DUBLIN--(BUSINESS WIRE)--The "Dementia Drugs- Market Insights, Competitive Landscape and Market Forecast-2027" drug pipelines has been added to ResearchAndMarkets.com's offering.
Owing to the rising prevalence of dementia and the introduction of new and innovative technologies and drugs, the Global dementia drugs market was valued at USD 15.42 Billion in 2021, growing at a CAGR of 8.42% during the forecast period from 2022 to 2027, to reach USD 25.02 Billion by 2027.
The rise in the dementia drugs market is predominantly attributed to the rising prevalence of geriatric population prone to developing dementia, the rising prevalence of chronic diseases, rising healthcare expenditure by the government for promoting research and development activities, rising number of drugs that are in the pipeline stage and can be approved during the forecasting period.
Moreover, the rising integration of healthcare and IT, and the rising availability of different business policies, collaborations, and partnerships amongst the key players in order to facilitate dementia drug development, among others are some of the factors responsible for driving the global dementia drugs market during the forecasted period.
Dementia Drugs Market Dynamics:
The dementia drugs market is witnessing growth at present owing to the rise in the number of patients suffering from Alzheimer's Disease. For instance, according to the data published by the Alzheimer's Disease International, in the year 2020, more than 55 million people were suffering from dementia globally. According to the same source, the number can be estimated to double every 20 years, thereby reaching to about 78 million patients by the year 2030 and about 139 million patients by the year 2050.
Also, as per the above mentioned source, the fastest growth is taking place in China, India, and their South-Asian and Western Pacific neighbors.
Also, an increasing prevalence of geriatric population will also increase the demand for dementia drugs, as geriatric population is prone to developing dementia. For instance, as per the Alzheimer Europe organization 2021, more than one fifth of the EU population was aged 65 or over in 2020, which represents an increase of 3% compared to 2010.
Additionally, there is still ongoing research wherein scientists are trying harder for developing more effective dementia related drugs. Dementia drugs are one of the effective strategy in temporarily managing memory loss, thinking as well as reasoning problems and day-to day functions.
Hence, all the aforementioned factors are anticipated to boost the global dementia drugs market during the forecasted period.
However, the strict government regulations related to drugs approval and the high cost associated with research and development activities are some of the factors likely to impede the dementia drugs market growth.
Dementia Drugs Market Segment Analysis:
In the Dementia drugs market under the drug class segment, the MAO inhibitors sub-segment is expected to hold a significant market share during the forecasted period from 2022-2027. This is because of the various technological advancements that are offered by the Monoamine Oxidase Inhibitors.
Monoamine oxidase inhibitors (MAOIs) are an extremely strong class of antidepressants that help in the treatment of depression by preventing the breakdown of several brain chemicals such as serotonin, dopamine, and norepinephrine. It helps in regulating the mood of an individual. Furthermore, various Monoamine oxidase inhibitors that have been approved by Food and Drug Administration comprise of Isocarboxazid (Marplan), Phenelzine (Nardil), Selegiline (Emsam) and Tranylcypromine (Parnate) for the treatment of dementia.
Apart from this, in the indications segment, the Alzheimer's Disease can be anticipated to hold the significant market share owing to the rising prevalence of Alzheimer's disease, rise in the number of dementia drug approval, and presence of extensive pipeline stage drugs for this indication. For instance, as per the Alzheimer's Association 2022, an estimated 6.5 million Americans aged 65 years and older are living with the Alzheimer' disease in the year 2022.
Moreover, there is a plethora of drugs that are in the development stage for Alzheimer's and are on the verge of getting approvals. For instance, on June 09, 2021, Aducanumab, from the company Biogen, had been approved by the US Food and Drug Administration (FDA) for the treatment of Alzheimer's disease. Owing to a rise in the dementia drugs receiving marketing approvals, there will be an increase in the demand of the dementia drugs leading to an increase in the overall dementia drugs market during the forecasting period from 2022-2027.
North America is expected to dominate the overall Dementia Drugs Market:
Among all the regions, North America is expected to occupy a major share in the overall dementia drugs market during the forecasted period. This domination is owing to the rising patient population in the region.
