|Fastest Growing Market:||Asia-Pacific|
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The dementia drugs market was valued at approximately USD 13,459.39 million in 2021, and it is expected to witness a revenue of USD 21,332.59 million in 2027, with a CAGR of 8.28% over the forecast period.
The outbreak of the COVID-19 pandemic is expected to have a considerable impact on the dementia drugs market. According to a study titled, “The effects of the COVID-19 pandemic on people with dementia”, published in the National Library of Medicine, in January 2021, the population with dementia is at high risk of contracting COVID-19 infection as the cognitive symptoms cause difficulty to abide by the safety guidelines that were proposed to contain the viral spread. The study also stated that research from 2020 showed that these people have a relatively high risk of contracting severe COVID-19 and are also at risk of neuropsychiatric disturbances as a result of lockdown measures and social isolation. Likewise, as per a study titled “Covid-19 and the quality of life of people with dementia and their carers—The TFD-C19 study”, published in PubMed.gov, in January 2022, COVID-19 placed unprecedented pressure on dementia health and social care systems worldwide. This has resulted in reduced services and support for people with dementia and their family carers.
Further, the major factors fueling the market growth are the increasing prevalence of target diseases, the introduction of new and innovative technologies and drugs, and increased government funding and awareness programs for dementia.
The increased government funding and awareness programs are the major factors driving the market growth. For instance, as per a February 2022 update, a new initiative by McGill University’s Dementia Education Program is among the 15 projects that will receive funding from the Public Health Agency of Canada to raise awareness of dementia and promote dementia-inclusive communities. Additionally, in October 2021, the Government of Kerala, India, launched the Dementia-Friendly District program, 'Udbodh'. This initiative has been taken with a collaboration between Cochin University of Science and Technology's NeuroScience department, the Ernakulam district administration as well as Kochi Municipal Corporation. Moreover, in January 2021, LSP, the leading European life sciences investor, launched the LSP Dementia Fund, a fund dedicated to combating neurodegenerative diseases. Such initiatives will boost the awareness of dementia drugs, thereby contributing to market growth.
However, factor such as high failure rates of drugs at approval stages is expected to impede market growth over the forecast period.
Scope of the Report
As per the scope of the report, dementia is the loss of cognitive functioning, thinking, remembering, reasoning, and behavioral abilities to such an extent that it interferes with a person's daily life and activities. These functions include memory, language skills, visual perception, problem-solving, self-management, and the ability to focus and pay attention. Alzheimer's is the most common cause of dementia. The dementia drugs market is segmented by indications (Lewy body dementia, Parkinson’s disease dementia, Alzheimer’s disease, vascular dementia, and other indications), drug class (MAO inhibitors, glutamate inhibitors, and cholinesterase inhibitors), and geography (North America, Europe, Asia-Pacific, Middle-East and Africa, and South America). The market report also covers the estimated market sizes and trends for 17 different countries across major regions globally. The report offers the value (in USD million) for the above segments.
|Lewy Body Dementia|
|Parkinson's Disease Dementia|
|By Drug Class|
Key Market Trends
The Alzheimer’s Disease Segment Dominates the Market and is Expected to Continue the Same Over the Forecast Period
By disease, the Alzheimer's disease segment is expected to hold a major market share. The major factors fueling the segment growth are the increasing burden of Alzheimer's disease and ongoing research and development pertaining to drugs for Alzheimer's. For instance, as per the Alzheimer’s Association 2021 report, the United States Food and Drug Administration (FDA) approved five drugs for the treatment of Alzheimer’s, namely rivastigmine, galantamine, donepezil, memantine, and memantine combined with donepezil. As per the same source, the vast majority of people who develop Alzheimer’s dementia are aged 65 years or older. This is called late-onset Alzheimer’s. Nearly 5.3% of people aged 65 years to 74 years, 13.8% of people aged 75 years to 84 years, and 34.6% of people aged 85 years or older have Alzheimer’s dementia in the United States. Additionally, an estimated 6.2 million Americans aged 65 years and older are living with Alzheimer’s dementia in 2021 and are projected to reach 13.5 million by 2050. Such a higher prevalence of the disease is anticipated to bolster the demand for dementia drugs among the patient population over the coming years.
Moreover, several market players are engaged in the implementation of strategic developments, thereby contributing to market growth. For instance, in June 2021, the US Food and Drug Administration approved Aduhelm (aducanumab) for the treatment of Alzheimer's disease. Thus, due to the above-mentioned developments coupled with the growing burden of the disease, the segment is expected to witness significant growth over the forecast period.
