The major factors for the growth of the neurodegenerative disease market include the rising prevalence of neurological disorders, increasing public awareness, and strong product pipeline for neurodegenerative disease treatment.
With increasing global population and average lifespan, the prevalence of neurological disorders is on the rise, worldwide. According to a study by the Parkinson’s Disease Foundation, the number of new cases of the disease has increased over the last 30 years. Globally, over 10 million people are living with Parkinson's disease, according to the statistics of 2016. The Alzheimer's Association stated that around 5.4 million people in the United States were living with Alzheimer’s disease, in 2016. This disease is the sixth-leading cause of death in the United States, and is more prevalent among people above 65 years of age, as 5.2 million out of the 5.4 million patients fall in this age bracket. The increase in global average age contributes to increased prevalence of Amyotrophic Lateral Sclerosis (ALS), since the disease is most prevalent in people above 60 years of age. The prevalence of these diseases among all races, genders, and geographical backgrounds is increasing with the rise in the world population. The aforementioned numbers suggest that the prevalence of neurodegenerative disorders is on the rise, contributing to the growth of the market over the forecast period.
Key Market Trends
Alzheimer's Disease Segment is Expected to Be the Fastest Growing Segment
Alzheimer's disease (AD) is a progressive disorder that causes brain cells to waste away (degenerate) and die. Alzheimer's disease is the most common cause of dementia — a continuous decline in thinking, behavioral and social skills that disrupts a person's ability to function independently.
The prevalence and mortality due to the disease is increasing globally, especially in more developed parts of the world. As per a 2019 report by the Alzheimer's Association, in 2017, 121,404 deaths were recorded from AD, making AD the sixth leading cause of death in the United States and the fifth leading cause of death among Americans age 65 or above years. Moreover, between 2000 and 2017, reported deaths from AD increased 145%. This is expected to increase the demand for AD treatment and therapies, which is exepcted to boost the market grwoth.
North America is Expected to Dominate the Market
North America is the most significant region in the Parkinson's drugs market. As many as one million Americans live with Parkinson's disease (PD), which is more than the combined number of people diagnosed with multiple sclerosis, muscular dystrophy, and Lou Gehrig's disease. According to Parkinson’s news, 2018, approximately 1.2 million people in the United States are predicted to have Parkinson’s disease by 2030. It is the second-most common neurodegenerative disorder in the United States. Also, there are thousands of patients who go undetected. As the US population continues to age (as per 2017 report "World Population Aging", United Nations), the number of people living with Parkinson disease (PD) continues to grow, and it is expected to double between 2010 and 2040.
Moreover, North American is expected to dominate the market due to the presence of large number of drug manufacturers and advancing paradigm of care for neurodegenerative disease patients that is supporting the growth in this region. Advancements in novel technology for the treatment of neurodegenerative diseases and strong product pipeline for wasting syndrome has also helped in the growth of the neurodegenerative disease market in the region.
The market studied is a consolidated, owing to the presence of a few major market players. Some of the market players are AbbVie Inc., Amneal Pharmaceuticals Inc., Boehringer Ingelheim Group, F. Hoffmann-La Roche Ltd, GlaxoSmithKline Plc, Merck & Co. Inc., Pfizer Inc., Teva Pharmaceutical, and UCB SA.
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