Alzheimers Disease Therapeutics and Diagnostics Market Set to Garner Staggering Revenues by 2024
Posted: Jan 25, 2019
Alzheimer’s disease (AD) is the most common reason of progressive dementia in the elderly population. There has been an exponential rise in the number of cases of Alzheimer’s disease worldwide emphasizing the necessity for developing an effective treatment. According to Alzheimer’s Association, in 2016, an estimated 5.4 million Americans of all ages have Alzheimer's disease. One in nine people aged 65 and above has Alzheimer's disease. By 2050, the number of people aged 65 and above affected with Alzheimer's disease is expected to nearly triple, from 5.2 million to an expected 13.8 million, excluding the development of medical advances to avert or cure the disease. The mortality rates due to Alzheimer’s disease are quite high. Between 2000 and 2013, deaths due to heart disease, stroke and prostate cancer decreased 14%, 23% and 11%, respectively, while deaths from AD increased 71% in the U.S. Similarly, According to Alzheimer’s disease International in 2015, there are an estimated 46.8 million people worldwide living with dementia and is further expected to grow in future. Thus, there is an increasing in the demand for Alzheimer’s therapeutics and diagnostics worldwide.
Population aging across the globe is a major factor driving the Alzheimer’s Therapeutics And Diagnostics Market. Rising life expectancy is contributing to quick increases in number of aged population, and is associated with increased prevalence of chronic diseases like dementia. Therapies for AD offer temporary and uncertain improvements in the well-being of individuals, and none of the approved drugs can modify the course of the disease advancement. Thus, the magnitude of the affected population and lack of suitable and effective treatment offers an incredible opportunity for drug manufacturers.
However, identification of the primary reasons and mechanisms involved in AD are is limited. Drug manufacturers have been unable to validate significant clinical benefits of treatment for a numerous of new compounds due to strict regulations. One of the significant trend observed in this market is collaboration of the existing players. Precisely, diagnostic technology companies are carefully trying to bring about effective biomarker technologies to support and improve the drug development process for potential drug candidates which is further expected to propel the demand.
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The Alzheimer’s disease Therapeutics and Diagnostics market has been segmented by therapeutics, diagnostics, imaging technologies and geography. The market by therapeutics includes biomarkers, Cholinesterase inhibitors and NMDA receptor antagonists. Based on diagnostics the market has been segmented as brain imaging and blood tests. The market by imaging technologies includes structural imaging, functional imaging and molecular imaging.
Geographically, the market has been segmented as North America, Europe, Asia Pacific, Latin America, Middle East & Africa and Rest of the World. North America was observed to be the largest market for Alzheimer’s disease Therapeutics and Diagnostics due to increasing prevalence of Alzheimer’s disease with rise in aging population, and extensive technological advancements in the region. With the increase in aging population developing region of Asia Pacific, this market is expected to grow at maximum rate during the forecast period.
Developing countries are expected to offer lucrative opportunities for this market. According to Alzheimer’s disease International in 2015, 58% of people with dementia live in developing countries, but by 2050 this will rise to 68%. The fastest growth in the elderly population is taking place in China, India, and their south Asian and western Pacific region. According to World Alzheimer Report in 2015, regional estimations of dementia prevalence in people aged 60 years and over vary from 4.6% in Central Europe to 8.7% in North Africa and the Middle East, however all other regional estimates fall in a relatively between 5.6% and 7.6%.
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The key manufacturers operating in the market are Abbvie Inc., AC Immune SA, Allergan PLC, Amarantus Bioscience Holdings, Anavex LifeSciences, Avid Radiopharmaceuticals, Axon Neuroscience, Axovant Sciences, Daiichi Sankyo Co, Eli Lilly, F. Hoffmann La Roche AG, GE Healthcare, Janssen Pharmaceuticals etc. They have applied strategies, such as mergers & acquisitions, partnerships, joint ventures, agreements, and others to have a strong foothold in the market.
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