New York, United States, April 08, 2024 (GLOBE NEWSWIRE) -- Dementia is a term used to describe a group of symptoms that significantly impair memory, reasoning, and social abilities. The symptoms include cognitive and behavioral changes that worsen over time, making it difficult to perform even the most basic tasks. The development of cutting-edge medical technology and therapies, as well as increased government financing and awareness campaigns, are the main factors driving the market growth for dementia drugs.
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Increasing Prevalence of Target Diseases Drives the Global Market
The aging population affected by target diseases such as Alzheimer's, Parkinson's, Lewy body, and vascular dementia, as well as the increasing incidence of these conditions, are anticipated to fuel market expansion. According to a study by Anna Ponjoan et al. that was released in the Clinical Epidemiology Journal in March 2019, the prevalence of dementia was 5.1% in Spain. In addition, dementia is more likely to affect women than men, and the risk increases with age. As the prevalence of dementia rises, there will likely be a greater demand for dementia drugs to treat the condition.
Introduction of Innovative Technologies and Drugs Creates Tremendous Opportunities
The growing number of R&D projects targeted at developing novel pharmaceuticals with promising therapeutic goals is one of the factors driving the market's growth. For instance, according to the National Clinical Trials (NCT) Registry, there were more than 800 ongoing interventional clinical studies for treating dementia in various stages of development globally as of March 29, 2021. To develop effective medicines, industry firms focus on cutting-edge techniques like amyloid protein.
Regional Analysis
Europe is the most significant shareholder in the global dementia drugs market and is expected to grow at a CAGR of 8.05% during the forecast period. Due to expanded R&D efforts, the rising prevalence of target disorders, the growing senior population, and supporting pharmaceutical regulation, the market for dementia drugs in Germany is growing. The country not only has a large number of healthcare firms, but it also has a large number of government funding and awareness-building programs. Target disorders are getting more prevalent, and new cutting-edge technologies and drugs are making the market more alluring.
North America is expected to grow at a CAGR of 7.95%, generating USD 8,301.58 million during the forecast period. The United States is anticipated to influence the global market for dementia drugs over the forecast period as a result of the increasing number of clinical studies, funding for dementia-related research and development, the presence of key market players, the growing geriatric population, and the rising prevalence of target disorders like Alzheimer's and Parkinson's disease. Domestic businesses employ various strategies to strengthen their positions in the market, such as product launches, mergers and acquisitions, and research and development.
Asia-Pacific is expected to grow over the forecast period due to factors such as the increasing prevalence of dementia-related diseases (primarily Parkinson's and Alzheimer's) across the region, rising public awareness of these conditions, and an increasing number of new drug launches targeting these conditions. A few dementia-friendly communities were established in China, according to Alzheimer's disease International. These communities included the first "Dementia Caregiver Support Group," which was founded in 2000, and "Memory Health in the Community," founded in 2010. These initiatives aim to raise public awareness of dementia and its prevention.
Key Highlights
- Based on indication, the global dementia drugs market is bifurcated into Lewy Body Dementia, Alzheimer's Disease, Vascular Dementia, and others. The vascular dementia segment is the highest contributor to the market and is expected to grow at a CAGR of 8.45% during the forecast period.
- Based on drug class, the global dementia drugs market is bifurcated into MAO-B inhibitors, glutamate, and cholinesterase inhibitors. The cholinesterase inhibitors segment owns the highest market share and is expected to grow at a CAGR of 8.10% during the forecast period.
- Europe is the most significant shareholder in the global dementia drugs market and is expected to grow at a CAGR of 8.05% during the forecast period.
Competitive Players
The global dementia drugs market’s major key players are Apotex Inc., AstraZeneca, Aurobindo Pharma, Eisai Co. Ltd, Eli Lilly and Company, Johnson & Johnson, Pfizer Inc., Teva Pharmaceuticals, and Zydus Pharmaceuticals.
Market News
- In March 2022, The FDA granted Corium, Inc. permission to commercialize ADLARITY (donepezil transdermal system) as a medication for those with mild, moderate, or severe dementia associated with Alzheimer's.
- In April 2022, NovaMedica's acute treatments for Alzheimer's disease-related dementia were developed and registered, which consist of a new combination of the molecules donepezil and dementia drugs memantine. The drug is registered under the name MIOREOL and is one of the first such combinations to appear on the Russian market and the markets of the EAEU and Europe.
Global Dementia Drugs Market: Segmentation
By Indications
- Lewy Body Dementia
- Parkinson's Disease Dementia
- Alzheimer's Disease
- Vascular Dementia
- Other Indications
By Drug Class
- MAO-B Inhibitors
- Glutamate Inhibitors
- Cholinesterase Inhibitors
By Regions
- North America
- Europe
- Asia-Pacific
- LAMEA
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