Press release
Neurodegenerative Drugs Market to Reach $74.8 Billion by 2031, Driven by Rising Alzheimer's and Parkinson's Cases
Neurodegenerative Drugs Market
Know More: https://www.alliedmarketresearch.com/neurodegenerative-drugs-market-A13213
The global neurodegenerative drugs market is on a robust growth trajectory, driven by an increasing prevalence of neurological disorders and advancements in treatments. Here's an overview of the key factors shaping this dynamic market.
Market Overview
• Market Value: Valued at $36,277.20 million in 2021, the market is projected to reach $74,809.38 million by 2031.
• Growth Rate: Expected to grow at a CAGR of 7.5% from 2022 to 2031.
• Key Conditions Treated: Alzheimer's disease, Parkinson's disease, multiple sclerosis (MS), and Huntington's disease.
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Market Drivers
• Rising Prevalence of Neurodegenerative Diseases: Increasing cases of Alzheimer's, Parkinson's, and MS are spurring demand for effective drug therapies.
• Emerging Markets Potential: Untapped regions with improving healthcare infrastructure and higher chronic disease rates present significant opportunities for market expansion.
• Government and Organizational Investments: Increased funding for research and development (R&D) by governments, pharmaceutical companies, and non-profits is facilitating new treatment discoveries.
Challenges
• High R&D Costs: Developing neurodegenerative drugs is expensive, limiting new entrants and reducing the number of new drugs brought to market.
• Regulatory Delays: Lengthy and costly approval processes for new drugs slow down market entry and patient access.
Segmental Breakdown
• By Drug Class:
• Dopamine Agonists, Decarboxylase Inhibitors, Cholinesterase Inhibitors, Immunomodulators, Others: Decarboxylase inhibitors expected to see the highest growth due to their role in reducing side effects in dopamine therapy.
• By Indication:
• Multiple Sclerosis Dominates: This segment leads in market share due to the rising number of patients.
• Parkinson's Disease: Expected to register the highest growth, supported by increasing diagnosis rates globally.
• By Distribution Channel:
• Drug Stores & Retail Pharmacies: Largest market share in 2021, driven by the rising demand for neurological disorder treatments.
• Online Providers: Fastest-growing segment, boosted by convenience, lower prices, and accessibility.
Regional Insights
• North America: Dominated the market in 2021, supported by major pharmaceutical players and strong healthcare infrastructure.
• Asia-Pacific: Expected to witness the fastest growth, attributed to the region's growing pharmaceutical industry, increased spending on personalized medicine, and high purchasing power in populous countries like China and India.
Competitive Landscape
Key players in the market include:
• AbbVie Inc.
• Biogen
• F. Hoffmann-La Roche Ltd.
• Novartis AG
• Sanofi
• Teva Pharmaceutical Industries Ltd.
These companies focus on strategic collaborations, acquisitions, and new product approvals to expand their market presence.
The global neurodegenerative drugs market is poised for significant growth, driven by advances in drug therapies, increased R&D investments, and the rising prevalence of neurological diseases. However, challenges like high R&D costs and regulatory hurdles need to be addressed to ensure faster market expansion.
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