Alzheimer's Disease Diagnostics And Therapeutics Market Size

Alzheimer's Disease Diagnostics And Therapeutics Market Analysis

The Alzheimer's Disease Diagnostics And Therapeutics Market size is estimated at USD 7.70 billion in 2024, and is expected to reach USD 10.10 billion by 2029, growing at a CAGR of 5.57% during the forecast period (2024-2029).

The major factors driving the growth of the Alzheimer's disease diagnostics and therapeutics market are the increasing use of biomarkers in Alzheimer's diagnosis and drug development and the rising prevalence of Alzheimer's worldwide. For instance, in September 2023, a report by the WHO stated that about 55 million people around the world are living with dementia, and nearly 10 million cases are reported annually. WHO also said that Alzheimer's is the most common form of dementia and constitutes about 60%-70% of the total cases of dementia.

Also, with the growing prevalence of Alzheimer's around the world, government and non-government entities are investing heavily in developing diagnostics and therapeutics for the disease, which may augment the market's growth. For instance, as per the NIH in May 2022, the funding for research and development of Alzheimer’s Disease in 2021 is estimated to be USD 3,059 million, which rises to USD 3,348 million in 2022. This shows the increased research funding for the diseases, which likely increases the usage of the diagnostics and treatment options that drive the market over the forecast period.

Additionally, with the advancement in diagnostic technologies and ongoing research activities in the area, the companies are enhancing their product offering and launching new products coupled with other business expansion initiatives like mergers and acquisitions, strategic collaboration, and new investments into other companies are also expected to complement the growth of the Alzheimer's disease diagnostics and therapeutics market over the forecast period. For instance, in February 2023, Athira Pharmaceuticals released its list of planned clinical trials for 2023, which included the development of therapeutic drugs for the treatment of Alzheimer’s disease. In January 2023, Cyclo Therapeutics, Inc. announced that the first patient had been enrolled and dosed in its phase IIb study of Trappsol Cyclo for treating early Alzheimer’s disease (AD). It targets the disrupted lipid pathways and the reduction of amyloid beta and tau. Thus, such therapeutics development leads to better drugs for Alzheimer's treatments, thereby driving the growth of the studied market.

Thus, the studied market is expected to witness healthy growth over the forecast period due to the use of biomarkers, increasing research and development, and advanced diagnostic technologies. However, high failure rates of clinical studies related to diagnosis and treatment and challenges in early diagnostics of Alzheimer's may impede the market growth over the forecast period.