Alzheimers Drugs Market Size, Share, And Growth Rate Analysis 2023
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
The Business Research Company’s alzheimers drugs market report forecasts the alzheimers drugs market size to grow to $11.85 Billion by 2027, with a CAGR (compound annual growth rate) of more than 8%.
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Alzheimers Drugs Market Size Forecast
The global alzheimers drugs market is expected to grow from $7.90 billion in 2022 to $8.60 billion in 2023 at a compound annual growth rate (CAGR) of 8.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global alzheimer’s drugs market size is expected to reach $11.85 billion in 2027 at a CAGR of 8.3%.
North America held the largest alzheimers drugs market share, and Asia-Pacific was the fastest-growing region in 2022.
Key Alzheimers Drugs Market Driver – Rise In The Prevalence Of Alzheimer’s Disease
According to the 2022 Alzheimer’s Disease Facts and Figures report by The Alzheimer’s Association, a non-profit and voluntary health organisation in Alzheimer’s care, support, and research based in the United States. Alzheimer’s disease will affect 6.5 million Americans aged 65 and up in 2022. Alzheimer’s disease affects around one in every nine Americans (or 10.7% of the total population) aged 65 and over. The percentage of persons having Alzheimer’s disease increases with age: 5.0% of those aged 65 to 74, 13.1% of those aged 75 to 84, and 33.2% of those aged 85 and up. There will be 88 million Americans aged 65 and older by 2050, up from 58 million in 2021. As a result, the growing prevalence of Alzheimer’s disease is propelling the Alzheimer’s medications market forward.
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Key Alzheimers Drugs Market Trend – Technological Advancement
To maintain their market position, major players in the Alzheimer’s disease industry are focusing on developing innovative technology. For example, iMediSync, a South Korean healthcare platform firm, debuted iSyncBrain, an EEG digital biomarker for early Alzheimer’s dementia detection, on their AI cloud platform in January 2021. They also offer customised NIR-LED neuromodulation through their future cutting-edge headgear, iSyncWaveTM, in order to improve neural activity through AI analytics and brain mapping techniques. The iSyncBrain® MCI classifier screens for and distinguishes between amnestic moderate cognitive impairment (MCI) of the Alzheimer or non-Alzheimer type to avoid dementia in the preclinical stage. This has passed multicenter clinical testing with more than 90% accuracy rates.
Alzheimers Drugs Market Segment
1) By Drugs: Donepezil, Rivastigmine, Galantamine, Memantine
2) By Distribution Channel: Hospital Pharmacy, Retail Pharmacy, Online Pharmacy
3) By Application: Early to Moderate Stages, Moderate to Severe Stages
Alzheimers Drugs Market Major Players and Strategies
Major players in the alzheimers drugs market are Abbvie Inc., Daiichi Sankyo Company Limited, F. Hoffmann-La Roche AG, Merck & Co. Inc., Novartis AG, Biogen Inc., AstraZeneca PLC., Eisai Co. Ltd., Eli Lilly and Company, H. Lundbeck A/S, Pfizer Inc., Allergan PLC., Johnson & Johnson, Lupin Pharmaceuticals Inc., and Actiza Pharmaceutical Private Limited.
AbbVie, a publicly traded biopharmaceutical company based in the United States, paid an unknown sum for Syndesi Therapeutics in March 2022. This acquisition gives AbbVie access to Syndesi’s portfolio of innovative modulators of synaptic vesicle protein 2A (SV2A), including its lead drug SDI-118, and will help AbbVie’s neuroscience product line expand. Syndesis Therapeutics is a Belgian firm that treats Alzheimer’s disease and other cognitive diseases.
The Alzheimers Drugs Global Market Report 2023 covers regional data on alzheimers drugs market size, alzheimers drugs market trends and drivers, opportunities, strategies, and alzheimers drugs market competitor analysis. The countries covered in the alzheimers drugs market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Alzheimer’s drugs are medications that help with memory loss, problems with thinking and reasoning, and daily functioning. These medications are used to treat Alzheimer’s disease, a brain ailment in which memory, thinking, and learning gradually deteriorate.
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