Neurodegenerative Disorder Therapeutics Global Market Report 2023
Major players in the neurodegenerative disorder therapeutics market are Biogen, Pfizer, Novartis, Sanofi, Teva Pharmaceutical, UCB, Hoffmann- La Roche Ltd, ACADIA Pharmaceuticals Inc., Lundeck A/S, Boehringer Ingeiheim International GmbH, Merck Serono, Orion Pharma Ltd, Mitsubishi Tanabe Pharma America, Allergan, GlaxoSmith Kline PLC, AbbVie, Eli lilly, Celgene, Neuro- Hitech Inc.
New York, Feb. 08, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Neurodegenerative Disorder Therapeutics Global Market Report 2023" - https://www.reportlinker.com/p06241826/?utm_source=GNW
, Bayer Schering Pharma AG, Amarin Corporation, AstraZeneca, Alector, Yumanity Therapeutics, Yangtze River Pharmaceutical Group, Chongqing Zein Pharmaceutical and Eisai.
The global neurodegenerative disorder therapeutics market is expected to grow from $14.66 billion in 2021 to $15.86 billion in 2022 at a compound annual growth rate (CAGR) of 8.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The neurodegenerative disorder therapeutics market is expected to reach $21.66 billion in 2026 at a CAGR of 8.1%.
The neurodegenerative disorder therapeutics market includes revenues earned by entities by correction of pathogenic mechanisms, neuroprotection, neurorestoration, and symptom control.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
Neurodegenerative disorder therapeutics refer to a medication or gene therapy to treat patients with neurodegenerative disorders therapeutically by directly rectifying pathogenic pathways, through neuroprotection, neurorestoration, and symptom control.
North America was the largest region in the neurodegenerative disorder therapeutics market in 2022.Middle East is expected to be the fastest growing region in the forecast period.
The regions covered in the neurodegenerative disorder therapeutics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main drug types of neurodegenerative disorder therapeutics are n- methyl- d- aspartate receptor, selective serotonin reuptake inhibitor, dopamine inhibitors, and others.Selective serotonin reuptake inhibitors are a type of medication that is commonly used to treat depression and a few other mental illnesses.
The various indications include Parkinson’s disease, Alzheimer’s disease, multiple sclerosis, Huntington’s disease, and other indications that ARE distributed through hospital pharmacy, retail pharmacy, and online pharmacy.
Increased prevalence of neurodegenerative among the global population contributes to the growth of the neurodegenerative disorder therapeutics market.The increase in the geriatric population attributes to the increased prevalence of neurodegenerative disorders.
According to World Population Prospects, the number of people above 60 years of age will increase to 2.1 billion in 2050 and it is expected that people aged over 80 years will triple to 425 million in 2050. According to the Alzheimer’s Association, around 5.8 million Americans are suffering from Alzheimer’s disease, and this number is projected to rise to around 14 million by 2050. The increased prevalence of neurodegenerative diseases among the aging population increases the demand for neurodegenerative disorder therapeutics thereby driving the market.
High rates of failure in clinical trials and research and development (R&D) have always been a major challenge in the neurodegenerative disorder therapeutics market.Companies are continuously investing in R&D to develop treatments for neurodegenerative diseases but currently, very few treatments are approved for neurodegenerative disorders.
According to a study in 2019, there are officially 112 new molecular entities in Alzheimer’s disease (AD) clinical trials, although there are 3558 in cancer trials.For instance, 12 of the 42 (28 percent) drugs certified by the US Food and Drug Administration (FDA) were oncology therapies, this compares with 0% of AD drugs in production.
This failure entitled Alzheimer’s disease drugs to the highest rates of failure at 99.6% when compared to any other disease, including cancer, which has a failure rate of 81%. Moreover, as reported by The New England Journal of Medicine, no new drug has been approved by the Food and Drug Administration (FDA) to treat Alzheimer’s disease since 2013. The low rate of approval of neurodegenerative therapeutics hurts the market, hindering its growth of the market.
Manufacturers of neurodegenerative disorder therapeutics are undergoing various strategic partnerships with government and non-government organizations to discover and develop therapeutics for a range of neurodegenerative diseases.The companies in the neurodegenerative disorder therapeutics market are also increasing their collaboration with other players in the market to increase their capabilities for research and development activities to develop new and more effective therapeutic solutions to treat neurodegenerative disorders.
For instance, in July 2022, NRG Therapeutics, a UK-based drug discovery company focussed on therapeutic approaches, partnered with Domainex, a UK-based drug discovery service, to develop neurodegenerative disease treatment. For the treatment of Parkinson’s disease, motor neurone disease (MND), and other incapacitating chronic neurodegenerative conditions, the firms would work together to develop novel small molecule disease-modifying medications.
In January 2020, Biogen Inc., an America Biotechnology company acquired a novel clinical stage asset, PF-05251749 along with the applications from Pfizer for $75 million. The acquisition of the asset is expected to strengthen Biogen’s existing pipeline of potential disease-modifying therapies in Alzheimer’s and Parkinson’s diseases since PF-05251749 is a CNS- penetrant regulator that has the potential to treat behavioral and neurological symptoms across various psychiatric and neurological diseases. Pfizer Inc. is a multinational pharmaceutical company based in the USA.
The countries covered in the neurodegenerative disorder therapeutics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The neurodegenerative disorder therapeutics market research report is one of a series of new reports that provides neurodegenerative disorder therapeutics market statistics, including neurodegenerative disorder therapeutics industry global market size, regional shares, competitors with a neurodegenerative disorder therapeutics market share, detailed neurodegenerative disorder therapeutics market segments, market trends and opportunities, and any further data you may need to thrive in the neurodegenerative disorder therapeutics industry. This neurodegenerative disorder therapeutics market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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