Insights on Global Neurodegenerative Disease Market Size & Share to Reach USD 47911.88 Million by 2028, Exhibit a CAGR of 3.1% | Industry Trends, Value, Analysis & Forecast Report by Zion Market Research
NEW YORK, July 27, 2022 /PRNewswire/ -- As per Zion Market Research study, The global neurodegenerative disease market was worth around USD 39892.5 million in 2021 and is estimated to grow to about USD 47911.88 million by 2028, with a compound annual growth rate (CAGR) of approximately 3.1% over the forecast period.
Neurodegenerative Disease Market: Overview
The neurodegenerative disease market includes selling neurodegenerative illness therapeutics products and related services for neurological diseases. Neurodegenerative disorders are a group of incurable diseases that mainly affect the neurons in the human brain, resulting in progressive degenerative changes or the death of nerve cells. The global population's increased prevalence of neurodegenerative disorders contributes to the growth of the global neurodegenerative disease therapeutics market. The growing geriatric population leads to the rise in prevalence of neurological diseases. As per World Population Review, the number of individuals over 60 will rise to 2.1 billion in 2050, and people over 80 will triple to 425 million. According to the Alzheimer's Association, approximately 5.8 million Americans have Alzheimer's disease, which is expected to rise to about 14 million by 2050. Clinical trial and research and development (R&D) failure rates have always been a significant challenge in the neurological disease treatment market. Companies are constantly investing in R&D to establish treatment options for neurodegenerative diseases, but very few treatments are currently approved. The lack of government and hospital reimbursement policies for treating dementia such as Amyotrophic Lateral Sclerosis (ALS), Alzheimer's disease, and Parkinson's disease restricts the market growth.
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Key Industry Insights & Findings of the Neurodegenerative Disease Market Reports:
- As per the analysis shared by our research analyst, the Neurodegenerative Disease Market is expected to grow annually at a CAGR of around 3.01 % (2022-2028).
- Through the primary research, it was established that the Neurodegenerative Disease Market was valued at approximately USD 39892.5 million in 2021 and is projected to reach roughly USD 47911.88 million by 2028.
- North America dominates the global neurodegenerative disease market and accounts for more than 3.1% of the worldwide revenue. This expansion can be attributed to favorable health reimbursement policies, increased investment in research & development, elevated pricing, and rising demand for neurodegenerative disease drugs.
- Neurodegenerative disease funding totaled USD 4,021 million in 2020, rising to USD 4,110 million in 2021. Most of the market's major players are anticipated to be attracted by the rising funding for research, leading to the market's quick expansion in North America.
- The Asia Pacific regional market is expected to be the fastest-growing regional market during the forecast period due to the high prevalence of neurodegenerative diseases, an aging population, and rising demand for Alzheimer's & Parkinson's disease drugs in Japan and China.
- According to the World Health Organization (WHO), by 2022, more than 50 million people will have dementia, a frequent type of Alzheimer's disorder, with 10 million cases diagnosed yearly.
Zion Market Research published the latest report titled "Neurodegenerative Disease Market By Indication Type (Parkinson's Disease, Alzheimer's Disease, Multiple Sclerosis, Huntington's Disease, and Other Indication Types), By Drug Type (N-methyl-D-Aspartate Receptor Antagonists, Cholinesterase Inhibitors, Dopamine Agonists, Immunomodulatory Drugs, and Other Drug Types), and By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2022 – 2028." into their research database.
Industry Dynamics:
Neurodegenerative Disease Market: Growth Drivers
- Increasing Prevalence of Alzheimer's Disease Drives Market Growth.
Neurodegenerative diseases are those that dramatically impact the neurons in the brain. Alzheimer's disease is one of the most common neurodegenerative diseases. Alzheimer's disease is the most common type of dementia, characterized by loss of thinking skills, memory loss, and challenges with problem-solving and language. According to the World Health Organization (WHO), by 2022, more than 50 million people will have dementia, a frequent type of Alzheimer's disorder, with 10 million cases diagnosed yearly. The rising prevalence of these illnesses also drives the development of new medications. Furthermore, the market is expanding as people worldwide become more aware of prescription medications for Alzheimer's. Moreover, the rise in awareness of the various novel treatment options is fueling the emergence of Alzheimer's drugs.
Neurodegenerative Disease Market: Restraints
- Inadequate reimbursement policies may hamper the global market growth.
The lack of government and hospital reimbursement policies for treating neurodegenerative illnesses such as Alzheimer's, Amyotrophic Lateral Sclerosis (ALS), and Parkinson's disease restricts the market growth. On the other hand, patients are switching to generics due to the lower cost, which is expected to limit the use of patented drugs.
- Expiration of patents on products used to treat the neurodegenerative disease to restrain the market growth.
Over the forecast years, multiple patent expirations are expected to constrain the global neurodegenerative disease market. Many novel drugs are predicted to lose their patents in the coming years. After the expiry of these drugs, the already authorized generic alternatives can be commercialized at a lower price. Furthermore, the occurrence of multiple generics bearing the same brand name is expected to be less expensive than the market value. Despite an increase in drug volume, the lower cost of generics hurts the market's overall value.
