Press release
Conversational AI to drive the Cognitive Decline Market at a CAGR of 5.8%
The cognitive decline market is dominated by a few large players, such as Eisai Co., Ltd., Novartis AG, and Pfizer Inc. However, the market is also seeing the entry of new players, such as start-ups and small companies, which are developing innovative therapies and technologies for the treatment and management of cognitive decline.
Overall, the cognitive decline market is expected to continue to grow at a significant rate in the coming years, driven by the increasing prevalence of age-related cognitive decline and the rising prevalence of chronic diseases. As the population ages and the demand for effective treatments and therapies increases, the market is likely to see further growth and development.
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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.
What Does the Report Cover?
Persistence Market Research offers a unique perspective and actionable insights on the cognitive decline market in its latest study, presenting historical demand assessment of 2016 - 2020 and projections for 2021 - 2031.
The research study is based on the product type (drug therapy [cholinesterase inhibitors, NMDA receptor antagonists], non-invasive stimulation devices [vagus nerve stimulators, deep brain stimulators, transcranial magnetic stimulators (TMS)]), indication (mild cognitive impairment (MCI) [amnestic MCI, non-amnestic MCI], dementia), and end user (hospitals, neurology clinics/centres, retail pharmacies, home care settings) across seven key regions of the world.
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Read More:
https://www.medgadget.com/2022/11/the-cognitive-decline-market-to-grace-digital-transformation-curve-at-a-cagr-of-5-8.html
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Persistence Market Research is a U.S.-based full-service market intelligence firm specializing in syndicated research, custom research, and consulting services. Persistence Market Research boasts market research expertise across the Healthcare, Chemicals and Materials, Technology and Media, Energy and Mining, Food and Beverages, Semiconductor and Electronics, Consumer Goods, and Shipping and Transportation industries. The company draws from its multi-disciplinary capabilities and high-pedigree team of analysts to share data that precisely corresponds to clients' business needs.
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