Dementia Drugs Market to Grow with a CAGR of 5.87% through 2028

Advocacy efforts, technological innovations, and global collaboration are expected to drive the Global Dementia Drugs Market growth in the forecast period, 2024-2028.

According to TechSci Research report, “Dementia Drugs Market – Global Industry Size, Share, Trends, Competition Forecast & Opportunities, 2028”, the Global Dementia Drugs Market stood at USD 14.57 billion in 2022 and is anticipated to grow with a CAGR of 5.87% in the forecast period, 2024-2028. This can be attributed to Technological Innovations. Advancements in technology have facilitated the diagnosis and management of dementia. Tools like brain imaging, biomarker assays, and wearable devices have enabled early detection and personalized treatment strategies, further fueling the demand for dementia drugs.

Moreover, collaborative research efforts between pharmaceutical companies, academic institutions, and government organizations are accelerating drug discovery and development. The sharing of data, resources, and expertise is fostering a more collaborative approach to tackling dementia, leading to faster advancements in drug therapies.

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The emergence of the COVID-19 pandemic had a significant impact on the dementia drugs market, leading to notable disruptions in the provision of pharmacological therapy for dementia patients in certain countries. According to a study featured in Alzheimer's and Dementia in October 2021, there was a substantial 68.6% increase in monthly sales volume compared to the previous year. Notably, in March 2020, coinciding with the commencement of lockdown measures, 34 European and North American countries experienced an 82.3% surge in consumption volume. While sales exhibited growth in the period preceding the pandemic, the most pronounced spike occurred in March. During the pandemic, usage dipped in April and May but rebounded in June. Consequently, COVID-19 had a pronounced impact on market growth. However, since the easing of restrictions, the industry has demonstrated a robust recovery. Over the past two years, this resurgence has been driven by the high prevalence of dementia and the introduction of new product offerings.

The market's growth is being propelled by several key factors, including the escalating incidence of target diseases, the advent of innovative technologies and pharmaceuticals, and increased government funding and awareness initiatives concerning dementia. In line with statistics from the World Health Organization in September 2022, approximately 55 million individuals worldwide were affected by dementia, with over 60% residing in low- and middle-income countries. With the aging population expanding in nearly every nation, this figure is projected to reach 78 million by 2030 and a staggering 139 million by 2050. Consequently, the global surge in dementia cases is expected to be a significant driver of market expansion.

Government funding and awareness campaigns represent pivotal forces behind the market's growth. For instance, as of February 2022, McGill University's Dementia Education Program was among the 15 projects receiving funding from the Public Health Agency of Canada to raise dementia awareness and promote dementia-inclusive communities. Furthermore, in October 2021, the Government of Kerala, India, launched the "Udbodh" program, part of the Dementia-Friendly District initiative, in collaboration with the NeuroScience department at Cochin University of Science and Technology, the Ernakulam district administration, and the Kochi Municipal Corporation. Additionally, in January 2021, LSP, Europe's leading life sciences investor, introduced the LSP Dementia Fund, a dedicated fund aimed at combatting neurodegenerative diseases. These initiatives are expected to enhance dementia awareness and, subsequently, drive the adoption of drugs and treatments, thereby contributing to market growth.

Moreover, in August 2021, the National Institutes of Health (NIH) granted USD 1.9 million in funding to Tabula Rasa HealthCare Inc. and Hesperos Inc. to investigate drug-induced dementia and develop new research models for Alzheimer's research. Such support from public organizations also plays a significant role in advancing market growth.

The Global Dementia Drugs Market is segmented into indications, drug class, regional distribution, and company.

Based on its indications, the Alzheimer's disease sector is poised to maintain a substantial market share throughout the projected period due to factors such as the increasing prevalence of Alzheimer's disease and continuous drug research and development.

The segment's growth during the forecast period is expected to be driven by heightened corporate emphasis on research and development activities aimed at creating effective drugs for Alzheimer's patients. For example, according to the 2021 report from the Alzheimer's Association, the United States Food and Drug Administration (FDA) approved five drugs for Alzheimer's treatment: rivastigmine, galantamine, donepezil, memantine, and a combination of memantine and donepezil. The report also noted that the majority of individuals who develop Alzheimer's dementia are 65 years or older, a condition known as late-onset Alzheimer's. In the United States, approximately 5.3% of those aged 65 to 74, 13.8% of those aged 75 to 84, and 34.6% of those aged 85 or older have Alzheimer's dementia. Additionally, in 2021, an estimated 6.2 million Americans aged 65 and older were living with Alzheimer's dementia, and this number is projected to increase to 13.5 million by 2050. This high disease prevalence is expected to drive demand for dementia drugs among the patient population in the years ahead.

Based on region, the European region is anticipated to maintain a significant market share throughout the forecast period due to various factors. These include the rising prevalence of neurological disorders, particularly in countries like the United Kingdom and Germany, increased strategic developments by industry players, and growing government initiatives.

For instance, according to a February 2022 update from the United Kingdom government, the diagnosis rate for dementia and Alzheimer's in the United Kingdom was approximately 62.4% in 2020, indicating a growing patient population and subsequently driving the demand for dementia drugs in the country.

Furthermore, in Germany, as per the 2021 National Dementia Strategy, around 1.6 million individuals were living with dementia in 2020. The same source indicates that dementia affects one person in every 25 households in Germany, with projections estimating an increase to approximately 2.8 million people by 2050. This rising incidence of dementia in the European population is expected to propel the demand for dementia drugs, contributing to market growth.

Major companies operating in Global Dementia Drugs Market are:

• AstraZeneca PLC
• Aurobindo Pharma Limited
• Eli Lilly & Co
• Johnson & Johnson
• Pfizer Inc
• Teva Pharmaceutical Industries Ltd
• Zydus Lifesciences Ltd
• Biogen Inc
• GSK PLC
• Merck & Co Inc

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“The global dementia drugs market is poised for transformation as it responds to the challenges posed by dementia-related disorders. Emerging trends such as disease-modifying therapies, early diagnosis, precision medicine, digital health solutions, immunotherapies, and collaborative research efforts are set to shape the future of dementia treatment. These trends hold promise for improved patient outcomes, enhanced quality of life, and a brighter outlook for individuals and families affected by dementia. It is essential for healthcare professionals, researchers, and policymakers to stay informed and actively engage with these developments to effectively address the growing global dementia crisis,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.

“Dementia Drugs Market By Indications (Alzheimer's Disease, Lewy Body Dementia, Parkinsons Disease Dementia, Vascular Dementia), By Drug Class (Cholinesterase Inhibitors, Glutamate Inhibitors, MAO Inhibitors), By Region, By Competition Forecast & Opportunities, 2018-2028F”, has evaluated the future growth potential of Global Dementia Drugs Market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Dementia Drugs Market.

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