Neurodegenerative Diseases Drugs Market Exhibits 7.2% CAGR, Increasing Prevalence of Neurodegenerative Diseases to Foster Growth
Neurodegenerative Diseases Drugs Market summarized details by key players are Biogen, Pfizer, Roche, Novartis, Sanofi, Teva Pharmaceuticals, Orion Pharma Ltd, UCB S.A, ACADIA Pharmaceuticals Inc., Lundbeck Pharmaceuticals Italy S.p.A., Mitsubishi Tanabe Pharma America
Pune, India – July 1, 2019 /MarketersMedia/ —
The Global Neurodegenerative Diseases Drugs Market growth is expected to derive growth from the rising prevalence of neurodegenerative diseases, especially among the aging population. Fortune Business Insights in a report, titled “Neurodegenerative Diseases Drugs: Global Market Analysis, Insights and Forecast, 2019-2026” offers valuable insights into the trends prevailing in the market. In 2018, the global market was valued at US$35,497.3 Mn and is projected to be worth US$ 62,786.2 Mn by 2026. At this pace, the global market is estimated to exhibit a healthy CAGR of 7.2% during the forecast duration.
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Some of the major companies that are present in the Global Neurodegenerative Diseases Drugs Market are;
• Biogen
• Pfizer
• Roche
• Novartis
• Sanofi
• Teva Pharmaceuticals
• Orion Pharma Ltd
• UCB S.A
• ACADIA Pharmaceuticals Inc.
• Lundbeck Pharmaceuticals Italy S.p.A.
• Mitsubishi Tanabe Pharma America
• Other players
Neurodegenerative diseases include Alzheimer’s, multiple sclerosis, Huntington’s disease, Parkinson’s disease, multiple system atrophy, spinal muscular atrophy, and others. Among these, Alzheimer’s is the most prevalent diseases as per the Alzheimer’s Association.
North America Dominates with Rising R&D Investments
In 2018, the North America market was valued at US$ 18,174.6 Mn and is anticipated to maintain its dominance throughout the forecast years. Neurodegenerative diseases have become more prevalent in the U.S. owing to an increasingly aging population. As per the Alzheimer’s Association, around 5.4 million Americans were suffering from Alzheimer’s in the year 2016. Moreover, this disease is more prevalent among people aged 65 years and above. As per research studies, approximately 30,000 people in the U.S. are projected to be suffering from another neurodegenerative disease called Huntington’s disease. As per a study conducted by the Parkinson’s Association in 2018, around 1.2 million people in the U.S are estimated to be suffering from Parkinson’s disease by 2030. With the continuous rise in population, this disease is projected to double between 2018 and 2026. Considering these numbers, the market is likely to grow in North America. This, coupled with favorable healthcare reimbursement policies and rising research and development (R&D) investments is driving the market in this region.
The market in Asia Pacific is anticipated to report a considerable CAGR primarily on account of rising geriatric population.
Rising Awareness about Neurodegenerative Diseases Fuels Demand for Neurodegenerative Disease Drugs
As per research studies, the prevalence of neurodegenerative diseases among all genders, races, geographical backgrounds, and genders is likely to increase with the rising worldwide population. Rapid lifestyle alterations such as improper sleeping, high-stress levels, and unhealthy eating habits are likely to result in degenerative of nerve cells. This is further expected to augment demand for neurodegenerative disease treatment drugs.
Medical practitioners and physicians are becoming more aware of the neurodegenerative disease treatment, which in turn is enabling neurodegenerative disease drug development. Moreover, several advancements are expected to offer early diagnosis of these life-threatening diseases. A recent innovation in neurodegenerative disease drug discovery includes some therapies such as NDMA and dopamine inhibitors. These innovations are anticipated to register progressive growth in the neurodegenerative disease drugs market.
As per disease indication, multiple sclerosis segment is gaining traction owing to positive governments recommendations. Further to this, this segment covered a share of 66.1% in the global market in 2028. In addition to this, the high cost of drugs and new product launches are compelling growth in this segment. For instance, Novartis manufactured a drug called Mayzent and this drug received FDA approval in Match 2019. This is further expected to propel growth in this segment in the forecast years.
Biogen’s Strategic Initiatives Helps the Company to Earn More Profits
In the year 2018, Biogen was dominating the global market. Neurodegenerative disease drug discovery and some important strategic decisions help the company to gain more attention. The launch of a drug called SPINRAZA and increasing sales of another drug called Tecfidera in 2018 helped the company to strengthen its product portfolio. Also, the company entered into a strategic partnership with F. Hoffmann-La Roche Ltd. to ensure robust distribution of drugs. This, together with the launch of two new drugs called Madopar and Ocrevus helped F. Hoffmann-La Roche Ltd. to gain the second position in the market.
Novartis AG launched a new drug called Gilenya to gain a competitive edge over others. Some of the other leading players functioning in the global neurodegenerative diseases drugs market are Pfizer, Inc., H. Lundbeck A/S, Sanofi, Teva Pharmaceutical Industries Ltd., Orion Pharma, Merck & Co., Inc., UCB S.A, Mitsubishi Tanabe Pharma Corporation, and ACADIA Pharmaceuticals Inc.
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