The global Neurodegenerative Disease Treatment Market is estimated to be valued at US$ 42,388.8 Mn or US$ Mn in 2023 and is expected to exhibit a CAGR of 3.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Neurodegenerative diseases are characterized by loss of neurons in the human central nervous system. The most common neurodegenerative diseases are Parkinson’s disease, Alzheimer’s disease, Huntington’s disease, amyotrophic lateral sclerosis and multiple sclerosis. Drugs used for treatment are aimed at managing symptoms and slowing disease progression.
Market key trends:
One of the key trends in the market is increased investment in research and development for development of novel treatment options. Rising prevalence of neurodegenerative diseases and limitations of existing treatment options have compelled pharmaceutical companies and research institutes to focus on research related to causes, prevention and cure. Several clinical trials are underway to evaluate safety and efficacy of drugs targeting underlying causes such as amyloid plaques, neurofibrillary tangles and abnormal cellular processes. Researchers are also exploring role of genes, lifestyle and environmental factors to gain better understanding of these complex disorders.
Market key trends:
The neurodegenerative disease treatment market has been witnessing increasing adoption of disease-modifying therapies which can alter the course of neurodegenerative diseases. Research over disease-modifying therapies is actively ongoing to develop novel drugs for halting or slowing down the progression of neurodegenerative diseases. Additionally, rising knowledge and awareness regarding symptoms and available treatment options for neurodegenerative diseases among patients and caregivers has been boosting early diagnosis and treatment-seeking rate.
SWOT Analysis
Strength: presence of strong pipeline of drugs focused on unmet needs in neurodegenerative diseases.
Weakness: high cost of research and drug development for neurodegenerative diseases.
Opportunity: increasing healthcare expenditure in emerging markets and growing awareness about neurological disorders.
Threats: strong regulatory processes for approval of drugs and long approval timelines.
Key Takeaways
The global neurodegenerative disease treatment market is expected to witness high growth, exhibiting CAGR of 3.1% over the forecast period, due to increasing adoption of disease-modifying therapies.
Regional analysis: North America dominated the global market and held highest market share in 2023 due to growing prevalence of neurodegenerative diseases in the region as well as presence of advanced healthcare infrastructure. However, Asia Pacific is expected to grow at fastest pace during the forecast period with China and India being the major markets.
Key players operating in the neurodegenerative disease treatment market are Abbvie Inc., Amneal Pharmaceuticals Inc., Boehringer Ingelheim International Gmbh, F. Hoffmann-La Roche, and Merck & Co. Inc., among others. Rising awareness about neurological disorders in developing countries and introduction of novel treatment avenues are expected to drive the market growth globally during the forecast period.
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