DUBLIN, The “CNS Therapeutics – Global Market Trajectory & Analytics” report has been added to ResearchAndMarkets.com’s offering.
Global CNS Therapeutics Market to Reach $132.1 Billion by 2024
Amid the COVID-19 crisis, the global market for CNS Therapeutics is projected to reach US$132.1 Billion by 2024, registering a compounded annual growth rate (CAGR) of 5.1% over the analysis period. The United States represents the largest regional market for CNS Therapeutics, accounting for an estimated 50.2% share of the global total. The market is projected to reach US$70 Billion by the end of the analysis period. China is expected to spearhead growth and emerge as the fastest growing regional market with a CAGR of 7.1% over the analysis period.
The market is on a growth trajectory led by increasing incidence of CNS diseases, rapidly growing aging population, and rising healthcare expenditure. Unmet healthcare needs for detecting and treating CNS conditions brings to fore the untapped potential in the market. Presently, there exists increased demand for new laboratory tests to monitor CNS diseases and also an urgent requirement for developing safe and effective drugs that overthrow limitation of current generation drugs. Companies are therefore investing to develop novel drugs in the neurodegenerative segment. The industry has crossed some milestones in recent years with regard to developing therapies with relatively lesser side effects, convenient drug administration, and efficient performance, although major breakthroughs are still in pipeline. In addition to the reduction in prices in general as a result of patent expiries and the generication of the drugs market, the growing confidence in drug efficacy and clinical evidences is also offering a strong business case for these drugs.
Greater patient compliance as a result of increased awareness about the benefits of the drugs, such as improved quality of life and reduction/prevention of disease co-morbidity, will also help spur patient adherence to prescribed treatment regimes. Acceptance of new therapies and new classes of drugs will additionally benefit the market. In the anti-epilepsy market, for instance, GABA receptor modulators, sodium channel blockers, AMPA receptor antagonist, glutamate blocker, and CRMP-2 modulator, are growing in popularity. Government intervention, especially in developing countries, geared at improving healthcare infrastructure, also infuses confidence in sporting a bullish outlook for the CNS drugs market. Increasing attention towards regenerative therapies for CNS disorders is among the key trends in the market. Such therapies support in healing by replacing or regenerating tissues or human cells, or organs. Several regenerative therapies, such as growth factors, stem cells, and usage of matrix, such as hyaluronic acid, collagen, and fibrin, are emerging.
Therefore, several companies have been focusing on developing regenerative medicines, supported by product innovations and technological advancements. Several existing and new companies are also seen introducing effective medicines for the treatment of specific ailments. Strategic initiatives and partnerships, and launch of novel drugs are the other trends of the market. CNS drugs, specifically for neurodegenerative diseases, are set to become the next big healthcare movement over the coming decades, with Alzheimers and Parkinsons diseases as the two most important therapeutic categories.
Though there exists no curative medicine available at present, medications that provide partial relief from symptoms have gained momentum in the recent past. Growing aging population, rising life expectancy, rising incidences of Parkinsons and Alzheimers diseases are the key growth drivers in the markets. Increased demand for combination therapies and growing usage of generics are important trends in the market. Introduction of new class of Alzheimer`s drugs, including anti-amyloid proteins, anti-tau proteins, cholinergic and nicotine receptor agonists, Neuro protective drugs, and GABA receptor modulators, will also help support growth in this space.
The market is also witnessing the launch of novel therapies for the treatment of Parkinson`s disease, such as adenosine and andrenergic agonists, glutamate receptor modulators, and dopamine receptor agonists. Other disease conditions propelling increases in CNS prescriptions, although to a lesser extent, include pain manifestations, psychiatric disorders (schizophrenia, sleep disorders, depression and anxiety), cerebrovascular disorders, stroke, seizures, cognitive and memory disorders, and ailments caused due to injuries and physical trauma.
Select Competitors (Total 181 Featured)
AbbVie Inc. Alkermes plc Allergan plc AstraZeneca plc Bristol-Myers Squibb Eisai Co. Ltd. Eli Lilly and Co. Endo Pharmaceuticals Inc. F. Hoffmann-La Roche Ltd. GlaxoSmithKline plc H. Lundbeck A/S Janssen Pharmaceuticals Inc. Merck & Co. Inc. Neurocrine Biosciences, Inc. Novartis AG Otsuka Pharmaceutical Co. Ltd. Pfizer Inc. Purdue Pharma L.P. Sanofi Shire plc Sumitomo Dainippon Pharma Co. Ltd. Takeda Pharmaceutical Co. Ltd. Teva Pharmaceutical Industries Ltd. UCB Group
This article was shared with Prittle Prattle News as a Press Release.
