Press release
Advancing Care: New Frontiers in Neurodegenerative Disorder Therapeutics
According to The Business Research Company's, The neurodegenerative disorder therapeutics market size has grown strongly in recent years. It will grow from $18.53 billion in 2023 to $20.04 billion in 2024 at a compound annual growth rate (CAGR) of 8.1%. The growth in the historic period can be attributed to aging population, rising prevalence of neurodegenerative disorders, increasing life expectancy, rising investments from pharmaceutical companies, awareness and advocacy.
The neurodegenerative disorder therapeutics market size is expected to see strongly grown in the next few years. It will grow to $28.33 billion in 2028 at a compound annual growth rate (CAGR) of 9.0%. The growth in the forecast period can be attributed to rising demand for personalized medicine, targeted therapy, increasing availability of clinical trials, rising healthcare expenditure. Major trends in the forecast period include disease-modifying therapies, non-pharmacological interventions, telemedicine and remote monitoring, technological innovations, precision therapeutics, digital health solutions, biomarker-driven trials.
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Market Drivers and Trends:
Increased prevalence of neurodegenerative among the global population contributes to the growth of the neurodegenerative disorder therapeutics market. The increase in the geriatric population attributes to the increased prevalence of neurodegenerative disorders. According to World Population Prospects, the number of people above 60 years of age will increase to 2.1 billion in 2050 and it is expected that people aged over 80 years will triple to 425 million in 2050. According to the Alzheimer's Association, around 5.8 million Americans are suffering from Alzheimer's disease, and this number is projected to rise to around 14 million by 2050. The increased prevalence of neurodegenerative diseases among the aging population increases the demand for neurodegenerative disorder therapeutics thereby driving the neurodegenerative disorder therapeutics market.
Manufacturers of neurodegenerative disorder therapeutics are undergoing various strategic partnerships with government and non-government organizations to discover and develop therapeutics for a range of neurodegenerative diseases. The companies in the neurodegenerative disorder therapeutics market are also increasing their collaboration with other players in the market to increase their capabilities for research and development activities to develop new and more effective therapeutic solutions to treat neurodegenerative disorders. For instance, in July 2022, NRG Therapeutics, a UK-based drug discovery company focused on therapeutic approaches, partnered with Domainex, a UK-based drug discovery service, to develop neurodegenerative disease treatment. For the treatment of Parkinson's disease, motor neurone disease (MND), and other incapacitating chronic neurodegenerative conditions, the firms would work together to develop novel small molecule disease-modifying medications.
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Major Key Players of the Market:
Biogen Inc.; Pfizer Inc.; Novartis International AG; Sanofi S.A.; Teva Pharmaceutical Industries Ltd.; UCB S.A.; F. Hoffmann-La Roche Ltd.; ACADIA Pharmaceuticals Inc.; H. Lundbeck A/S; Boehringer Ingelheim International GmbH; Merck Serono S.A.; Orion Corporation; Mitsubishi Tanabe Pharma America; Allergan PLC; GlaxoSmithKline PLC; AbbVie Inc.; Eli Lilly and Company; Celgene Corporation; Neuro-Hitech Inc.; Bayer Schering Pharma AG; Amarin Corporation PLC; AstraZeneca plc; Alector Inc.; Yumanity Therapeutics Inc.; Yangtze River Pharmaceutical Group Co. Ltd.; Chongqing Zein Pharmaceutical Co. Ltd.; Eisai Co. Ltd.; Bristol Myers Squibb Company; AB Science S.A.; Amylyx Pharmaceuticals Inc.; Genentech Inc.; GenSight Biologics S.A.; AC Immune SA; Annexon Bioscience Inc.; BioArctic Neuroscience AB; Cajal Neuroscience Inc.; Cognito Therapeutics Inc.; Grifols S.A.; New Equilibrium Biosciences Inc.; Prothena Corporation PLC; Tessera Therapeutics Inc.; Vigil Neuroscience Inc.
Neurodegenerative Disorder Therapeutics Market 2024 Key Insights:
• The neurodegenerative disorder therapeutics market size will grow to $28.33 billion in 2028 at a compound annual growth rate (CAGR) of 9.0%.
• Growing Prevalence Of Neurodegenerative Disorders Fuels Neurodegenerative Disorder Therapeutics Market
• Strategic Collaborations And Partnerships Driving Advancements In Neurodegenerative Disorder Therapeutics
• North America was the largest region in the global neurodegenerative disorder therapeutics market in 2023
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