Number of pages: 100 | Report Format: PDF | Published date: March 21, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
Report Attribute |
Details |
Market Size Value in 2022 |
US$ 60.1 billion |
Revenue Forecast in 2031 |
US$ 88.07 billion |
CAGR |
4.9% |
Base Year for Estimation |
2022 |
Forecast Period |
2023-2031 |
Historical Year |
2021 |
Segments Covered |
Indication, Drug Class, End User, and Region |
Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global neurological disorder drugs market was valued at US$ 60.1 billion in 2022 and is expected to register a revenue CAGR of 4.9% to reach US$ 88.07 billion by 2031.
Neurological Disorder Drugs Market Fundamentals
Neurological disorders are conditions affecting the brain and the nerves present throughout the human body, including the spinal cord. Various symptoms can be caused by structural, metabolic, or electrical abnormalities in the brain, spinal cord, or other nerves. Paralysis, muscular weakness, poor coordination, loss of feeling, convulsions, disorientation, pain, and altered states of awareness are some of the symptoms. Various factors, including genetic illnesses, congenital anomalies or disorders, infections, lifestyle, or environmental health issues such as malnutrition, brain damage, spinal cord injury, or nerve injury, can cause neurological problems. There are several documented neurological illnesses, some of which are reasonably common but many of which are extremely unusual. Mental disorders, on the other hand, are psychiatric illnesses or diseases that manifest largely as irregularities in thinking, feeling, or behavior, causing discomfort or impairing function. There are about 600 neurologic illnesses, according to the National Library of Medicine in the United States.
Epilepsy, cognitive impairments, neuromuscular problems, autism, ADD, brain tumors, and cerebral palsy are some neurological disabilities. Certain neurological diseases are congenital, meaning they develop before birth. Tumors, degeneration, injuries, infections, or structural flaws can all induce other problems. All neurological impairments are caused by injury to the nervous system, regardless of the source. The amount to which communication, vision, hearing, mobility, and cognition are damaged depends on where the injury occurs. Epilepsy is a common central nervous system disorder characterized by abnormal electrical activity in the brain, making you more prone to recurring, unprovoked seizures. Unprovoked denotes that the seizure was not caused by drug or alcohol use or withdrawal, nor was it caused by other medical conditions, such as severe electrolyte imbalances or extremely high blood sugar levels.
[66867]
Neurological Disorder Drugs Market Dynamics
Increasing patient awareness, developments in treatment options, and the rise in the adoption of a sedentary lifestyle all drive the demand for neurological disease drugs. Furthermore, the neurological disorder drugs market is expected to grow due to increased awareness of the disease’s early detection through government agencies and private entities’ outreach programs and market access to effective prescription medications shortly, owing to a robust drug pipeline.
The rising incidence of neurological disorders globally continues to be a major factor impacting the revenue growth of the neurological disorder drugs market. On a global scale, the prevalence and incidence of illnesses such as epilepsy, dementia, Huntington’s disease, Parkinson’s disease, Alzheimer’s disease, cerebral palsy, and multiple sclerosis have grown significantly. According to the World Health Organization, stroke is the second leading cause of mortality. Over one-third of those who survive a stroke are likely to have severe impairment. Similarly, according to the Parkinson’s Foundation, more than 10 million people worldwide have Parkinson’s disease, which is expected to rise. Similarly, the Alzheimer’s Society reported that more than 50 million people worldwide have persistent dementia, with a surplus of 10 million added yearly. Furthermore, this scenario is influenced by the expanding older population, which is predicted to exacerbate the disorder’s burden. According to the American Medical Association, around 60% of people aged 65 and above will have more than one chronic illness by the end of 2030.
Neurological Disorder Drugs Market Ecosystem
The global neurological disorder drugs have been analyzed from four perspectives: indication, drug class, end user, and region.
Neurological Disorder Drugs Market by Indication
[567856]
Based on indication, the global neurological disorder drugs market has been segmented into epilepsy, Alzheimer’s disease, Parkinson’s disease, multiple sclerosis, cerebrovascular, and others.
The multiple sclerosis segment is expected to dominate the market during the forecast period. The increased prevalence of multiple sclerosis is a major driver of revenue growth in the segment. Multiple sclerosis is segmented into four types: relapsing-remitting MS, primary-progressive MS, secondary-progressive MS, and progressive-relapsing MS. Their high prevalence rate will affect market dynamics over the projection period. Additionally, increased awareness-raising activities by public and private groups will boost the multiple sclerosis market. Moreover, increased disposable income and the development of novel monoclonal antibodies, immunosuppressants, immunomodulators, and interferons will result in the rise of the multiple sclerosis segment. In addition, the growing older population and constantly changing lifestyles will boost the market’s development speed.
Neurological Disorder Drugs Market by Drug Class
Based on drug class, the global neurological disorder drugs market has been segmented into cholinesterase inhibitors, NMDA receptor antagonists, antiepileptics, antipsychotics and antidepressants, and others.