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Neurodegenerative Disease Market: Opportunities
- A robust drug pipeline for treating neurodegenerative diseases brings up several growth opportunities.
The availability of a robust pipeline of drugs for neurodegenerative diseases is expected to bring up several growth opportunities for the global neurodegenerative disease market. For instance, GlaxoSmithKline Plc recently announced an agreement with Alector Inc. to establish antibody-based treatment options for Parkinson's, Alzheimer's, and other similar diseases in 2021. This collaboration agreement is worth USD 2.2 billion and aims to build a robust drug pipeline.
Neurodegenerative Disease Market: Challenges
- The high cost of treatment continues to be a global challenge
The exceptionally high price is expected to stifle market growth by limiting access to quality treatment in middle and low-income countries. In the U.S., for instance, the estimated yearly medical cost for the treatments of Multiple Sclerosis (MS) can exceed $70,000. This is prohibitively expensive, given the country's median household income of $67,521 in 2020.
High failure rates in clinical trials and research & development (R&D): Clinical trial and research and development (R&D) failure rates have always been a significant challenge within the neurodegenerative disorder treatment market. Companies are constantly investing in R&D to develop treatment options for neurodegenerative diseases, but very few treatments are currently approved.
Global Neurodegenerative Disease Market: Segmentation
Neurodegenerative Disease Market: Segmentation
- The global neurodegenerative disease market is segregated based on indication, drug, and region.
The market is divided into Parkinson's disease, Alzheimer's disease, multiple sclerosis, Huntington's, and other indication types. Among these, the numerous sclerosis segment dominates the market, accounting for a revenue share of USD 25,680 million in 2021.
The market is classified into N-methyl-D-aspartate receptor antagonists, cholinesterase inhibitors, dopamine agonists, immunomodulatory drugs, and other drug types. Over the forecast period, the immunomodulators market is expected to develop faster.
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List of Key Players in Neurodegenerative Disease Market:
- Biogen Inc
- Abbvie Inc
- UCB SA
- Amneal Pharmaceuticals Inc
- Teva Pharmaceuticals Ltd
- Boehringer Ingelheim International GmbHF
- Pfizer Inc
- Hoffmann-La Roche
- Novartis AG
- aMerck & Co. Inc.
Key questions answered in this report:
- What are the growth rate forecast and market size for Neurodegenerative Disease Market?
- What are the key driving factors propelling the Neurodegenerative Disease Market forward?
- What are the most important companies in the Neurodegenerative Disease Market Industry?
- What segments does the Neurodegenerative Disease Market cover?
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Recent Developments
- February 2022 - The Food and Medication Administration granted permission to Neurocentria Inc. to carry out a pivotal phase IIb/III human clinical research to evaluate the effectiveness and safety of its top drug candidate, NRCT-101SR, in comparison to an inert placebo in adults with ADHD.
- May 2021 - Biogen Inc. and Envisagenics announced a new partnership to advance RNA splicing research in central nervous (CNS) diseases. As part of the partnership, Biogen will use SpliceCore, Envisagenics' patented artificially intelligent (AI)-driven RNA splicing technology, to define and comprehend how various RNA isoforms are regulated in CNS cell types.
Regional Dominance:
- Increasing investment in R&D activities will likely help North America dominate the global market.
North America dominates the global neurodegenerative disease market and accounts for more than 3.1% of the worldwide revenue. This expansion can be attributed to favorable health reimbursement policies, increased investment in research & development, elevated pricing, and rising demand for neurodegenerative disease drugs. The National Institutes of Health (NIH) has increased funding for research into neurodegenerative diseases such as Alzheimer's and Parkinson's. Neurodegenerative disease funding totaled USD 4,021 million in 2020, rising to USD 4,110 million in 2021. Most of the market's major players are anticipated to be attracted by the rising funding for research, leading to the market's quick expansion in North America.
The Asia Pacific regional market is expected to be the fastest-growing regional market during the forecast period due to the high prevalence of neurodegenerative diseases, an aging population, and rising demand for Alzheimer's & Parkinson's disease drugs in Japan and China. International and domestic firms are employing various strategies to strengthen their market position in the Asia Pacific, including R&D, mergers & acquisitions, and product launches.
Global Neurodegenerative Disease Market is segmented as follows:
Neurodegenerative Disease Market: By Indication Type Outlook (2022-2028)
- Parkinson's Disease
- Alzheimer's Disease
- Multiple Sclerosis
- Huntington Disease
- Other Indication Types
Neurodegenerative Disease Market: By Drug Type Outlook (2022-2028)
- N-methyl-D-aspartate Receptor antagonists
- Cholinesterase Inhibitors
- Dopamine Agonists
- Immunomodulatory Drugs
- Other Drug Types
Neurodegenerative Disease Market: By Region Outlook (2022-2028)
North America
- The U.S.
- Canada
Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
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