable reimbursement policies and widespread access to treatment through public healthcare providers in the U.K., such as the National Health Service (NHS).
Asia Pacific is projected to experience significant growth, driven by factors such as a rising geriatric population, an increasing prevalence of neurological disorders, and improvements in healthcare infrastructure.
Conversely, the Middle East & Africa, and Latin America are expected to exhibit sluggish growth due to weaker product penetration and a lack of product approvals.
Competitive Landscape
The market is characterized by a significant level of consolidation, with key players placing emphasis on strategic distribution agreements and maintaining strong market positions through a robust pipeline. Notable companies in the market include Pfizer Inc., Johnson and Johnson Services Inc., Otsuka Holdings, Novartis AG, and others. These leading players concentrate on strategies such as new product launches, partnerships, acquisitions, mergers, and other initiatives to enhance their market standing. For example, in January 2020, Biogen revealed a deal to acquire PF-05251749, a phase 1 stage modulator of circadian rhythm. This product is under development to address neurological symptoms associated with disorders such as Alzheimer's and Parkinson's disease.
FAQs
How big is the Central Nervous System Treatment Market?
Central Nervous System Treatment Market size was USD 89.02 billion in 2021.
How fast is the Central Nervous System Treatment Market growing?
The Central Nervous System Treatment Market will exhibit a CAGR of 9.4% during the forecast period, 2021-2028
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