Wilmington, Delaware, United States, Transparency Market Research, Inc., Aug. 21, 2024 (GLOBE NEWSWIRE) -- As per the report published by Transparency Market Research, the global Alzheimer's drugs market (سوق أدوية الزهايمر) was worth US$ 4.0 Bn in 2023 and is expected to reach US$ 11.6 Bn by the year 2034 at a CAGR of 10.0 % between 2024 and 2034.
Alzheimer's drugs are essential therapeutic agents designed to manage and alleviate the symptoms of Alzheimer's disease. These drugs are not a cure for Alzheimer's but administered to improve the quality of life for patients by slowing down symptom progression, especially in the early and middle stages of the disease.
However, these medications aim to slow the progression of cognitive decline, enhance memory, and improve the overall quality of life for individuals diagnosed with this debilitating condition.
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Alzheimer's Drugs Market Overview
The Alzheimer's drugs market is a vital and evolving sector of the pharmaceutical industry, driven by the increasing prevalence of Alzheimer's disease, advancements in treatment options, and substantial investments in research and development. For instance, research states that approximately 431,845 people in the UK were diagnosed for dementia as of January 31 2023. It further states that by May 31 this number had increased to 461,340 people.
The increasing aging population results in a higher incidence of Alzheimer's disease. According to the World Health Organization (WHO), approximately 50 million people worldwide have dementia, with nearly 10 million new cases each year. Moreover, one in three older Americans dies of Alzheimer’s disease or another form of dementia, according to the Alzheimer’s Association. The ailment thus ends up killing more people than those affected by prostate and breast cancer combined.
As a result, greater awareness regarding the prevalence of Alzheimer's disease and growing demand for enhancement in diagnostic techniques that aid in contribututing to higher diagnosis rates are expected to increase the demand for various treatment options.
Several key players dominate the Alzheimer's drugs market, thereby making significant investments in research and development. Pharmaceutical companies spend billions of dollars annually on R&D to table new Alzheimer's treatments.For instance, in March 2023, Mayo Clinic received a federal funding of US$ 41.0 Mn for research pertaining to Alzheimer's disease.
Such investments are anticipated to encompassa wide range of activities, including basic research, preclinical studies, clinical trials, regulatory submissions, and post-marketing surveillance.
Ongoing collaboration amongst industry stakeholders, regulatory agencies, and research communities is essential to overcome challenges and achieve breakthroughs in Alzheimer's treatment. According to medRxiv, a medical journal, in November 2021, researchers deployed an Al-based approach to interpret the relationship of digital measures (DMs) with questionnaire-based cognition as well as functional activities.
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What’s with Alzheimer's Drugs Market Regional Insights?
- North America generated the largest market value in 2023. The region is expected to maintain its dominance during the forecast period as well.
Growing awareness about Alzheimer's disease combined with advances in diagnostic technologies has further led to early detection and diagnosis and surge in innovations in pharmaceutical technology, including the development of new drug delivery systems and more effective therapeutic agents.
Moreover, increase in aging population, particularly among individuals aged 65 and above, presence of well-developed healthcare system with advanced facilities, strong focus on research and development, and significant funding from both - government bodies and private organizations directed towards Alzheimer's research are driving alzheimer’s drug market share. For instance in 2023, as per the WHO, population aged 65 years and above for United Kingdom was 19.5 %. Population aged 65 years and above of United Kingdom increased from 13.8 % in 1974 to 19.5 % in 2023 growing at an average annual rate of 0.70%.
Key Players
Allergan plc, Novartis AG, Eisai Co. Ltd., Johnson & Johnson, Daiichi Sankyo Company Limited, Ono Pharmaceutical Co. Ltd., H Lundbeck A/S and Merz Holding GmbH & Co. KG are some of the leading players operating in the global industry.
Recent Developments in Alzheimer’s Drugs Market
- In June 2024, a panel of independent advisers of the US Food and Drug Administration voted to endorse Eli Lilly’s drug donanemab, a monoclonal antibody designed to slow the progression of early symptomatic Alzheimer’s disease, agreeing that it was safe and effective.
Alzheimer's Drugs Market Segmentation
- Drug Class
- Cholinrtgic
- Memantine
- Combined Drugs
- Others
- Distribution Channel
- Hospital Pharmacies
- Retail Pharmacies
- Online Sales
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