Global Neurodegenerative Disease Market Is Likely to Grow at A CAGR Value of Around 3.1% By 2028

The global neurodegenerative disease market was worth around USD 39892.5 million in 2021 and is estimated to grow to about USD 47911.88 million by 2028, with a compound annual growth rate (CAGR) of approximately 3.1% over the forecast period. The report analyzes the neurodegenerative disease market’s drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the neurodegenerative disease market.

Neurodegenerative diseases are a vast and diverse group of disorders characterized by progressive deterioration of the central enteric nervous or nervous system function and structure. Globally, the prevalence of neurodegenerative diseases such as Alzheimer's disease, Multiple Sclerosis, Parkinson's disease, and Huntington's disease has increased. As a result, the rising prevalence of these illnesses is the primary driver of market growth, with the growing geriatric population also attributing to this growth. Around 1.2 million Americans are expected to develop Parkinson's disease by 2030, according to the NIH. In the United States, it ranks as the second most common type of neurodegeneration. Owing to the increased prevalence of neurological diseases, an aging population, and a growing preference for Parkinson's & Alzheimer's disease therapeutic interventions, the global neurodegenerative disease market is estimated to grow at a CAGR of 3.1% during the forecast period.

The American Parkinson's Disease Association, for instance, debuted a new PSA in 2020 that implores viewers to learn more about Parkinson's disease. Both social media and broadcast television featured this program. As a result, the aforementioned trends are able to support the growth of the market during the forecast period. However, strict regulatory requirements and the patent expiration of drugs used to treat neurodegenerative diseases are the main things that are expected to restrain the market growth. The exceptionally high cost is expected to impede market growth by limiting access to quality treatment in middle and low-income countries. In the United States, for instance, the estimated yearly medical cost for treating Multiple Sclerosis (MS) also can exceed USD 70000. This is prohibitively expensive given the country's median household income of USD 67521 in 2020.

The global neurodegenerative disease market is segregated based on indication type, drug type, and region. Based on indication type, the market is divided into Parkinson’s disease, Alzheimer’s disease, multiple sclerosis, Huntington’s disease, and other indication types. Among these, multiple sclerosis dominated the market in 2021, with a revenue share of USD 25680 million. Based on drug type, the market is classified into N-methyl-D-aspartate receptor antagonists, cholinesterase inhibitors, dopamine agonists, immunomodulatory drugs, and other drug types. Over the forecast period, the immunomodulatory drugs market is expected to develop at the fastest rate.

North America dominates the global neurodegenerative disease market and accounts for more than 3.1% of the global revenue. Increasing medication demand, high prices, growing R&D investment, and beneficial health reimbursement policies are propelling the North American market growth. The expansion of the neurodegenerative disease industry in the region has also been aided by developments in revolutionary technology for the medical care of neurodegenerative diseases and a robust product pipeline for wasting syndrome. Over the forecast period, the Asia Pacific regional market is expected to be the fastest-growing regional market due to the high prevalence of neurodegenerative diseases, aging population, and rising demands for Parkinson's & Alzheimer's disease drugs in China and Japan. International and domestic companies are using various strategies to enhance their market position in the Asia Pacific, such as R&D, mergers & acquisitions, and product launches.

Key players functioning in the global neurodegenerative disease market include Biogen Inc, Abbvie Inc, UCB SA, Amneal Pharmaceuticals Inc, Teva Pharmaceuticals Ltd, Boehringer Ingelheim International GmbHF, Pfizer Inc, Hoffmann-La Roche, Novartis AG, and Merck & Co. Inc.

Recent developments:

• In February 2021, Luye Pharma and Towa Pharmaceutical have formed a strategic partnership to develop and sell Rivastigmine Multi-Day Transdermal Patches in Japan. For the treatment of Alzheimer's disease, Luye Pharma developed this Rivastigmine Multi-Day Transdermal Patch.
• In January 2021, Eli Lilly and Company completed the acquisition of Prevail, a biotechnology company that is investigating possibly disease-modifying AAV9-based gene therapies for patients who suffer from neurodegenerative diseases.

Browse the full “Neurodegenerative Disease Market By Indication Type (Parkinson's Disease, Alzheimer's Disease, Multiple Sclerosis, Huntington’s Disease, and Other Indication Types), By Drug Type (N-methyl-D-Aspartate Receptor Antagonists, Cholinesterase Inhibitors, Dopamine Agonists, Immunomodulatory Drugs, and Other Drug Types), and By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2022 – 2028.” Report at https://www.zionmarketresearch.com/report/neurodegenerative-disease-market

The global digital neurodegenerative disease market is segmented as follows:

By Indication Type

• Parkinson's Disease
• Alzheimer's Disease
• Multiple Sclerosis
• Huntington Disease
• Other Indication Types

By Drug Type

• N-methyl-D-aspartate Receptor antagonists
• Cholinesterase Inhibitors
• Dopamine Agonists
• Immunomodulatory Drugs
• Other Drug Types

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa

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