Moreover, the rise in number of drug approvals granted to the key manufacturers as a treatment for dementia in the region, increasing government initiative and funding to various drug developmental projects associated with dementia, and the rise in the number of mergers, acquisitions and collaborations amongst dementia drug manufacturers in the region, among others are expected to drive the regional dementia drugs market in the forthcoming years.
The rise in the number of aging population in the United States will also propel the dementia drugs market as the aged population is more prone to developing dementia. For instance, according to the data provided by the Alzheimer's Association, 2022, the number of Americans aged 65 years or older can be projected to grow from 58 million in the year 2021 to 88 million by the year 2050.
Furthermore, several dementia associated drugs have received an expedited approval grant by the Food and Drug Administration (FDA) , causing an increase in the demand of the dementia drugs, leading to an overall increase in the dementia drugs market. For instance, on June 24, 2021, Lilly's donanemab had received the United States FDA Breakthrough Therapy Designation for treatment of Alzheimer's disease.
Thus, the interplay of all the above-mentioned factors is likely to propel the genomic market growth in the region during the forecasted period.
Recent Developmental Activities in the Dementia Drugs Market:
- On June 24, 2021, Lilly's donanemb had received the United States FDA's Breakthrough Therapy designation for the treatment of Alzheimer's disease.
- On June 07, 2021, Aducanumab had received the fast-tracked for approval from Food and Administration for the treatment of Alzheimer's disease (AD).
Dementia Drugs Market Key Players:
- Apotex Inc
- Aurobindo Pharma
- Eisai Co., Ltd
- Eli Lilly and Company
- Johnson and Johnson
- Pfizer, Inc.
- Teva Pharmaceuticals
- Zydus Cadila
- Janssen Pharmaceuticals, Inc.
- Biogen Pharmaceuticals
- Forest Laboratories, Inc.
- Novartis AG
- Sanofi S.A.
- F. Hoffmann-La Roche
- Merck and Co. Inc.
- Valeant Pharmaceutical International
Key Topics Covered:
1. Dementia drugs Market Report Introduction
2. Dementia drugs Market Executive summary
2.1. Scope of the Study
2.2. Market at Glance
2.3. Competitive Assessment
2.4. Financial Benchmarking
3. Regulatory Analysis
3.1. The United States
4. Dementia drugs Market Key factors analysis
4.1. Dementia drugs Market Drivers
4.1.1. The rising prevalence of patients suffering from dementia
4.1.2. The rising government initiative to support the dementia drugs project
4.1.3. Technological advancement and launches of Dementia drugs products
4.1.4. Growing rise of geriatric population
4.2. Dementia drugs Market Restraints and Challenges
4.2.1. High cost associated with the dementia drugs
4.2.2. Strict government regulations related to dementia drugs
4.3. Dementia drugs Market Opportunities
4.3.1. Rising integration of healthcare and IT in-order to boost demand in emerging economies
4.3.2. Increase research funds for various dementia drugs
5. Dementia drugs Porter's Five Forces Analysis
5.1. Bargaining Power of Suppliers
5.2. Bargaining Power of Consumers
5.3. Threat of New Entrants
5.4. Threat of Substitutes
5.5. Competitive Rivalry
6. COVID-19 Impact Analysis on Dementia drugs Market
7. Dementia drugs Market layout
7.1. By Drug Class
7.1.1. MAO Inhibitors
7.1.2. Glutamate Inhibitors
7.1.3. Cholinesterase Inhibitors
7.2. By Indication
7.2.1. Lewy Body Dementia
7.2.2. Parkinson's Disease Dementia
7.2.3. Alzheimer's Disease
7.2.4. Vascular Dementia
7.3. By Distribution Channel
7.3.1. Retail Pharmacies
7.3.2. Hospital Pharmacies
7.4. By Geography
8. Dementia drugs Global Company Share Analysis - Key 3-5 Companies
9. Dementia drugs Company and Product Profiles
9.1. Company Overview
9.2. Company Snapshot
9.3. Financial Overview
9.4. Product Listing
10. KOL Views
11. Project Approach
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