Global Neurodegenerative Disease Market is Set to Rise at an Expected CAGR of 7%, Totaling Around USD 102.4 billion by 2034 | Future Market Insights, Inc.
The key growth determinants of the market include the increasing number of neurological disorders, growing awareness globally, and a strong lineup of products for treating neurodegenerative diseases. As the global population grows and people live longer on average, more people are experiencing neurological disorders.
NEWARK, DE / ACCESSWIRE / September 5, 2024 / The global neurodegenerative disease market size is expected to be valued at USD 52.08 billion by 2024. The market valuation is estimated to be USD 102.4 billion by 2034, projected at a CAGR of 7%.
The rise in prevalence and incidence rates of major neurodegenerative diseases and advancements in medical research and technology propel growth. With a growing elderly population worldwide, the incidence and prevalence of neurodegenerative diseases like Alzheimer's and Parkinson's are rising, creating a substantial demand for diagnostic tools, treatments, and supportive care services.
Ongoing research efforts and technological innovations are leading to the development of novel therapies targeting the underlying mechanisms of neurodegenerative diseases, fostering market expansion.
The high cost of research and development, along with the lengthy and expensive clinical trial process for new therapies, poses financial challenges for companies operating in this space. Regulatory hurdles and market access barriers may hinder the commercialization of innovative treatments.
The complexity of neurodegenerative diseases, characterized by multifactorial etiology and heterogeneous clinical manifestations, further complicates diagnosis and treatment, presenting significant challenges for healthcare providers and researchers.
Despite these restraints, the neurodegenerative disease market offers numerous opportunities for growth. The rise in focus on personalized medicine approaches, leveraging biomarkers and genetic testing, presents opportunities to tailor treatments to individual patients, improving efficacy and reducing adverse effects.
The adoption of digital health solutions, such as wearable devices and telemedicine platforms, enhances disease management and patient care, propelling market expansion.
Forecast CAGRs from 2024 to 2034 Neurodegenerative Disease by Country
Countries | CAGR |
The United States | 6.90% |
The United Kingdom | 8.60% |
Canada | 7.50% |
China | 7% |
India | 9.40% |
"Theaging population serves as a fundamental driver shaping the growth trajectory of the global neurodegenerative disease industry. As the global population ages, the prevalence of neurodegenerative diseases such as Alzheimer's, Parkinson's, and Huntington's rises significantly," opines Sabyasachi Ghosh Associate Vice President at Future Market Insights (FMI).
Prominent Drivers of the Neurodegenerative Disease Market
Rising Incidence and Prevalence: The increasing number of neurodegenerative diseases such as Alzheimer's, Parkinson's, and Huntington's disease is a significant driver. Aging populations and longer life expectancies contribute to the growing number of individuals affected by these conditions.
Advancements in Research and Development: Ongoing research and technological advancements in understanding neurodegenerative diseases contribute to the development of new and improved treatments and diagnostics. Innovations in biomarkers, imaging technologies, and drug discovery drive market growth.
Growing Awareness and Early Diagnosis: Increased awareness about neurodegenerative diseases and the importance of early diagnosis help in the early detection and treatment of these conditions. This results in a higher demand for diagnostic tools and therapies.
Government Initiatives and Funding: Government agencies and organizations worldwide are investing in research and development to find effective treatments and cures for neurodegenerative diseases. This funding supports clinical trials, research studies, and the development of new therapies.
Pharmaceutical and Biotechnology Innovations: The development of novel drug therapies and biologics, including disease-modifying treatments, is driving market growth. Companies are focusing on developing targeted therapies and personalized medicine approaches.
Challenges Faced by the Neurodegenerative Disease Market:
Complexity of Diseases: Neurodegenerative diseases like Alzheimer's, Parkinson's, and Huntington's are complex and involve intricate pathophysiological processes. This complexity makes it difficult to develop effective treatments and often leads to a high failure rate in clinical trials.
Diagnostic Difficulties: Early and accurate diagnosis is challenging due to the subtle and gradual onset of symptoms. Many neurodegenerative diseases have overlapping symptoms with other conditions, which complicates diagnosis and can delay treatment.
High Development Costs: Research and development for neurodegenerative diseases require significant investment. The lengthy and expensive process of clinical trials, coupled with high failure rates, makes it challenging for companies to justify the costs.
Regulatory Hurdles: Navigating the regulatory landscape for neurodegenerative disease treatments can be complex. Regulatory agencies often require extensive evidence of efficacy and safety, which can be difficult to gather given the chronic and progressive nature of these diseases.
Limited Patient Population: While neurodegenerative diseases are prevalent, certain subtypes or stages of these diseases might have smaller patient populations, making it harder to recruit participants for clinical trials and limiting market size.
Competitive Landscape:
The competitive landscape of the global neurodegenerative disease industry is characterized by intense competition among pharmaceutical companies, biotechnology firms, and research institutions.
Key players focus on developing innovative therapies for conditions like Alzheimer's and Parkinson's, while strategic collaborations and mergers drive market consolidation and innovation.
Recent developments are:
In 2023, Boehringer Ingelheim Group announced positive results from a Phase II clinical trial evaluating their novel compound for the treatment of Alzheimer's disease. The compound demonstrated promising efficacy in reducing cognitive decline and disease progression, offering hope for patients and clinicians grappling with this challenging condition.
In 2023, Biogen Idec, Inc. achieved a significant milestone in the neurodegenerative disease market with the FDA approval of their novel therapy for the treatment of amyotrophic lateral sclerosis (ALS). This approval marked a breakthrough in ALS treatment, offering new hope for patients grappling with this devastating condition.
Key Companies Profiled:
Novartis AG; Pfizer Inc.; Merck Serono; Biogen Idec; Teva Pharmaceuticals; UCB; Boehringer Ingelheim; Sanofi S.A; GlaxoSmithKline
Key Segments:
By Drug Class:
The market is classified into N-methyl-D-aspartate (NMDA), Selective Serotonin Reuptake Inhibitors (SSRIs), Dopamine Inhibitors, and Immunomodulators.
By Disease Indication:
The report consists of key sourcing, such as Parkinson's Disease, Alzheimer's Disease, Amyotrophic Lateral Sclerosis, and Huntington Disease.
By Region:
Analysis of the market has been carried out in key countries of North America, Latin America, Western Europe, South Asia, East Asia, Eastern Europe, and the Middle East and Africa.
Author By:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
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