Market Trends of Neurological Disorder Drugs Industry
The Alzheimer's Disease Segment is Expected to Hold a Significant Share in the Neurological Disorders Drugs Market Over the Forecast Period
Alzheimer's disease is becoming more common as the global population ages, which increases the disease's incidence and provides opportunities for growth in the market for Alzheimer's treatment. For instance, as per the Alzheimer's Disease Facts And Figures 2023 report, Americans aged 65 years and older are projected to grow from 58 million in 2021 to 88 million by 2050. The above source also stated that in 2023 about 2.4 million people with Alzheimer's dementia are likely to be 85 years of age or older and are projected to account for 33% of all people with Alzheimer's dementia. This number is projected to reach 6.7 million people by 2060, accounting for about 48% of all people 65 years and older with Alzheimer's dementia. As the risk of dementia rises with age, it is anticipated that the number and percentage of people with Alzheimer's or other dementias will likely increase in the coming years, which is projected to create demand for advanced treatment, thereby boosting the market growth.
Besides, various medications for Alzheimer's therapy are in development and are projected to launch shortly, which is likely to contribute to the market growth over the forecast period. For instance, in January 2023, through the Accelerated Approval process, Leqembi (lecanemab-irmb) received United States Food and Drug Administration (FDA) approval to treat Alzheimer's disease. eqembi is the second drug in a newly approved class of Alzheimer's disease that addresses the illness's basic pathogenesis. Similarly, in May 2023, the United States FDA granted the supplemental approval of Rexulti (brexpiprazole) oral tablets for treating agitation associated with dementia due to Alzheimer's disease. Such approvals for neurological drugs are expected to accelerate market growth.
North America is Expected to Hold a Significant Share Over the Forecast Period
North America is projected to account for the largest share of the global neurological disorder drugs market due to various approvals, collaborations, acquisitions, and increasing neurological disorders in the region.
Increasing incidences of various neurological disorders are the prominent reason expected to drive market growth. For instance, according to the Parkinson's Disease Foundation's data from 2023, in the United States, almost a million people have Parkinson's disease (PD), and by 2030, the number is expected to reach 1.2 million. Also, Parkinson's disease is the most common neurodegenerative condition after Alzheimer's disease. Hence, the huge burden of PD is likely to contribute to the market growth over the forecast Period.
Strategic activities such as new product development, approvals, collaborations, and acquisitions in the United States are driving the growth of the neurological disorder drugs market. For instance, in March 2023, Pfizer Inc. announced that ZAVZPRETTM (zavegepant), the calcitonin gene-related peptide (CGRP) receptor antagonist nasal spray for the immediate treatment of migraine with or without aura in adults, has received approval from the United States FDA. Thus, product approvals in the country are anticipated to drive the market's growth.
