The Neurodegenerative Disease market was valued at approximately USD 39. 24 billion in 2020 and is expected to witness a revenue of USD 44. 90 billion in 2026, with a CAGR of 2. 30% over the forecast period.
New York, July 20, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Neurodegenerative Disease Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" - https://www.reportlinker.com/p06106013/?utm_source=GNW
The COVID-19 impact on the Neurodegenerative Disease market is expected to be significant as the pandemic has impacted the workflows of clinical trials, research, and development activities, and pipeline products, leading to relatively slow growth during the pandemic, despite the presence of robust late-stage product pipeline. For instance, recently, in 2020, Biogen has delayed Alzheimer’s drug filing to FDA, while citing the complexity of data analysis, and the impact of COVID-19 on its research and development resources. However, in January 2021, Biogen and Eisai Co., Ltd. announced that the U.S. Food and Drug Administration has extended the review period by 3 months for the Biologics License Application for aducanumab, an investigational treatment for Alzheimer’s disease. Thus, owing to the aforementioned factors, the studied market is expected to witness a short-term decline in the studied market growth during the COVID-19 pandemic.
The major factors for the growth of the neurodegenerative disease market include the rising prevalence of neurological disorders, increasing public awareness, and a 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 the World Alzheimer Report, in 2019, around 50 million people worldwide were reported to be suffering from Alzheimer’s and related dementia, and this number is further expected to reach 152 million by 2050. Additionally, elderly people are a rapidly growing proportion of the world’s population. Also, as per the National Multiple Sclerosis Society, nearly one million people are living with Multiple Sclerosis in the United States in 2019. According to World Population Prospects, 2019 statistics, by 2050, one in six people in the world will be over age 65 and at present it is one in 11. By 2050, one in four persons living in Europe and Northern America could be aged 65 or over. The number of persons aged 80 years or over is projected to triple, from 143 million in 2019 to 426 million in 2050 globally.? As the geriatric population are more prone to the neurodegenerative diseases, the growing elderly population globally is expected to drive th growth o studies market. Furthermore, the growing awareness among the population about neurodegenerative diseases and its treatment options is expected to drive the market growth. For instance, American Parkinson Disease Association, in 2020, launched a new public service announcement that encourages viewers to look closer at Parkinson’s disease. This program was featured in the national television and social media. Thus, the aforementioned factors are expected to aid in the growth of the studied market over the forecast period. However, stringent regulatory guidelines and patent expiry of neurodegenerative disease treatment products are the major factors that are anticipated to hinder the market growth.
Key Market Trends
Alzheimer’s Disease Segment is Expected to Witness Significant Growth Over the Forecast Period
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, which is 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 are increasing globally, especially in more developed parts of the world. According to the 2021 Alzheimer’s Disease Facts and Figures report released by Alzheimer’s Association, it was estimated that in the United States around 6.2 million people of age 65 and older are living with Alzheimer’s dementia in 2021. 1 in 9 people aged 65 and older has Alzheimer’s dementia and about two-thirds of Americans with Alzheimer’s are women. The high incidence of Alzheimer’s disease is expected to have a positive impact on the studied segment growth. Additionally, the growing research and development activities and new product launches also aid in the growth of the segment growth. For instance, in January 2021, Eli Lilly and Company’s revealed the results of a study of Donanemab, an investigational antibody that targets a modified form of beta-amyloid called N3pG, which showed significant slowing of decline in a composite measure of cognition and daily function in patients with early symptomatic Alzheimer’s disease compared to placebo in results from its Phase 2 TRAILBLAZER-ALZ study. Thus, owing to the aforementioned factors, the Alzheimer’s disease segment is expected to witness significant growth in the coming years.
North America Holds the Major Share in the Studied Market and is Expected to Dominate the Market Over the Forecast Period
North America is the most significant region in the Neurodegenerative Disease market. According to Parkinson’s Foundation, nearly one million were expected to be living with Parkinson’s disease in the United States in 2020, which is more than the combined number of people diagnosed with multiple sclerosis, muscular dystrophy, and Lou Gehrig’s disease and is expected to rise to 1.2 million by 2030. Approximately 60,000 Americans were diagnosed with Parkinson’s disease each year, with a collective direct and indirect cost of Parkinson’s, including treatment, social security payments, and lost income is estimated to be nearly USD 52 billion per year in the United States alone and more than 10 million people worldwide were living with PD. Also, as per the January 2020 report of the Public Health Agency of Canada, it was found that more than 432,000 Canadians aged 65 and older are living with diagnosed dementia, including Alzheimer’s disease. Thus, the growing burden of neurodegenerative disease in the region is expected to drive the studied market growth.
Moreover, North American is expected to dominate the market due to the presence of a large number of drug manufacturers and the advancing paradigm of care for neurodegenerative disease patients that is supporting the growth in this region. For instance, in February 2020, Merck & Co., Inc. received approval from the United States Food and Drug Administration (FDA) for an update to the prescribing information for BELSOMRA (suvorexant) C-IV to include findings on its use for the treatment of insomnia in patients with mild-to-moderate Alzheimer’s disease. The 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. Thus, owing to the aforementioned factors, the studied market is anticipated to propel significantly in North America over the forecast period.
The market studied is moderately competitive. Some of the major market players are AbbVie Inc., Amneal Pharmaceuticals Inc., Boehringer Ingelheim International GmbH, F. Hoffmann-La Roche Ltd, Merck & Co. Inc., Pfizer Inc., Teva Pharmaceutical, Novartis AG, and UCB SA. The major players are involved in strategic alliances such as mergers and acquisitions, partnerships and collaborations, along with investment in research and development activities and new product launches to withstand the global competitive rivalry. For instance, in March 2021, Deutsches Zentrum für Neurodegenerative Erkrankungen (DZNE) and Eisai Co., Ltd. entered into a research collaboration agreement aiming to create potential novel treatments for neurodegenerative disorders including Alzheimer’s disease (AD) which modulate immune competence in neurons and glial cells.
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