Market Trends of Neurodegenerative Disease Industry
Alzheimer's Disease is Expected to Witness Significant Growth Over the Forecast Period
The segment for Alzheimer's disease is projected to maintain a substantial market share throughout the forecast period. Alzheimer's disease is a progressive condition characterized by the degeneration and eventual death of brain cells, making it the leading cause of dementia—a gradual decline in cognitive, behavioral, and social abilities that impairs independent functioning. The prevalence and mortality rates associated with Alzheimer's disease are on the rise globally, leading to an increase in demand for treatments and therapies to address the condition and thereby stimulating market growth.
The prevalence of Alzheimer's disease is escalating worldwide. For instance, according to the 2024 Alzheimer's Disease Facts and Figures report from the Alzheimer's Association, approximately 6.9 million Americans aged 65 and older have Alzheimer's dementia in 2024, with 75% of them being aged 75 or older. Additionally, the report notes that 1 in 9 individuals aged 65 and older is affected by Alzheimer's dementia. This high incidence of Alzheimer's disease is expected to influence market growth positively.
The segment is benefiting from increased research and development endeavors and the introduction of novel products. For instance, as reported in an April 2024 article by the Alzheimer's Association, in 2024, the Alzheimer's disease drug development pipeline comprised 164 clinical trials evaluating 127 drugs. These drugs target various aspects of Alzheimer's disease pathology, including inflammation, neurotransmitter receptors, amyloid, and synaptic plasticity. Similarly, BioXcel Therapeutics intends to launch a pivotal Phase 3 in-care trial in April 2024 to further evaluate BXCL501 (dexmedetomidine sublingual film) for the acute treatment of agitation in Alzheimer's disease dementia patients.
These advancements within the segment are anticipated to drive its growth significantly. Consequently, owing to these factors, the Alzheimer's disease segment is poised to witness a substantial increase in the forthcoming years.
North America is Expected to Dominate the Market Over the Forecast Period
North America is projected to emerge as the leading market for neurodegenerative diseases. Factors attributing to the growth of this market include the rising prevalence of neurological disorders and ongoing research and development efforts by both private and government organizations aimed at developing treatments for such conditions.
As per a study supported by the Parkinson's Foundation in 2022, around one million individuals in the United States had Parkinson's disease (PD); it is projected that this figure will increase to 1.2 million by 2030. Parkinson's disease ranks as the second most prevalent neurodegenerative disorder, following Alzheimer's disease. Similarly, according to the Statistics Canada data published in January 2024, around 750,000 people reported living with Alzheimer's disease in Canada in 2022. This significant burden of Alzheimer's and Parkinson's disease underscores the need for innovative therapeutics to treat the condition, driving growth in the market within the country.
North America is expected to maintain a substantial market share due to the presence of numerous pharmaceutical companies and advancements in the care paradigm for patients with neurodegenerative diseases. For instance, in November 2023, NeureSense Therapeutics Ltd reported the successful conclusion of a Type D meeting with the United States FDA regarding Primes, a treatment for amyotrophic lateral sclerosis (ALS).
In October 2023, US-based CuraSen Therapeutics revealed plans to commence a first-in-human clinical trial with CST-3056, a new drug for neurodegenerative diseases, in April 2024. The biopharmaceutical company recently secured USD 5.8 million in funding from the Alzheimer's Drug Discovery Foundation to support nonclinical safety studies, which was expected to commence in early 2024. The first Phase I clinical trial is expected to happen later in the year.
With numerous activities related to drug development and regulatory approvals, the market is poised to experience significant growth over the forecast period in North America.
