The global Alzheimer's drugs market comprises drugs that are used for the treatment of Alzheimer's disease. Alzheimer's disease is a progressive neurological disorder that destroys memory and thinking skills. The main function of Alzheimer's drugs is to slow down or temporarily stop the progression of Alzheimer's disease symptoms. Currently, there are five drugs approved by the US FDA for the treatment of Alzheimer's disease which aim to improve cognitive function by increasing acetylcholine levels in the brain.
The global Alzheimer's drugs market is estimated to be valued at US$ 5 billion in 2024 and is expected to exhibit a CAGR of 11% over the forecast period of 2024 to 2031.
Key Takeaways
Key players operating in the Alzheimer's drugs market include Eli Lilly and Company, Eisai Co. Ltd., Novartis, copyright Inc., Merz Pharma. Eli Lilly and Company dominates the Alzheimer's drugs market with drugs such as Razadyne and Namenda. The key opportunities in the Alzheimer's drugs market include lucrative growth prospects in emerging economies and increasing research funding for development of novel Alzheimer's drugs. Major pharmaceutical companies are expanding their global footprint in high growth regions such as Asia Pacific and Latin America to tap the increasing patient pool in these regions.
Market Drivers
The rising prevalence of Alzheimer's disease across the globe is the major factor driving the Alzheimer's Drugs Market Demand . According to World Health Organization (WHO), approximately 50 million people worldwide were living with dementia in 2018. The number is anticipated to triple to more than 152 million by 2050. Other factors such as increasing aging population, rising healthcare expenditures, and growing awareness about Alzheimer's treatment options are fueling the demand for Alzheimer's drugs.
Market Restrains
High failure rate of Alzheimer's drugs during clinical trials and regulatory challenges for approval of novel Alzheimer's drugs are the major factors restraining the growth of this market. Over 99% of Alzheimer's drug candidates fail to receive regulatory approval due to lack of efficacy or safety issues. The inability of drugs to slow or stop the progression of Alzheimer's disease also hinders the market growth. Stringent rules and long review times for approval of Alzheimer's drugs increase the development cost and risks.
Segment Analysis
The Alzheimers drugs market can be segmented based on drug class into cholinergic, memantine, combined drug, and others. Among these, the cholinergic segment holds the largest market share currently owing to acetylcholinesterase inhibitors being the first line of treatment for Alzheimer's. These drugs work by increasing the levels of acetylcholine in the brain as Alzheimer's leads to reduced acetylcholine levels. Donepezil, rivastigmine, and galantamine are some of the commonly used acetylcholinesterase inhibitors globally.
Global Analysis
Regionally, North America dominates the Alzheimers Drugs Market Regional Analysis currently due to high disease prevalence and advanced healthcare facilities. The increasing diagnosis rates, awareness about the condition and availability of advanced treatment options drive the North American market.
However, the Asia Pacific region is anticipated to witness fastest growth during the forecast period owing to improving healthcare infrastructure, rising aging population and economic growth. Countries like China and India have a large elderly population base suffering from Alzheimer's and are expected boost regional market growth in the coming years.
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Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)