12 March 2021
Visiongain has published a new report on Alzheimer’s Drugs Market Report to 2031: Forecasts by Drugs (Donepezil, Rivastigmine, Galantamine, and Memantine), By Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and e-Commerce) PLUS COVID-19 Recovery Scenarios.
Global Alzheimer’s Drugs market size is projected to reach US$ XX Million in 2021 and is expected to display strong revenue growth through to 2031.
COVID-19 Impact on Alzheimer’s Drugs Market
The COVID-19 pandemic has deleteriously affected all the countries and industries. Similarly, the Alzheimer’s drug market is anticipated to take a hit. The target industry is now facing challenges to manage the interrupted demand and supply of components. Also, unpredictable and disturbing supply chain activities and the unavailability of human resources are anticipated to impact the target industry growth. In contrast, the rising research & development activities for developing novel treatments against COVID-19 is creating a lucrative opportunity for the companies. Hence, the overall COVID-19 impact is expected to continue to moderate for the global key players operating in the industry.
Growing Incidence of Alzheimer’s Disease
The growing occurrence and prevalence of Alzheimer’s disease globally are anticipated to propel the growth of Alzheimer’s drug market. Growing age and the elderly population are at a high risk to develop Alzheimer's disease, which raises the disease occurrence and offers growth opportunities for Alzheimer’s drug market. According to World Population Prospects (WPP) published in 2017 by the United Nations, around 962 million people over age 60, which is estimated for 13% of the worldwide population is anticipated to reach approximately 1.4 billion by 2030, rising at an annual rate of 3%.
Currently, Europe has the highest old population accounting for 25% of the population, the Asia Pacific had an elderly people of 547 million people and it is likely to reach around 900 million by 2025, therefore these regions have potential opportunities for the target market. For the case, India has over 1 million cases of Alzheimer’s disease yearly. The vigorous healthcare infrastructure and rising healthcare spending in the region and positions it as a key market for Alzheimer’s disease.
A Large Number of Undiagnosed People and Revised Diagnostic Guidelines
People affected by the initial stages of Alzheimer’s disease with dementia do not have suitable access to the diagnostic center to identify and treat the disease. According to the World Alzheimer Report, only about 50% of people suffering from Alzheimer’s disease undergo diagnosis. The degree of underdiagnoses is about 10% in developing economies, hence, it is likely to boost the Alzheimer’s drug market growth in the forecasted period. Presently, there is no healing treatment existing for Alzheimer’s disease. Though, drugs for Alzheimer’s treatment are in pipeline, which is anticipated to introduce in the coming years, which in turn, is expected to attain a significant growth rate to the target industry during the forecast period.
Developments in Techniques for Diagnosis expand Outlook of Target Industry
The developments in techniques for diagnosis, especially by using state-of-the-art PET neuroimaging and cerebrospinal fluid biomarkers have extended the growth projections of the Alzheimer’s drug market. The huge health burden that Alzheimer's disease stances have also reserved the drug pipeline prepared with prospects for the companies, particularly in emerging countries. Their governments to decrease the health burden of Alzheimer's disease have progressively sustained this. Many companies in developed countries such as the U.S. and Europe have been targeting neurodegenerative trails to develop novel therapies against dementia.
Key players operating in the global Alzheimer’s Drugs market are Pfizer, Inc., Lundbeck A/S, Novartis International AG, Hoffman-La Roche Ltd., Janssen Pharmaceutical, TauRx Pharmaceuticals Ltd, Eisai Co. Ltd., and Teva Pharmaceuticals Industries Ltd., VTV Therapeutics, Eli Lilly and Company, AstraZeneca plc, and AC Immune.
The key players have adopted new product development, product launches, product approval, agreement, partnerships, and merger as its key business development strategies to tap into the global Alzheimer’s Drugs market. For instance, on 21st October 2020, Biogen Inc. received the U.S. Food and Drug Administration authorization for aducanumab - Alzheimer's drug. The company filed its application for the drugs to the other regulator bodies as well includes Europe and Japan. The company will soon launch its drug after getting international approval.
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