Alzheimer's Drugs Market Is Estimated To Witness High Growth Owing To The Growing Geriatric Populati

Author : Raj Dhote | Published On : 15 Jan 2024

Alzheimer's disease is a progressive neurological disorder that destroys memory and thinking skills. Drugs used to treat Alzheimer's disease aim to slow down its progression by regulating acetylcholine levels in the brain. Some of the commonly prescribed Alzheimer's drugs include donepezil, rivastigmine, galantamine, and memantine. The growing geriatric population who are more susceptible to neurodegenerative disorders like Alzheimer's is increasing the demand for drugs to effectively manage the symptoms. The global Alzheimer's Drugs Market is estimated to be valued at US$ 4.86 Bn in 2023 and is expected to exhibit a CAGR of 11.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:

The growing geriatric population presents a major market opportunity for Alzheimer's drugs. As per the UN estimates, the share of people aged 65 years and above in the global population will double from 7% in 2000 to 16% by 2050. With aging comes the increased risk of neurodegenerative conditions. It is estimated that over 115 million people worldwide will be suffering from dementia by 2050, with Alzheimer's being the most common cause. The rise in the number of elderly individuals provides a large patient pool requiring treatment for Alzheimer's disease. Development of effective drugs targeting the underlying pathology of Alzheimer's coupled with awareness programs can help tackle this growing unmet need.

Porter's Analysis
Threat of new entrants: The threat of new entrants is moderate as the Alzheimer's Drugs industry requires huge R&D investments and getting regulatory approvals is a long drawn process.

Bargaining power of buyers: The bargaining power of buyers is high as the industry has many established as well as emerging players. Buyers can negotiate on price and have variety of treatment options.

Bargaining power of suppliers: The bargaining power of suppliers is moderate since raw material manufacturers have fewer alternatives in the market.

Threat of new substitutes: The threat of substitutes is low as there are no effective alternative treatment options available for Alzheimer's disease currently.

Competitive rivalry: The competitive rivalry is high among existing players due to increasing prevalence of Alzheimer's and aging population.

SWOT Analysis
Strength: Wide application areas across mild, moderate and severe stages of Alzheimer's. Growing R&D investments for innovations.

Weakness: High failure rate in drug trials. Risk of drug resistance and side effects. Require long-term patient monitoring and compliance.

Opportunity: Increasing global aging population. Growing awareness levels regarding the disorder. Emerging Asian markets offer growth prospects.

Threats: Stringent regulatory policies. High costs associated with drug development and marketing approvals. Fast changing technology landscape.

Key Takeaways

The global Alzheimer's Drugs Market is expected to witness high growth during the forecast period. The market size for 2024 is projected to reach US$ 4.86 Bn registering a CAGR of 11%. Rapid aging of population globally is driving the demand for treatment and management of Alzheimer's.

Regionally, North America dominates the Alzheimer's Drugs market currently owing to high awareness levels and healthcare spending. However, Asia Pacific region is expected to offer lucrative opportunities going forward led by China, India and other emerging Asian countries. Aging population and improving access to healthcare in these countries will boost the regional market.

Key players operating in the Alzheimer's Drugs market are AstraZeneca, GlaxoSmithKline plc, Pfizer Inc., Clovis Oncology, Inc., Tesaro (acquired by GlaxoSmithKline). Major players are focusing on developing new drugs and treatment combinations to tap the market potential. Partnerships and collaborations are also on rise to boost research capabilities.

For more insights, read- https://www.newsstatix.com/alzheimers-drugs-market-trends-size-and-share-analysis/