The antipsychotics and antidepressants segment is expected to show lucrative revenue growth during the forecast period. The increased prevalence of mental health disorders and neurological disorders is driving the expansion of the antidepressant market, as many consumers rely on these prescriptions to treat depression, anxiety disorders, and other mental illnesses. Depression, OCD, childhood enuresis, major depressive disorder, severe anxiety disorder, bipolar disorder, post-traumatic stress disorder, and social anxiety disorder are all treated with antidepressant medicines. Worldwide, the number of persons suffering from depression ranges from 2% to 6%, and the elderly are more likely to suffer from depression than other age groups. According to the WHO, over 264 million individuals of all ages worldwide suffered from depression in 2020. As a result, increased rates of mental health issues are predicted to propel the antidepressant industry forward.
The cholinesterase inhibitors segment is projected to show the fastest revenue growth during the forecast period as it is the standard of care for Alzheimer’s therapy. Adlarity (donepezil hydrochloride), created by Corium Inc., was authorized by the US Food and Drug Administration (FDA) in March 2022 to treat people with severe Alzheimer’s disease dementia. It is a once-weekly transdermal patch that delivers a steady dosage of donepezil and is the fourth cholinesterase medication licensed and released in the United States.
Neurological Disorder Drugs Market by End User
Based on end user, the global neurological disorder drugs market has been segmented into hospitals, specialty clinics, homecare, and others.
The hospital segment is likely to capture the largest revenue share in the global neurological disorder drugs market. The increasing number of diagnostic imaging procedures performed in hospitals and the growing demand to improve patient care quality are driving segment expansion. Additionally, the rising adoption of sophisticated and innovative technologies in hospitals to increase operational efficiencies is expected to fuel the expansion of this end-user segment.
Neurological Disorder Drugs Market by Region
Based on region, the global neurological disorder drugs market has been segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America is predicted to increase significantly over the projection period because of the high prevalence of Alzheimer’s disease and an aging population, as well as considerable investment in research and development activities and the introduction of new medicines. For instance, in a June 2021 interview, the Chief Scientific Officer of the Alzheimer’s Society of Canada predicted that during the next ten years, more than one million Canadians would be living with dementia. This suggests that the rising incidence of Alzheimer’s disease in North America is projected to boost demand for Alzheimer’s diagnostic and treatment solutions, thereby driving the market revenue growth during the forecast period.
With a rising number of research projects linked to the diagnosis and therapy of Alzheimer’s disease and significant government and private sector investment in the nation, the market in the United States is likely to increase throughout the forecast period. For instance, Salk Institute will begin a phase 1 clinical study of the experimental Alzheimer’s medication CMS121 in October 2021 to assess its safety in people. Hence, pipeline medications are leading to the development of improved therapies for Alzheimer’s disease, fueling regional market revenue growth.
Asia Pacific (India, China, Japan, Malaysia, Singapore, and the Rest of Asia Pacific) is predicted to be the fastest-growing region in the neurological disease drugs market. Some factors driving regional market expansion include a fast-growing elderly population, an increased need for better healthcare infrastructure, considerable R&D investment, the presence of many generic manufacturers, and a rise in government programs and specialized organizations.
Neurological Disorder Drugs Market Competitive Landscape
Product releases and higher R&D spending are two main strategies used by key players to get a larger market revenue share. For instance, Eisai/anti-amyloid Biogen’s antibody, Aduhelm, was approved for treating Alzheimer’s in June 2021. Another product, lecanemab, is also in the works for the firm. The FDA in the United States has accepted the BLA for lecanemab, and it was scheduled to decide on its approval by January 2023. Moreover, companies are targeting regional expansion and market share gains through mergers, acquisitions, and collaborations. For instance, Biogen Inc. and Alectos Therapeutics signed an agreement in June 2022 to develop and market GBA2 inhibitors (AL01811), a possible therapy for Parkinson’s patients. This agreement grants Biogen worldwide rights to research, manufacture, and commercialize AL01811.
The prominent players in the global neurological disorder drugs market include:
Neurological Disorder Drugs Market Strategic Developments
Medically, neurological disorders are conditions affecting the brain and the nerves throughout the human body, including the spinal cord. Various symptoms can be caused by structural, metabolic, or electrical abnormalities in the brain, spinal cord, or other nerves. Paralysis, muscular weakness, poor coordination, loss of feeling, convulsions, disorientation, pain, and altered states of awareness are some of the symptoms.
The global neurological disorders drugs market is expected to reach US$ 88.07 billion by 2031.
The global neurological disorders drugs market is expected to register a revenue CAGR of 4.9% during the forecast period.
Some prominent players in the global neurological disorder drugs market include Merck KGaA, Eisai Co., Ltd., and AstraZeneca Plc.
The multiple sclerosis indication segment leads the global neurological disorders drugs market.
*Insights on financial performance are subject to the availability of information in the public domain