April 16, 2024
Alzheimer's Drugs Market

Alzheimer’s Drugs Market Estimated to Witness High Growth Owing to Advancement in Brain Health Drugs

The Alzheimer’s drugs market has been witnessing significant growth over the past few years. Alzheimer’s disease is a progressive neurological disorder that destroys memory and thinking skills. It is the most common cause of dementia — a group of brain disorders that results in the loss of cognitive functioning, including memory loss and reasoning ability. As per estimations, over 5 million Americans are suffering from Alzheimer’s. Currently, there is no cure available for Alzheimer’s, but medications and lifestyle interventions can help relieve symptoms. Drugs used to treat Alzheimer’s aim to slow cognitive decline by enhancing memory and thinking. These include cholinesterase inhibitors such as donepezil and memantine which act on neurotransmitters in the brain.

The Global Alzheimer’s Drugs Market Size is estimated to be valued at US$ 5.6 Billion in 2024 and is expected to exhibit a CAGR of 11% over the forecast period 2024 to 2030.

Key Takeaways

Key players operating in the Alzheimer’s Drugs market are AstraZeneca, GlaxoSmithKline plc, Pfizer Inc., Clovis Oncology, Inc., Tesaro (acquired by GlaxoSmithKline). AstraZeneca’s phase 3 clinical trial of its experimental Alzheimer’s drug, called lecanemab, showed it could reduce cognitive decline by 27% compared to placebo. GlaxoSmithKline is also conducting several ongoing phase 3 clinical trials evaluating dostarlimab and belantamab mafodotin for treating various cancers.

The key opportunities in the market include growing geriatric population prone to neurodegenerative diseases and increasing awareness regarding Alzheimer’s and dementia. Several biopharmaceutical companies are investing heavily in R&D to develop advanced combination therapies and disease-modifying drugs, which is further expected to drive the market growth. Technologically advanced brain scanning and imaging techniques help in early and accurate diagnosis of Alzheimer’s, thereby propelling the drugs market.

Market drivers

The major market driver is the growing geriatric population globally which is more susceptible to neurodegenerative conditions like Alzheimer’s. As per the United Nations, there were around 703 million people aged 65 years and above globally in 2019 which is projected to reach 1.5 billion by 2050. Risk of Alzheimer’s doubles every five years after age 65 and the likelihood of developing the condition is about 50% for people aged 85 and older. Thus, aging demographics will significantly augment the demand for Alzheimer’s therapeutics in the coming years.

Current Challenges in Alzheimer’s Drugs Market

The Alzheimer’s Drugs market is facing several challenges currently. Developing effective drugs against Alzheimer’s disease has proved to be very difficult as the exact cause and progression of the disease is still not fully understood. This makes developing target-specific drugs extremely challenging. The long duration of clinical trials is also a major hurdle as it takes several years and large investments to bring a new drug to the market. Other issues include lack of approved diagnostic tools to detect Alzheimer’s at an early stage when treatment may be most effective. This complicates drug trials and impact assessment. Many late stage clinical trials in past years have failed to show effectiveness, raising questions about current R&D approaches as well. Such setbacks increase investment risks in this market. Overall, conquering Alzheimer’s disease remains one of the biggest challenges in healthcare today.

SWOT Analysis

Strength: Growing research focus and investments in Alzheimer’s due to the huge market potential and unmet needs. Several drugs in mid-late stage clinical trials.

Weakness: High failure rate of drugs in clinical trials and lack of complete understanding of disease progression. Long development cycle and regulatory approvals.

Opportunity: Emerging diagnostic tools and technologies like biomarkers may aid earlier detection and assessment of treatment response. Ageing global population indicates rising prevalence in future.

Threats: Intense competition among market players. Potential preference for non-drug therapies and alternative treatment approaches. Rising costs of clinical trials and regulatory approvals.

Geographical Regions

In terms of value, the geographical regions where the Alzheimer’s Drugs market is most concentrated currently are North America and Western Europe. This is because of high healthcare investments and advanced diagnostic capabilities in these regions allowing for earlier disease detection and management. However, Asia Pacific region is expected to emerge as the fastest growing market for Alzheimer’s drugs during the forecast period due to rapidly expanding healthcare infrastructure, economic growth and rising income levels leading to better access to treatment options, coupled with rising elderly population in countries like China and India indicating greater future disease prevalence.

*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it