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Neurodegenerative Disease Market size is estimated to reach $49,218 million by 2027. Furthermore, it is poised to grow at a CAGR of 3.9% over the forecast period of 2022-2027. Rising prevalence of Alzheimer disease
have readily aided the market growth. Alzheimer's disease is a degenerative
neurological disease and the most common form of dementia, characterised by
memory loss, loss of thinking skills, and difficulties with problem-solving and
language. Alzheimer's disease symptoms appear gradually over many years and
eventually grow more severe. According to the World Health Organization (WHO),
in 2021 over 50 million individuals suffer from dementia, a frequent form of
Alzheimer's disease, with 10 million new cases diagnosed each year. The
increased prevalence of these disorders also drives the development of various
medications. Besides, the market is growing as people become more aware of the
drug therapies for Alzheimer's disease around the world. Furthermore, rising
awareness of the different novel treatment alternatives, is also helping to
fuel the rise of Alzheimer's Drugs.
Neurodegenerative diseases are a
set of brain disorders that cause the structure and function of neurons in the
central nervous system (CNS) and peripheral nervous system (PNS) to deteriorate
over time (PNS). Several drugs are currently available to help people lessen
physical or mental symptoms and improve their quality of life. Furthermore,
researchers are concentrating their efforts on developing molecular
diagnostics, particularly biomarkers and imaging spectroscopy, in order to
detect and diagnose neurodegenerative illnesses at an early stage and halt
their progression. The impact of COVID-19 on the neurodegenerative disease
market is projected to be significant, as the pandemic has disrupted clinical
trial, research and development, and pipeline product workflows, resulting in
relatively modest growth during the pandemic despite a solid late-stage product
pipeline.
North America held a dominant
market share of 45% in the year 2021 as compared to the other counterparts. It
is owing to increasing prevalence of neurodegenerative diseases such as
Alzheimer diseases, Huntington disease etc. According to the Centers for
Disease Control (CDC), Alzheimer's disease is the 6th leading cause of death
among US adults. In 2020, it is estimated that more than 5.8 million Americans
aged 65 years or older are suffering from Alzheimer’s disease. This is
projected to reach 7.7 million by 2030. Meanwhile, according to the Parkinson’s
Foundation Prevalence Project, the prevalence of Parkinson’s in the US is
predicted to rise from 930,000 in 2020 to 1.2 million by 2030.
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Neurodegenerative
Disease Market Growth Drivers:
Rising prevalence of Alzheimer disease have readily aided the market
growth.
Alzheimer's disease is a
degenerative neurological disease and the most common form of dementia,
characterised by memory loss, loss of thinking skills, and difficulties with
problem-solving and language. Alzheimer's disease symptoms appear gradually
over many years and eventually grow more severe. According to the World Health
Organization (WHO), in 2021 over 50 million individuals suffer from dementia, a
frequent form of Alzheimer's disease, with 10 million new cases diagnosed each
year. The increased prevalence of these disorders also drives the development
of various medications. Besides, the market is growing as people become more
aware of the drug therapies for Alzheimer's disease around the world.
Furthermore, rising awareness of the different novel treatment alternatives, is
also helping to fuel the rise of Alzheimer's Drugs.
Availability of robust pipeline of drugs for neurodegenerative disease
treatment is driving the market growth.
Availability of robust pipeline
of drugs for neurodegenerative disorders is forecasted to drive growth of the
global Neurodegenerative Disease Market. Recently, in 2021, GlaxoSmithKline Plc
in collaboration with Alector Inc. to develop antibody-based treatments for
Parkinson's, Alzheimer's and other similar diseases. This collaboration deals
worth up to $2.2 billion which efforts to build a robust pipeline of drugs.
The Major
Players in this Market Include
The major
companies in the Neurodegenerative Disease Market
include Biogen Inc., F. Hoffman La Roche Ltd., Merck KGaA,
Novartis AG, Sanofi, Teva Pharmaceuticals Industries Ltd., Orion Corporation,
H. Lundbeck A/S., Sun Pharmaceutical Industries Ltd., UCB S.A.
In May 2021, Biogen Inc. and
Envisagenics announced a new collaboration to advance ribonucleic acid (RNA)
splicing research within central nervous system (CNS) diseases. As part of the
collaboration, Biogen will leverage Envisagenics’ proprietary artificial
intelligence (AI)-driven RNA splicing platform, SpliceCore®, to define and
understand the regulation of different RNA isoforms in CNS cell types.
Over the years, companies have mainly focused on research and development and have been investing in developing various drugs. The advancements in drug related therapies are driving the market during 2022-2027.