Neurological Disorder Drugs Market Size (2024 - 2029)

Neurological Disorder Drugs Market Analysis

The Neurological Disorder Drugs Market is expected to register a CAGR of 5.6% during the forecast period.

The COVID-19 pandemic hampered the progress of neurological healthcare services for patients worldwide in the initial phases of the pandemic. However, treatment resumed following government initiatives. The focus on mental health, depression, and anxiety increased post-COVID as it demanded more neurological care. For instance, an article published by Frontiers in Psychiatry in August 2022 stated that around 18.4% of people in the United States experienced moderate to severe depression after suffering from COVID-19 disease. Similarly, according to a KFF/CNN survey of March 2023, symptoms of anxiety and depression elevated among women, which is 36% compared to men's at 28% in February 2023. The same source also stated that nearly 40% of all mental health and substance use disorder outpatient visits were delivered through telehealth in 2021. Hence, the pandemic led to an increase in neurological disorders among people, which significantly had a significant impact on market growth.

The factors expected to drive the market growth include the increasing prevalence of neurological diseases, rising awareness for early disease diagnosis, and increasing R&D for neurological disorders. Worldwide, neurological illnesses are a leading cause of disability and mortality. Neurodegenerative disorders such as Alzheimer's disease (AD), Parkinson's disease (PD), and amyotrophic lateral sclerosis (ALS) cause significant morbidity and mortality in the aged population worldwide. Many organizations across the globe are taking substantial steps to reduce the incidence of neurological diseases. For instance, according to the WHO report published in April 2022, the intersectoral global action plan on epilepsy and other neurological disorders 2022-2031 represents an unprecedented opportunity to address the burden of neurological illnesses throughout and after the pandemic. This is expected to create a high demand for neurological drugs. Such initiatives to reduce neurological disorders are expected to drive the market during the forecast period.

The market for neurological drugs is predicted to rise due to the high prevalence of neurological illnesses such as dementia, autism, Alzheimer's disease, and other rare diseases. For instance, according to the WHO's data published in April 2023, about 55 million people worldwide have dementia, and this is likely to rise to 78 million by 2030 and 139 million by 2050. The WHO also stated that the global financial burden of dementia was estimated to be USD 1.3 trillion in 2019 and is expected to climb to USD 2.8 trillion by 2030. Thus, this is projected to contribute to the market growth over the forecast period.

Furthermore, extensive research and developments for Alzheimer's are also projected to contribute to the market growth. For instance, an article published by Alzheimer's Association in May 2022 stated that as of January 25, 2022, there were 143 agents in 172 clinical trials for AD. The pipeline included 31 agents in 47 trials in Phase 3, 82 agents in 94 trials in Phase 2, and 30 agents in 31 trials in Phase 1. Advances in drug design, outcome measures, use of biomarkers, and trial conduct promise to accelerate the delivery of new and better treatments for patients with Alzheimer's. Such R&D initiatives are expected to boost the market for neurological drugs. Drug approvals for neurological disorders are also likely to drive market growth. For instance, in May 2023, Biophore India Pharmaceuticals announced that it had received approval from the Central Drugs Standard Control Organisation (CDSCO) to manufacture and market Cannabidiol Solution 100mg/ml for neuro disorders in India.

However, the high cost of diagnosis and treatment as well as stringent regulations associated with the neurological drugs is expected to restrain the market's growth over the forecast period.

Neurological Disorder Drugs Industry Segmentation

As per the scope of this report, neurological disorder drugs are used to treat a neurological or neuromuscular disorder of the nervous system, such as Parkinson's disease, Alzheimer's disease, and traumatic brain injuries.

The Neurological Disorder Drugs Market is segmented by Disorders (Epilepsy, Alzheimer's Disease, Parkinson's Disease, Multiple Sclerosis, Cerebrovascular Disease, and Other Disorders), Drug Type (Cholinesterase Inhibitors, NMDA Receptor Antagonists, Antiepileptic, Antipsychotic & Antidepressant, and Other Drugs Type), Distribution Channel (Hospital Pharmacies, Online Pharmacies, Retail Pharmacies) and Geography (North America, Europe, Asia-Pacific, Middle East and Africa, and South America). The report also covers the estimated market sizes and trends for 17 countries across significant regions globally. The report offers the value (in USD million) for the above segments.