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Neurodegenerative Disease Market Size Mastery: Dominating the Landscape with 4.2% CAGR by 2031
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According to the latest research by InsightAce Analytic, the global Neurodegenerative Disease market will be valued at US$ 41.2 Billion in 2022. It is expected to reach US$ 59.19 Billion by 2031, with a CAGR of 4.2% during a forecast period of 2023-2031.
The neurodegenerative disease continues to significantly negatively impact the population's mental and physical health and worldwide healthcare costs. All conditions that harm a person's brain's neurons are categorized as neurodegenerative disorders. With 5.8 million predicted instances of Alzheimer's dementia in the U.S. alone in 2019, Alzheimer's disease is the most common neurological condition. Huntington's disease, spinal muscular atrophy, multiple system atrophy, multiple sclerosis, amyotrophic lateral sclerosis, Parkinson's disease, and others are neurodegenerative disorders.
The market for neurological diseases that are caused by neurodegenerative diseases includes the sale of medicines for those diseases as well as services that are associated with them. One of the main factors propelling the growth of the neurodegenerative disease market is the rise in the frequency of neurodegenerative disorders brought on by the aging population. A class of terminal illnesses known as neurodegenerative disorders primarily affects the human brain's neurons, causing gradual degenerative alterations or the death of nerve cells. The rising prevalence of neurodegenerative diseases among the world's population fuels the expansion of the market for therapies for these diseases. The majority of neurological illnesses are increasing as the senior population expands. The market for treating neurological disorders has faced a substantial challenge due to the high failure rates of clinical trials and research and development (R&D). Although many companies are investing regularly in R&D to develop therapy alternatives for neurodegenerative illnesses, few of these therapies are now authorized.
North America is anticipated to contribute to the Neurodegenerative Disease market. The North American market's growth is driven by factors such as rising medicine demand, high costs, rising R&D expenditure, and favorable health reimbursement policies. In addition, the Asia Pacific Neurodegenerative Disease market is expected to register significant growth because of the aging population, high frequency of neurological illnesses, and increased demand for medications for Parkinson's and Alzheimer's disease in China and Japan.
Major market players operating in the Neurodegenerative Disease market include Novartis, Pfizer, Merck Serono, Biogen Idec, TEVA, UCB, Boehringer Ingelheim, Sanofi, GlaxoSmithKline and Other Key Players
Recent collaborations and agreements in the market:
• In March 2019, Novartis said that Mayzent had been approved by the FDA (siponimod). It is regarded as the first approved therapy for those with secondary progressive multiple sclerosis (SPMS). It is intended for patients who are 15 years of age and older.
• In January 2018, AVONEX, TYSABRI, and TECFIDERA began to be jointly promoted by Biogen Japan Ltd. and Eisai Co., Ltd. Biogen Japan produces them as a multiple sclerosis treatment. They will provide details on how these medications are used in hospitals.
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Market Segments
Global Neurodegenerative Disease Market, by Drug Class, 2023-2031 (Value US$ Mn)
• NMDA
• SSRIs
• Dopamine Inhibitors
Global Neurodegenerative Disease Market, by Application, 2023-2031 (Value US$ Mn)
• Parkinson's Disease
• Huntington Disease
• Amyotrophic Lateral Sclerosis
• Alzheimer's Disease
Global Neurodegenerative Disease Market, by Region, 2023-2031 (Value US$ Mn)
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa
North America Neurodegenerative Disease Market, by Country, 2023-2031 (Value US$ Mn)
• U.S.
• Canada
Europe Neurodegenerative Disease Market, by Country, 2023-2031 (Value US$ Mn)
• Germany
• France
• Italy
• Spain
• Russia
• Rest of Europe
Asia Pacific Neurodegenerative Disease Market, by Country, 2023-2031 (Value US$ Mn)
• India
• China
• Japan
• South Korea
• Australia & New Zealand
Latin America Neurodegenerative Disease Market, by Country, 2023-2031 (Value US$ Mn)
• Brazil
• Mexico
• Rest of Latin America
Middle East & Africa Neurodegenerative Disease Market, by Country, 2023-2031 (Value US$ Mn)
• GCC Countries
• South Africa
• Rest of Middle East & Africa
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To receive an industry overview and future trends of the Neurodegenerative Disease market
To analyze the Neurodegenerative Disease market drivers and challenges
To get information on the Neurodegenerative Disease market value (US$ Mn) forecast to 2030
Significant investments, mergers & acquisitions in the Neurodegenerative Disease market industry
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