The Neurodegenerative Disease Treatment market is estimated to be valued at US$ 42,388.8 Mn in 2023 and is expected to exhibit a CAGR of 3.1% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Neurodegenerative diseases refer to a group of conditions that damage or destroy neurons in the brain and spinal cord. This damage causes the cells to function abnormally or die, leading to deterioration in motor skills, thinking ability, memory, and other neurological functions. Some of the common neurodegenerative diseases include Alzheimer’s disease, Parkinson’s disease, Huntington’s disease, and Amyotrophic lateral sclerosis. The available treatment options aim to manage symptoms, protect remaining neurons and support overall health.
Increasing prevalence of neurological disorders is expected to drive the growth of neurodegenerative disease treatment market over the forecast period. Neurological disorders affect millions of people worldwide each year. For instance, according to Alzheimer’s Association, around 5.8 million Americans of all ages have Alzheimer’s dementia in 2021. This number of people is projected to rise to around 14 million by 2060. Furthermore, favorable government initiatives also fuel the market growth. Governments of various countries are implementing various awareness programs and providing research grants for coming up with innovative treatment options. For instance, in September 2021, the government of Canada announced investment of C$80 million over five years in neuroinformatics to support brain research. Such initiatives are expected to support market growth over the forecast period.
Strength: The neurodegenerative disease treatment market possesses a robust pipeline of drug candidates targeting neurodegenerative disorders. Large biopharma companies are actively investing in R&D to develop novel therapeutics. Growing awareness regarding neurodegenerative diseases is encouraging people to seek medical help.
Weakness: High costs associated with drug development and clinical trials make therapeutics unaffordable for many patients. Lack of approved disease-modifying treatments for major neurodegenerative conditions is a key challenge. Complex etiology of neurodegenerative diseases makes development of effective treatments difficult.
Opportunity: Rising geriatric population susceptible to neurodegenerative diseases presents an opportunity for market growth. Collaborations between industry and academia can accelerate drug development. Emerging economies may serve as lucrative markets due to the growing healthcare expenditure.
Threats: Stringent regulatory environment for clinical trials delays market approval and commercialization of new therapies. Patent expiries of blockbuster drugs impact the revenues of companies. High attrition rates during clinical trials is a major risk. Rising competition from generic drug manufacturers poses pricing pressures.
The global Neurodegenerative Disease Treatment market is expected to witness high growth, exhibiting a CAGR of 3.1% over the forecast period, due to increasing prevalence of neurological disorders. The market size is projected to reach US$ 42,388.8 Mn by 2023.
Market analysis: The market is estimated to reach US$ 54,849.7 Mn by 2030. North America currently dominates the global market due to high awareness levels and robust healthcare infrastructure in the region. However, Asia Pacific is expected exhibit the fastest growth owing to rising geriatric population, increasing healthcare spending, and growing economy.
Key players analysis: Key players operating in the neurodegenerative disease treatment market are Abbvie Inc., Amneal Pharmaceuticals Inc., Boehringer Ingelheim International Gmbh, F. Hoffmann-La Roche, and Merck & Co. Inc., among others. Major players are involved in partnerships and collaborations with academic institutions to expedite drug discovery efforts.