Neurological Disorder Drugs Market Size to Surpass US$ 88.07 Billion by 2031 - Growth Plus Reports
Growth Plus Reports
6 min read
Growth Plus Reports
Newark, New Castle, USA, July 02, 2023 (GLOBE NEWSWIRE) -- A recent report by Growth Plus Reports estimated the global neurological disorder drugs market to be worth US$ 60.1 billion in 2022. From 2023 to 2031, it is expected that market revenue will grow at a CAGR of 4.9%, reaching US$ 88.07 billion. The most successful strategies, market trends, the competitive environment, significant drivers and opportunities, statistical data, market size, and revenue are all included in the report.
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa
Key Takeaways:
An increase in neurological diseases is driving the market revenue growth.
The demand for medications is driven by growing public awareness of mental health.
The multiple collaborations among market players and growth R&D studies create products in the pipeline.
Market Drivers: The rise in awareness and emerging treatment options all contribute to the global market's overall revenue growth. Furthermore, the prevailing mental disorders, such as epilepsy, dementia, Huntington's disease, Parkinson's disease, Alzheimer's disease, cerebral palsy, and multiple sclerosis, are accelerating the market revenue growth. However, the lack of awareness in the rural regions and the high cost of treatment options adversely impact revenue growth.
Market Segmentation: Growth plus reports have analyzed the global neurological disorder drugs market from perspectives such as indication, drug class, end-user, and region.
Indication Segmentation: Based on indication, the global neurological disorder drugs market is segmented into epilepsy, Alzheimer's disease, Parkinson's disease, multiple sclerosis, cerebrovascular, and others. The multiple sclerosis segment dominates the global market with the largest revenue share during the forecast period. The increased prevalence of multiple sclerosis and increased awareness-raising activities by public and private groups, development of novel monoclonal antibodies, immunosuppressants, immunomodulators, and interferons is, a major driver of revenue growth.
Drug Class Segmentation: Based on drug class, the global neurological disorder drugs market has been segmented into cholinesterase inhibitors, NMDA receptor antagonists, antiepileptics, antipsychotics, antidepressants, and others. The antipsychotics and antidepressants segment is expected to show a significant rise in revenue growth during the forecast period. The prevalence of mental health disorders and neurological disorders is driving the segment's revenue growth.
End-User Segmentation: Based on end-user, the global neurological disorder drugs market is segmented into hospitals, specialty clinics, home care, and others.
The hospital segment is expected to account for the largest global neurological disorder drugs market revenue share. The increasing number of diagnostic imaging procedures performed, the growing adoption of sophisticated and innovative technologies, and the growing demand to improve patient care quality are driving segment expansion.
Regional Growth Dynamics: Based on region, the global neurological disorder drugs market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America is expected to increase significantly during the forecast period because of the high prevalence of Alzheimer's disease, the increasing geriatric population, rising investment in R&D activities, and the introduction of new medicines.
Competitive Landscape: The prominent market players in the global neurological disorder drugs market include:
Novartis AG
Abbott Laboratories
F. Hoffmann-La Roche Ltd.
Eli Lilly and Company
Merck KGaA
Teva Pharmaceutical Industries Ltd.
Pfizer Inc.
Bristol-Myers Squibb Company
GlaxoSmithKline plc
Takeda Pharmaceutical Company Limited
WOCKHARDT
Eisai Co., Ltd.
AstraZeneca Plc
Sanofi SA
New product releases and higher R&D spending are two main techniques used by significant players to get a larger market share. Both domestic and international companies that manufacturing neurological disorder drugs are concentrating on launching unique products while expanding their R&D efforts and monitoring the entry of new competitors.
Recent Developments:
In March 2022, the abbreviated new drug application (ANDA) for Vigabatrin submitted by Lupin was approved by the US Food and Drug Administration. It will be provided as an oral solution USP and is an anti-epileptic drug (500 mg).
In March 2022, The US Food and Drug Administration also authorized Ztalmy, a medication created by Marinus Pharmaceuticals, to treat seizures in people with CDKL5 deficiency, a genetic form of epilepsy.
Table of Content
INTRODUCTION
Market Ecosystem
Timeline Under Consideration
Historical Years – 2021
Base Year – 2022
Forecast Years – 2023 to 2031
Currency Used in the Report
RESEARCH METHODOLOGY
Research Approach
Data Collection Methodology
Data Sources
Secondary Sources
Primary Sources
Market Estimation Approach
Bottom Up
Top Down
Market Forecasting Model
Limitations and Assumptions
PREMIUM INSIGHTS
Current Market Trends (COVID-19 Perspective)
Key Players & Competitive Positioning (2022)
Regulatory Landscape
MARKET DYNAMICS
Drivers
Restraints/Challenges
Opportunities
GLOBAL NEUROLOGICAL DISORDER DRUGS MARKET - ANALYSIS & FORECAST, BY INDICATION
Epilepsy
Alzheimer’s disease
Parkinson’s disease
Multiple sclerosis
Cerebrovascular disease
Others
GLOBAL NEUROLOGICAL DISORDER DRUGS MARKET - ANALYSIS & FORECAST, BY DRUG CLASS
Cholinesterase inhibitors
NMDA receptor antagonists
Antiepileptic
Antipsychotic and Antidepressant
Others
GLOBAL NEUROLOGICAL DISORDER DRUGS MARKET - ANALYSIS & FORECAST, BY END USER
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