According to a new report published by Allied Market Research, titled, dementia drugs market The dementia drugs market size was valued at $8.7 billion in 2021, and is estimated to reach $19.7 billion by 2031, growing at a CAGR of 8.5% from 2022 to 2031.
Dementia is not a specific disease but is rather a general term for the impaired ability to remember, think, or make decisions that interferes with doing everyday activities. Alzheimer’s disease is the most common type of dementia. Though dementia mostly affects older adults, it is not a part of normal aging. Because dementia is a general term, its symptoms can vary widely from person to person. People with dementia have problems with memory, communication, reasoning, and problem solving. A healthcare provider can perform tests on attention, memory, problem solving, and other cognitive abilities to see if there is cause for concern. A physical exam, blood tests, and brain scans like a CT or MRI can help determine an underlying cause. Treatment of dementia depends on the underlying cause. Neurodegenerative dementias, like Alzheimer’s disease, have no cure, though there are medications that can help protect the brain or manage symptoms, such as anxiety or behavior changes. Research to develop more treatment options is ongoing. Leading a healthy lifestyle, including regular exercise, healthy eating, and maintaining social contacts, decreases chances of developing chronic diseases and may reduce the number of people with dementia.
The key factors that drive the growth of the market are increase in the prevalence of Alzheimer’s disease, advancement in R&D activities for drug development, and rise in adoption of early diagnosis. Moreover, the growing geriatric population, increase in investment by players in R&D and presence of robust pipeline candidates, rise in expenditure on the development of healthcare infrastructure, and increase in public awareness about the disease prevention in developing regions are further expected to boost the dementia drugs industry growth during forecast period. However, strict government regulation related to product approval and high cost linked to R& D activity is likely to hamper the growth of the dementia drugs market during the forecast period. Conversely, accelerated technological advancement in drug discovery technique and high investment by the government for drug development are expected to provide numerous opportunities for market growth during the forecast period. By indication, the Alzheimer's Disease segment dominated the market in 2021 and is expected to remain dominant during the forecast period, owing to increase in life expectancy, rise in ageing population, and changes in lifestyle. In addition, the growth is associated with rapid improvement in medical infrastructure, increase in scientific studies associated with the treatment and monitoring of Alzheimer's disease, as well as significant government and private sector funding in the Alzheimer's research, which further propel the market growth.
Depending on drug class, the cholinesterase inhibitors segment dominated the dementia drugs market share in 2021 and is expected to remain dominant during the forecast period, owing to increase in prevalence of dementia and growth in drug discovery. .In addition, certain factors such as emerging technologies, developing markets, and government initiatives toward R&D of Alzheimer’s therapeutics further boost the dementia drugs market trends.
By distribution channel, the hospital pharmacies segment dominated the dementia drugs market share in 2021 and is expected to remain dominant during the forecast period, owing to increase in geriatric population and Alzheimer’s patients.
Region-wise,dementia drugs market analysis across North America, Europe, asia-Pacific and LAMEA. North America has the highest market share, with $3657.17 million in 2021, and is estimated to reach $7270.88 million by 2031, registering a CAGR of 7.1% during the forecast period, owing to investments made by key players for various R&D activities as well as launch of new products in the U.S. In addition, increase in awareness among consumers for the adoption of dementia drugs is further anticipated to stimulate the growth of the dementia drugs industry in North America. On the other side, Asia-Pacific is projected to register the highest CAGR of 10.6% during the dementia drugs market forecast period. The evolving healthcare regulatory landscape, increase in the number of patients with chronic diseases, and the government's emphasis on enhancing R&D capabilities for innovative drug development are the key driving factors that boost the growth of the market.
Key findings of the study
- On the basis of indication, the Alzheimer’s disease segment dominated the market in 2021, and is expected to continue this trend during the forecast period.
- On the basis of drug class, the cholinesterase inhibitors segment dominated the market in 2021, and is expected to continue this trend during the forecast period.
- Depending on distribution channel, the hospitals pharmacies segment is projected to grow at a CAGR of 7.0% during the forecast period.
- Region-wise, North America garnered the largest revenue share in 2021. However, Asia-Pacific is anticipated to grow at the highest CAGR 10.6% during the forecast period.