Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Dementia Drugs Market– Global Industry Analysis, Market Size, Opportunities and Forecast, 2020-2027”
LOS ANGELES, Feb. 09, 2021 (GLOBE NEWSWIRE) — The Global Dementia Drugs Market is anticipated to grow at a CAGR of around 8.5% during the forecast period 2020 to 2027 and to reach around US$ 24.7 Bn by 2027.
Rising number of patients suffering from dementia and high investment in drug discovery are major factors expected to drive the growth of global dementia drugs market.
The market in North America is expected to account for major revenue share in the global dementia drugs market due to the availability of advanced medical infrastructure for R&D activities. Government spending on development of healthcare sector is increasing.
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Gradual increase in the number of patients suffering from dementia and high investment by major players in order to introduce novel products factors supporting the growth of target market. According to Alzheimer’s Association, approximately 5.7 million people are living with dementia in the United States. In addition, they projected that 13.9 million individuals aged 65 years or older will be diagnosed with Alzheimer’s disease or related dementias in the United States by 2060.
Major players focus on enhancing the business presence through strategic partnerships and product launches are expected to support the growth of the target market.
- In 2019, the FDA approved Rivastigmine (Exelon®), for mild-to-moderate Alzheimer’s as well as mild to moderate dementia associated with Parkinson’s disease.
- In 2019, Biogen a global drug company submitted the application to Food and Drug Administration to approve an experimental drug, aducanumab, to treat people with mild cognitive impairment and the earliest signs of Alzheimer’s disease.
The market in Asia Pacific is expected to witness faster growth in the target market over the forecast period due to developing pharmaceutical industry. Developing healthcare regulatory scenario, rising number of patients suffering from chronic diseases, along with government focus on enhancing the R&D capabilities for innovative drug development are factors expected to augment the growth of target market.
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Major players approach towards developing countries in order to enhance the business presence is expected to boost the growth of target market. In addition, strategic partnership between regional and international players is expected to support the growth of regional market.
- In 2016, Ajanta Pharma Limited is a multinational company launched anti-dementia Memantine Hydrochloride tablets in the US market. This is expected to help the company to enhance the customer base and strengthen its position in US market.
Rising number of patients suffering from dementia across the globe and increasing player’s spending on drug R&D activities are major factors expected to drive the growth of global dementia drugs market. According to World Health Organization worldwide, around 50 million people have dementia, and there are nearly 10 million new cases every year.
Initiatives by the government and non-government agencies to establish a platform with the focus to treat the patients suffering from dementia are increasing. In 2017 World Health Organization, established Global Dementia Observatory an international surveillance platform for policy-makers and researchers to facilitate monitoring and sharing of information on dementia policies, service delivery, epidemiology and research.
However, factors such as high cost associated to R&D activities and stringent government regulations related to product approval are factors expected to hamper the growth of global dementia drugs market. In addition, lack of regulatory standards in developing country is expected to challenge the growth of target market.
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High investment by the government for drug development, rapid technological advancements in drug discovery technique, and players approach towards introduction of innovative solutions are factors expected to create new opportunities for players operating dementia drugs market. In addition, increasing partnership between regional and international players is expected to support the revenue growth of the market.
The global dementia drugs market is segmented into drug class and distribution channel. The drug class is segmented into MAO inhibitors, glutamate inhibitors, and cholinesterase inhibitors. The distribution channel is segmented into retail pharmacies, hospital pharmacies, and others.
Players operating in the global dementia drugs market Janssen Pharmaceuticals, Inc., Biogen Pharmaceuticals, Forest Laboratories, Inc., Eli Lilly and Company, Novartis AG, Sanofi S.A., AstraZeneca, F. Hoffmann-La Roche, Merck and Co., Inc., Valeant Pharmaceutical International, Eisai, Inc., Pfizer Inc., and Teva Pharmaceuticals Industries Ltd. The market is highly competitive due to presence of large number of players operating on global level.
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