Press release
Global Cognitive Decline Market to Exhibit Increased Demand in the Coming Years
Owing to rising demand for non-invasive brain stimulation, the global cognitive decline market was valued at over US$ 2 Bn in 2020, and is expected to exhibit a CAGR of 5.8 % over the forecast period (2021-2031).Cognitive decline is a condition in which the brain does not work as well as it should. According to the Centers of Disease Control and Prevention (CDC) report, the prevalence of cognitive decline in the U.S. is 11.1%. This rising prevalence of cognitive decline is one of the major factors driving the growth of the market.
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Non-invasive brain stimulation (NIBS) is gaining traction as a clinically effective tool for identifying and treating a wide range of mental illnesses. Widespread use of NIBS will be contingent on its efficacy as demonstrated in sham-controlled multi-center trials, but current indications point to it having a significant impact on the treatment of disorders seen in a variety of specialties, including neurology, psychiatry, pediatrics, physical therapy, and physical medicine and rehabilitation.
Because non-invasive brain stimulation carries minimal risk, it is associated with fewer side effects and consequences. This will be one of the primary driving forces in the market over the projected period of 2022-2032.
Companies are focusing on developing innovative and competitive products to meet unmet market needs. There are multiple licensing and collaboration agreements for the development and commercialization of products in the areas of cognitive decline. New market entrants are working on an effective pricing strategy. Business units are restructuring initiatives to enhance business effectiveness. Diversification of companies' efforts is also leading to the development of other generic drugs.
Companies are entering into strategic alliances with other pharmaceutical companies and government bodies for faster development of present pipeline drugs.
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Key Takeaways from Market Study
By product type, drug therapy held 53% market value share in 2020.
By indication, mild cognitive impairment (MCI) held 78% market value share in 2020.
Hospitals dominated the cognitive decline market with a share of 39.1% in 2020, owing to more effective treatment within these facilities.
By region, North America dominated the global cognitive decline market with a value share of around 36.8% in 2020.
"Positive reimbursement paradigm for cognitive decline and innovative products & solutions for treatment will promote market growth," says an analyst of Persistence Market Research.
Market Competition
Key players are focusing on forming strategic partnerships through acquisitions and mergers to enhance their presence across the world, resulting in increased customer base.
In March 2021, Deutsches Zentrum für Neurodegenerative Erkrankungen and Eisai Co., Ltd. entered into a research agreement to create novel treatments for neurodegenerative disorders, including Alzheimer's disease (AD).
In August 2019, electroCore, Inc. announced a research collaboration with the Massachusetts General Hospital to explore non-invasive Vagus nerve stimulation in neuroinflammation.
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