Global Central Nervous System Disorders Therapeutics Market, by Disease Type (Neurodegenerative Disorders {Alzheimer’s Disease, Parkinson’s Disease, Multiple Sclerosis, and Others}, Infectious Diseases, Psychotic Disorders, Anxiety Disorders, Trauma, Mood Disorders, and Others), by Drug Class (Analgesics, Anti-cholinergic Agents, Anticonvulsants, Sedatives and Hypnotics, Antidepressants, Antipsychotics, and Others), by Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and Online Pharmacies), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) is estimated to be valued at US$ 97,028.1 Mn in 2021 and is expected to exhibit a CAGR of 7.4% during the forecast period (2021-2028), as highlighted in a new report published by Coherent Market Insights.
Increasing product launches and regulatory approvals for central nervous system disorders therapeutics are expected to propel the growth of the global central nervous system disorders therapeutics market over the forecast period. For instance, in October 2019, Biogen, a U.S.-based biotechnology company, and Alkermes plc., an Ireland-based biopharmaceutical company, received the U.S. FDA approval for their drug Vumerity, which they developed by a collaboration agreement, which is used for treatment of multiple sclerosis.
Global Central Nervous System Disorders Therapeutics Market – Impact of Coronavirus (COVID-19) Pandemic
The COVID-19 pandemic has affected the entire pharmaceutical industry’s supply chain. It is also going to increase the demand for central nervous system disorders therapeutics market due to the association of neurological diseases such as anxiety, depression, and others with COVID-19 infection. For instance, according to an article published by Clinical trial arena in January 2021, around 84% of patients suffering from severe COVID-19 infection are reported to experience some kind of cognitive impairment such as mental confusion. This study reveals that COVID-19 patients are at higher risk of acquiring a neurological disorder such as dementia and Alzheimer’s disease.
People suffering from acute COVID-19 infection may develop confusion, delirium, and depression of consciousness. Those who suffer from post-acute episodes of COVID-19 often have difficulty in concentrating and memory problems, sometimes referred to as ‘brain fog’. This deterioration is a common symptom in people with severe fatigue.
Moreover, several UN agencies including International Labor Organization (ILO), International Organization for Migration (IOM), The United Nations Development Programme (UNDP), United Nations Educational, Scientific and Cultural Organization (UNESCO), The United Nations Population Fund (UNFPA), The United Nations High Commissioner for Refugees (UNHCR), United Nations Children's Fund (UNICEF), United Nations Office on Drugs and Crime (UNODC), WHO (World Health Organization), and the Office of the Secretary-General's Youth Envoy are increasing their mental and psychosocial response to support people to cope with COVID-19 by including mental health and psychosocial support in their work across distinct sectors in countries to improve the overall effectiveness and impact of their COVID-19 response and recovery activities.