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The European Region Holds the Major Share in the Market and is Expected to Continue the Same Over the Forecast Period
The European region is expected to hold a major share of the market throughout the analysis period. The major factors fueling the market growth in the region are the increasing burden of neurological disorders in countries such as the United Kingdom and Germany, the growth in strategic development by the market players operating in the industry, and increasing government initiatives. For instance, as per a February 2022 update by the UK government, in December 2020, the estimated dementia and Alzheimer’s diagnosis rate was 62.4% in the United Kingdom. Thus, this number indicates the increasing patient pool within the country, in turn, driving the demand for dementia drugs in the UK. Furthermore, as per the 2021 National Dementia Strategy, in Germany, 1.6 million people are living with dementia. According to the statistics, dementia affects one person in every 25 households, and the number is expected to increase up to an estimated 2.8 million people by 2050. Such statistics indicate the increasing incidences of dementia among the European population, ultimately propelling the demand for dementia drugs in the European region, thereby contributing to the market growth.
Additionally, an increasing number of initiatives by the government in Germany are also contributing to the market growth. For instance, as per National Dementia Strategy, adopted in July 2020, the German government hopes to sustainably improve the living situation of dementia patients and create sustainable structures for the future. Such developments are expected to fuel the development of dementia drugs in the country, thereby contributing to market growth.
Moreover, in February 2021, Exscientia, a leading AI Drug Discovery company based in the UK, collaborated with the Alzheimer’s Research UK University of Oxford Drug Discovery Institute (ARUK-ODDI) to develop medicines targeting neuroinflammation for the treatment of Alzheimer’s disease. Thus, due to the above-mentioned developments, the market is expected to witness significant growth during the forecast period.
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The dementia drugs market is moderately competitive and consists of local as well as global players. The major players include companies such as Apotex Inc., AstraZeneca, Aurobindo Pharma, Eisai Co., Ltd, Eli Lilly and Company, Johnson and Johnson, Pfizer Inc., Teva Pharmaceuticals, and Zydus Cadila. In an attempt to enhance their market position, the key players have been investing in new product development, collaborations, and strategic alliances such as mergers and acquisitions.
In August 2021, the National Institutes of Health (NIH) awarded Tabula Rasa HealthCare Inc., a healthcare technology company advancing the safe use of medications, and Hesperos Inc., a pioneer of human-on-a-chip in vitro systems, USD 1.9 million in funding to investigate drug-induced dementia and develop new models that will drive Alzheimer's research.
In June 2021, Aduhelm (aducanumab) was licensed by the US Food and Drug Administration for the treatment of Alzheimer's disease.
Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Prevalence of Target Diseases
4.2.2 Introduction of New and Innovative Technologies and Drugs
4.2.3 Increased Government Funding and Awareness Programs
4.3 Market Restraints
4.3.1 High Failure Rates of Drugs at Approval Stages
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size By Value - USD million)
5.1 By Indications
5.1.1 Lewy Body Dementia
5.1.2 Parkinson's Disease Dementia
5.1.3 Alzheimer's Disease
5.1.4 Vascular Dementia
5.1.5 Other Indications
5.2 By Drug Class
5.2.1 MAO Inhibitors
5.2.2 Glutamate Inhibitors
5.2.3 Cholinesterase Inhibitors
5.3 By Geography
5.3.1 North America
188.8.131.52 United States
184.108.40.206 United Kingdom
220.127.116.11 Rest of Europe
18.104.22.168 South Korea
22.214.171.124 Rest of Asia-Pacific
5.3.4 Middle-East and Africa
126.96.36.199 South Africa
188.8.131.52 Rest of Middle-East and Africa
5.3.5 South America
184.108.40.206 Rest of South America
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Company Profiles
6.1.1 Apotex Inc.
6.1.3 Aurobindo Pharma
6.1.4 Eisai Co. Ltd
6.1.5 Eli Lilly and Company
6.1.6 Johnson and Johnson
6.1.7 Pfizer Inc.
6.1.8 Teva Pharmaceuticals
6.1.9 Zydus Cadila
6.1.10 Athira Pharma
6.1.11 Annovis Bio
6.1.13 GlaxoSmithKline PLC
6.1.14 Merck & Co. Inc.
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
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Frequently Asked Questions
What is the study period of this market?
The Global Dementia Drugs Market market is studied from 2019 - 2027.
What is the growth rate of Global Dementia Drugs Market?
The Global Dementia Drugs Market is growing at a CAGR of 8.28% over the next 5 years.
What is Global Dementia Drugs Market size in 2019?
The Global Dementia Drugs Market is valued at 13459 Million USD in 2019.
What is Global Dementia Drugs Market size in 2027?
The Global Dementia Drugs Market is valued at 21332 Million USD in 2027.
Which region has highest growth rate in Global Dementia Drugs Market?
Asia-Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Global Dementia Drugs Market?
Europe holds highest share in 2021.
Who are the key players in Global Dementia Drugs Market?
Apotex Inc , Johnson and Johnson, Teva Pharmaceuticals, Aurobindo Pharma, Zydus Cadila are the major companies operating in Global Dementia Drugs Market.