July 19, 2024

Memantine Market Is Estimated To Witness High Growth Owing To Increasing Geriatric Population & Rising Prevalence of Alzheimer’s Disease

Market Overview:

Memantine is a prescription drug that is used for treatment of moderate to severe Alzheimer’s disease. It works by regulating the activity of glutamate, a chemical messenger in the brain, and improving neuronal function by blocking NMDA receptors in the brain. Memantine is available in capsule or tablet forms and is usually taken twice a day.

Market Dynamics:

The memantine market is expected to witness significant growth over the forecast period owing to rising geriatric population and prevalence of Alzheimer’s disease globally. One of the primary drivers of the market is increasing elderly population base susceptible to neurodegenerative conditions such as Alzheimer’s disease. According to UN estimates, there were nearly 727 million people aged 65 years or over globally in 2021. This elderly population base is expected to double to over 1.5 billion by 2050. Secondly, the prevalence of Alzheimer’s disease is also growing steadily worldwide. As per Alzheimer’s Association, over 6 million Americans aged 65 and older are living with Alzheimer’s dementia in 2022 and this number is expected to rise to around 12 million by 2050. The growing prevalence of Alzheimer’s disease will consequently drive the adoption of memantine for its treatment and management of symptoms.

SWOT Analysis

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Key Takeaways

The Global Memantine Market is expected to witness high growth, exhibiting CAGR of 3.87% over the forecast period, due to increasing prevalence of neurological disorders such as Alzheimer’s disease and Parkinson’s disease. The global memantine market was valued at US$ 565.93 Bn in 2022.

Regional analysis

North America dominated the global memantine market in 2022 and is expected to maintain its dominance over the forecast period. Higher healthcare spending along with presence of key pharmaceutical companies in the region is driving the North America memantine market. Asia Pacific is expected to witness fastest growth over the forecast period owing to rising geriatric population, improving healthcare infrastructure and increasing penetration of memantine in the region.

Key players

Key players operating in the memantine market are Allergan, Novartis, Eisai, Daiichi Sankyo, Merz Pharma, Johnson & Johnson, Lundbeck A/S, Namenda, Forest Laboratories, and AstraZeneca. Allergan leads the global memantine market with its blockbuster Alzheimer’s drug, Namenda. Lundbeck A/S also have a significant market share with its branded memantine drug Nemenda.

Note:

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