July 21, 2024
Pharmaceutical

Rising geriatric population promotes growth in the Global Rivastigmine Market

Rivastigmine is a reversible cholinesterase inhibitor used for the treatment of mild to moderate dementia caused by Alzheimer’s disease. It works by inhibiting the breakdown of acetylcholine, a chemical messenger involved in functions like cognition, memory, and movement. Rivastigmine is administered orally through capsules and transdermal patches. The capsules are available in strengths of 1.5 mg, 3 mg, 4.5 mg, and 6 mg while the transdermal patches release rivastigmine at doses of 4.6 mg/24 hrs, 9.5 mg/24 hrs, and 13.3 mg/24 hrs continuously for 24 hours. The capsules need to be taken twice daily and patches changed once every 24 hours. Rivastigmine offers effective symptomatic relief from cognitive decline associated with Alzheimer’s disease with reduced side effects compared to other cholinesterase inhibitors.

The global Rivastigmine Market is estimated to be valued at US$ 516.3 Mn in 2023 and is expected to exhibit a CAGR of 4.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the key trends propelling the rivastigmine market growth is the steadily increasing geriatric population globally. According to the World Health Organization (WHO), the proportion of the world’s people aged 60 years or older is expected to nearly double by 2050. Since aging is the greatest risk factor for Alzheimer’s disease, the rising senior population will lead to a proportional rise in Alzheimer’s patients requiring treatment with rivastigmine for cognitive improvement. Furthermore, continuous research efforts to develop more effective delivery options for rivastigmine like skin patches have increased patient adherence to therapy and convenience. This has expanded application potential of rivastigmine especially in mild to moderate Alzheimer’s cases.

Porter’s Analysis

Threat of new entrants: New companies entering the Rivastigmine market need to invest in clinical trials and obtain regulatory approvals for the drugs which requires significant capital investments and time. This poses moderate threat of new entrants in the market.
Bargaining power of buyers: There exist a significant number of players in the Rivastigmine market. This gives buyers moderate to high bargaining power to negotiate on price of drugs.
Bargaining power of suppliers: Key raw material suppliers for Rivastigmine manufacturing have established supply networks with drug makers. This gives them moderate bargaining power over companies.
Threat of new substitutes: There exist substitute drugs for Alzheimer’s disease treatment. However, limited alternatives for Rivastigmine pose low-moderate threat from substitutes.
Competitive rivalry: The Rivastigmine market has presence of many established global as well as regional players. This leads to high competitive rivalry in the market.

Key Takeaways

The Global Rivastigmine Market Demand is expected to witness high growth, exhibiting CAGR of 4.6% over the forecast period, due to increasing prevalence of Alzheimer’s and Parkinson’s disease. The market size for 2023 is estimated to be US$ 516.3 Mn.

Regional analysis: North America dominates the global Rivastigmine market and is estimated to account for around 50% market share owing to rising geriatric population and higher adoption of treatment therapies. Asia Pacific exhibits fastest growth rate over the forecast period led by China and India on account of increasing healthcare expenditure.

Key players: Key players operating in the Rivastigmine market are Novartis AG, Mylan Laboratories Inc., Actavis Generics UK Limited, Sun Pharmaceutical Industries Ltd., Aurobindo Pharma Limited, Zentiva a.s., Sandoz International GmbH, Dr. Reddy’s Laboratories Ltd., Teva Pharmaceutical Industries Ltd., and Accord Healthcare Limited. The global market is fairly concentrated in nature with top 3 players accounting for over 50% share. 

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it