Dementia Drugs Market Foreseen to Grow Exponentially over 2026
Posted by rushi007 on June 21st, 2019
Dementia is one of the most prevalent neurodegenerative diseases in which patients suffer from various behavioral changes, as a primary symptoms such as decline in memory or other thinking skills and can gets worse as condition progresses. It majorly affects people of aged 65 years and above. Currently, there is no curative therapy available for dementia disease. However, drugs for dementia therapy are in pipeline, which are expected to be launched in the near future, in turn propelling growth of the dementia drugs market.
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Increasing aging population along with its associated complications is the major driving factor for growth of the dementia drugs market. For instance, according to Centers of Disease Control and Prevention (CDC), 2013, five million people were suffering from AD and the number is expected to rise up to 14 million by 2050, in the U.S. Moreover, according to World Health Organization (WHO), 2017, around 47 million people suffer from dementia and around 10 million new cases are reported annually. Increasing incidence of dementia coupled with growing demand for therapy is expected to favor growth of the dementia drugs market in the near future. According to Australian Institute of Health and Welfare (AIHW) estimates, the number of people with dementia is expected to reach to around 400,000 by 2020, and around 900,000 by 2050. Moreover, the National Health and Medical Research Council (NHMRC) is working in collaboration with the Australian Research Council (ARC) to prioritize and fund new dementia research projects and translate research to improve prevention, diagnosis, treatment, and care for dementia patients.
Increasing number of pipeline products is expected to drive growth of the dementia drugs market
Major factors fueling growth of the dementia drugs market include the large number of drugs in the pipeline, which are expected to enter into the market by 2020-2022. According to the study published by Translational Research and Clinical Intervention, in September 2017, it is recorded that 105 new drugs in pipeline, out of which 25 are in phase one, 52 in phase two and 28 are in phase three. These new products use novel approaches such as immunotherapy to target amyloid beta, beta-site amyloid precursor protein cleaving enzyme 1 inhibitors, tau aggregation inhibitor, and serotonin 5-HT6 receptor antagonist. Furthermore, increasing collaborations amongst companies for developing drugs in joint efforts is also boosting growth of the market. For instance, in November 2017, Novartis and Amgen, along with the Banner Alzheimer's Institute, announced a collaboration to assess potential of the BACE1 inhibitor CNP520 to prevent or delay symptoms of Alzheimer's disease. However, failure of investigational candidate in late stage is expected to be a huge setback in the current Alzheimer’s drugs market. For instance, in February 2017, an external data monitoring committee warned that Merck & Co., Inc. terminated study of Alzheimer's candidate verubecestat due to potential failure in a Phase II/III study.
Increasing incidence of Alzheimer’s disease worldwide is expected to drive growth of the dementia drugs market. According to World Alzheimer Report in 2016, around 46.5 million people were suffering from Alzheimer’s disease, the number for which is projected to reach 50 million by 2017. Increasing geriatric population is also a major risk factor for growing incidence of Alzheimer’s disease, which in turn boosts growth opportunity for dementia drugs market. For instance, according to World Population Prospects (WPP) published by United Nations in 2017, around 962 million people aged 60 years and above were recorded, which accounted for 13 percent of the global population. The number is projected to reach 1.4 billion by 2030, exhibiting annual growth rate of 3 percent. Europe accounts for the largest geriatric population (25% of population) in 2017, Asia Pacific also had geriatric population of 547 million people in 2017 and it is projected to reach 900 million by 2025. These regions thus show potential opportunity for growth of the market.
Dementia Drugs Market Regional Outlook - Growing Integration of Healthcare and IT to boost demand in emerging economies
On the basis of geography, the global dementia drugs market can be segmented into six major regions: North America, Europe, Asia Pacific, Latin America, Middle East, and Africa. North America is expected to hold the largest market, owing to major approval of drugs in this region and favorable reimbursement scenarios. Asia Pacific is expected to emerge as a major market in the near future, majorly due to the growing geriatric population and Alzheimer’s disease cases, especially in China, India. This in turn, is expected to create lucrative opportunities for growth of the market. For instance, according to Alzheimer’s Disease International Association, in 2015, East Asia is the region with the maximum number of people living with dementia (9.8 million), followed by Western Europe (7.4 million).
Key players are adopting strategic collaborations and acquisitions and product portfolio expansion to accelerate delivery of products and overall revenue. For instance, Teva Pharmaceutical Industries Ltd. acquired Actavis Generics from Allergan in 2016, for around US$ 40 billion, which also includes the Alzheimer’s portfolio of Actavis Generics. This acquisition boosted revenue of Teva in its fourth quarter of 2016 and first quarter of 2017. Furthermore, Genentech and AC Immune are also jointly developing anti-amyloid beta antibody crenezumab, which started phase three clinical trial in 2017. They are developing anti-amyloid beta vaccine for Alzheimer’s disease treatment. Furthermore, AC immune and Janssen Pharmaceutical are also co-developing vaccine for Alzheimer’s treatment.
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Some of the top companies operating in the dementia drugs market are Eisai, Inc., Janssen Pharmaceuticals, Inc., Biogen Pharmaceuticals, Forest Laboratories, Inc., Eli Lilly and Company, Novartis AG, Sanofi S.A., AstraZeneca GmbH, F. Hoffmann-La Roche, Merck & Co., Inc.., Valeant Pharmaceutical International, Pfizer Inc., and Teva Pharmaceuticals Industries Ltd.
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About the Authorrushi007
Joined: February 13th, 2019
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