July 16, 2024

Rapid Development of Drugs and Therapies to Boost the Growth of Neurodegenerative Disease Treatment Market

The global Neurodegenerative Disease Treatment Market is estimated to be valued at US$ 42,388.8 Mn or Mn in 2023 and is expected to exhibit a CAGR of 3.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Neurodegenerative diseases are progressive disorders that affect the structure and functioning of neurons in the brain or spinal cord. Some of the common neurodegenerative diseases include Alzheimer’s disease, Parkinson’s disease, Amyotrophic lateral sclerosis, and Huntington’s disease. These diseases affect the nervous system and lead to impaired function and eventual cell death. The symptoms manifest themselves gradually over months or years and worsen over time. Currently, there are no cures available and diseases modifying treatments offer limited benefits. The market consists of a variety of drugs including cholinesterase inhibitors, NMDA receptor antagonists, dopamine agonists, MAO-B inhibitors, ion channel blockers and anti-amyloid agents among others.

Market key trends:
One of the major trends in the Neurodegenerative Disease Treatment Market is the increasing research focus on development of disease-modifying therapies. Currently available drugs only manage the symptoms but do not alter the course of disease progression. Pharmaceutical companies are investing heavily in research and development activities focused on identifying novel targets and biomarkers and developing therapies that can halt or slow down neurodegeneration. There is also significant focus on development of regenerative medicine and stem cell therapies to replace damaged neurons. Advances in areas like gene therapy hold promise for long term management of these currently incurable diseases.
Porter’s Analysis
Threat of new entrants: The threat of new players entering this market is moderate as the neurodegenerative disease treatment requires huge R&D investments and lengthy approval process from regulatory authorities.
Bargaining power of buyers: The bargaining power of buyers is moderate to high as several treatment options are available. However, patented novel drugs have strong positions due to lack of substitutes.
Bargaining power of suppliers: The bargaining power of suppliers is low to moderate as raw material suppliers have limited control over prices due to availability of substitutes.
Threat of new substitutes: The threat of new substitutes is moderate as a large number of players are engaged in development of novel therapies and drug delivery mechanisms.
Competitive rivalry: High as the market is dominated by few major players.

Key Takeaways
The global neurodegenerative disease treatment market is expected to witness high growth, exhibiting CAGR of 3.1% over the forecast period, due to increasing R&D investments and strong product pipelines. North America dominates the global market due to large patient pool and strong reimbursement framework. Europe holds the second largest market share due to rising prevalence of neurodegenerative diseases.

The regional analysis indicates that North America dominates the global neurodegenerative disease treatment market and is expected to grow at a CAGR of 2.8% during the forecast period. This is attributed to growing prevalence of neurodegenerative disorders, strong government support for research, and accessibility to advanced healthcare facilities in the region. Europe held the second largest share in 2023 owing to increasing geriatric population and rising awareness regarding neurodegenerative disorders.

Key players operating in the neurodegenerative disease treatment market are Abbvie Inc., Amneal Pharmaceuticals Inc., Boehringer Ingelheim International Gmbh, F. Hoffmann-La Roche, and Merck & Co. Inc., among others. Major players are focusing on developing innovative therapies as well as acquiring regional players to strengthen their market position.