Neurodegenerative Disease Market – Growth, Trends, and Forecast (2019 – 2024) | Financial Buzz

Neurodegenerative Disease Market – Growth, Trends, and Forecast (2019 – 2024)

New York, Feb. 20, 2020 (GLOBE NEWSWIRE) — announces the release of the report “Neurodegenerative Disease Market – Growth, Trends, and Forecast (2019 – 2024)” –

With increasing global population and average lifespan, the prevalence of neurological disorders is on the rise, worldwide. According to a study by the Parkinson’s Disease Foundation, the number of new cases of the disease has increased over the last 30 years. Globally, over 10 million people are living with Parkinson’s disease, according to the statistics of 2016. The Alzheimer’s Association stated that around 5.4 million people in the United States were living with Alzheimer’s disease, in 2016. This disease is the sixth-leading cause of death in the United States, and is more prevalent among people above 65 years of age, as 5.2 million out of the 5.4 million patients fall in this age bracket. The increase in global average age contributes to increased prevalence of Amyotrophic Lateral Sclerosis (ALS), since the disease is most prevalent in people above 60 years of age. According to a report, approximately 4 out of 10,000 people in the United States had ALS in 2015, which is expected to increase in the coming years. At present, around 30,000 people in the United States are estimated to be suffering from Huntington’s disease. The prevalence of these diseases among all races, genders, and geographical backgrounds is increasing with the rise in the world population. The aforementioned numbers suggest that the prevalence of neurodegenerative disorders is on the rise, contributing to the growth of the market over the forecast period.

Scope of the Report
As per the scope of this report, neurodegenerative disease is a broad term used to denote a range of conditions that primarily affect the neurons in the brain. Neurodegenerative diseases are incurable, and the degradation of neurons leads to the gradual death of neurons. The market is segmented by indication type, drug type, and geography.

Key Market Trends
Parkinson’s Disease Segment by Indication Type is Expected to Be the Fastest Growing Segment

The initial symptoms of Parkinson’s disease include shaking, rigidity, uneasiness in walking, and slowness. Anxiety and depression are very common in patients suffering from Parkinson’s disease. Anti-Parkinson drugs, such as Levodopa and Carbidopa, are the most commonly administered drugs, along with dopamine agonists. Ropinirole, Pramipexole, and Rotigotine are some common dopamine agonists prescribed for the disease. Selegiline and Rasagiline are the drugs that conserve dopamine and prevent degradation. COMT inhibitors are also administered to prevent the degradation of dopamine. According to the Parkinson’s Disease Foundation, nearly 10 million people worldwide are living with Parkinson’s disease. The risk of Parkinson’s disease increases with age. The growing aging population, especially in North America and Europe, is the primary factor propelling the growth of the market. The increasing awareness and incidences of the disease are boosting the market growth. According to the Parkinson’s Disease Foundation, medication cost for a patient with the disease is on an average USD 2,500 a year, and therapeutic surgery costs nearly USD 100,000 per person. In 2017, North America accounted for the largest market, followed by Europe and Asia-Pacific.

North America is Expected to Dominate the Market

North America is the most significant region in Parkinson’s drugs market. As many as one million Americans live with Parkinson’s disease (PD), which is more than the combined number of people diagnosed with multiple sclerosis, muscular dystrophy, and Lou Gehrig’s disease. According to Parkinson’s news, 2018, approximately 1.2 million people in the United States are predicted to have Parkinson’s disease by 2030. It is the second-most common neurodegenerative disorder in the United States. Also, there are thousands of patients who go undetected. As the US population continues to age, the number of people living with Parkinson disease (PD) continues to grow, and it is expected to double between 2010 and 2040. Recently, the Food and Drug Administration (FDA) approved safinamide (Xadago) tablets as an add-on treatment to levodopa/carbidopa for patients with PD, who are experiencing “off” episodes. FDA approved the drug in March 2017. On the other hand, patients are adopting the generics due to the low cost, and are further expected to restrain the patented drugs. Hence, this generic competition between the new entrants is expected to show a steady growth rate, during the forecast period.

Competitive Landscape
The market studied is a consolidated, owing to the presence of a few major market players. Some of the market players are AbbVie Inc., Amneal Pharmaceuticals Inc., Boehringer Ingelheim Group, F. Hoffmann-La Roche Ltd, GlaxoSmithKline Plc, Merck & Co. Inc., Pfizer Inc., Teva Pharmaceutical, and UCB SA.

Reasons to Purchase this report:
– The market estimate (ME) sheet in Excel format
– Report customization as per the client’s requirements
– 3 months of analyst support
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