Neurodegenerative Drugs Market to Reach $74.80 Billion, Globally, by 2031 at 7.5% CAGR: Allied Market Research

The global neurodegenerative drugs market is expected to experience growth in the coming years, attributed to factors such as the increasing prevalence of diseases like Alzheimer's, Parkinson's, and multiple sclerosis, and efforts by both government and non-government organizations

PORTLAND, Ore., April 4, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Neurodegenerative Drugs Market by Drug Class (Dopamine Agonists, Decarboxylase Inhibitors, Cholinesterase Inhibitors, Immunomodulators, and Others), by Indication, (Parkinson's Disease, Alzheimer's Disease, Multiple Sclerosis, and Others), and by Distribution Channel, (Hospital Pharmacies, Online Providers, and Drug Stores & Retail Pharmacies): Global Opportunity Analysis and Industry Forecast, 2022-2031". According to the report, the global neurodegenerative drugs industry generated $36.27 billion in 2021, and is anticipated to generate $74.80 billion by 2031, witnessing a CAGR of 7.5% from 2022 to 2031.

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Prime determinants of growth

The global neurodegenerative drugs market is expected to experience growth in the coming years, attributed to factors such as the increasing prevalence of diseases like Alzheimer's, Parkinson's, and multiple sclerosis, and efforts by both government and non-government organizations. The launch of new drugs is also expected to contribute to market growth. However, drug development for these diseases can be complicated, which may limit growth. Despite this, there are opportunities for the market with the rise of research and development activities for neurodegenerative diseases in the future.

Report coverage & details:

Impact of Covid-19 on Neurodegenerative Drugs Market-

• The global market for neurodegenerative drugs experienced a decline during the COVID-19 pandemic as a result of reduced demand caused by lower hospitalization rates and decreased sales of such drugs.
• Moreover, the pandemic resulted in delays in the diagnosis and treatment of neurodegenerative diseases, further limiting the market growth.
• Despite this, there has been a surge in demand for treatments related to mental health issues resulting from the pandemic, leading to a moderate increase in sales of certain neurodegenerative drugs and subsequently boosting the growth of the market post-pandemic.

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The immunomodulators segment to maintain its leadership status throughout the forecast period

Based on drug class, the immunomodulators segment held the largest market share in 2021, accounting for more than two-fifths of the global neurodegenerative drugs market revenue, and is estimated to maintain its leadership status throughout the forecast period. Rise in the prevalence of autoimmune diseases such as rheumatoid arthritis, psoriatic arthritis, and ankylosing spondylitis has increased the demand for immunomodulators and driven the segment growth. However, decarboxylase inhibitors segment is projected to manifest the highest CAGR of 11.1% from 2022 to 2031, owing to the high adoption of decarboxylase inhibitor as it improves motor symptoms of Parkinson's disease.

The multiple sclerosis to maintain its leadership status throughout the forecast period

Based on indication, the multiple sclerosis segment held the largest market share in 2021, accounting for more than three-fifths of the global neurodegenerative drugs market, and is estimated to retain its dominance throughout the forecast period. The increase in the geriatric population along with the rise in the prevalence of multiple sclerosis propels the growth of segment. However, Parkinson's disease segment is projected to manifest the highest CAGR of 9.1% from 2022 to 2031, owing to the surge in the incidences of Parkinson's disease and the rise in pipeline products to treat the syndrome.

The drug stores & retail pharmacies segment to maintain its lead position during the forecast period

Based on end distribution channel, the drug stores & retail pharmacies segment accounted for the largest share in 2021, contributing to nearly three-fifths of the global neurodegenerative drugs market revenue, and is projected to dominate during the forecast period. Easy availability of neurodegenerative drugs and a rise in the number of drug stores drive the segment growth. However, the online providers segment is projected to manifest the fastest CAGR of 10.0% from 2022 to 2031, owing to the growing trend of online shopping and several discounts provided by these channels on neurodegenerative drugs.

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North America to maintain its dominance by 2031

Based on region, North America held the largest market share in terms of revenue in 2021, accounting for more than two-fifths of the global neurodegenerative drugs market revenue, and is likely to dominate the market during the forecast period. The presence of a large patient population, strong presence of major key players, ease of drug availability, favorable reimbursement policies in the healthcare system, and higher adoption of advanced therapeutics promote the growth of the neurodegenerative drugs market in North America. However, the Asia-Pacific region is expected to witness the fastest CAGR of 9.2% from 2022 to 2031. Rise in health awareness, development in healthcare infrastructure, and rise in government initiatives for the management of the neurodegenerative disease are expected to drive the growth of the neurodegenerative drugs market in the Asia-Pacific region.

Leading Market Players: -

• Novartis AG
• AbbVie Inc.
• F. Hoffmann-La Roche Ltd.
• Teva Pharmaceutical Industries Ltd.
• Sanofi
• Orion Corporation
• Sun Pharmaceutical Industries Ltd.
• UCB S.A.
• Viatris Inc.
• Biogen

The report provides a detailed analysis of these key players in the global neurodegenerative drugs market. These players have adopted different strategies such as new acquisition, collaborations, agreements, and product approvals to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario. 

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