Global Neurodegenerative Disease Market - Segmented by Indication Type, Drug Type, Geography - Growth, Trends, and Forecast (2018 - 2023)
The neurodegenerative disease market is expected to witness a CAGR of 5.5% during the forecast period, 2018-2023. The market for neurodegenerative disease will experience robust growth, owing to the continuous developments that are made in the medical sector, which is both in the treatment and diagnosis of the neurological disorders.
Increasing Prevalence of Neurodegenerative Disorders
Along with increasing global population and average lifespan, the prevalence of neurological disorders is on the rise, worldwide. The Alzheimer's Association states that around 5.4 million people in the United States were been living with Alzheimer’s disease, as of 2016. This disease is the sixth leading cause of death in the United States and is more prevalent among people above 65 years of age (5.2 million out of the 5.4 million patients fall in this age bracket). The number is expected to increase during the forecast period, worsening the situation in the coming years. Thus, the prevalence of neurodegenerative disorders is on the rise, contributing to the growth of this market.
The other driving factors include the strong product pipeline for neurodegenerative diseases and new drug launches.
Patent Expiries During the Forecast Period
The neurodegenerative market is facing multiple patent expiries, which are likely to restrain the market globally. Some of the patents include Azilect’s patent expiring in May 2017, Comtan’s patent expiring in 2019, and Stalevo 50 in June 2020. Hence, it is anticipated that the market is going to face a downfall in the coming years. Rilutek, a drug that is used to treat Amyotrophic Lateral Sclerosis, will lose its patent protection in 2018, further reducing the growth of the market. These consecutive patent expiries will enable generics and players, offering low priced products, to enter the market, thus, causing a loss in the revenues for major key players, which is expected to impede the growth of the neurodegenerative market.
The other factors restraining the market include disease complexity and stringent regulations.
North America Dominates the Neurodegenerative Disease Market
With increasing aging population in the United States, a simultaneous increase in neurodegenerative diseases has been observed. Asia-Pacific has also been projected to have the fastest growth, owing to increasing population, favorable government policies, modernization of healthcare infrastructure, and growing medical tourism industry in developing nations, such as China, and India, in this region.
Key Developments in the Market
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