Global Dementia Drugs Market, by Drug Class (MAO Inhibitors, Cholinesterase Inhibitors, and Glutamate Inhibitors), by Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) is estimated to be valued at US$ 20,677.0 Million in 2022 and is expected to exhibit a CAGR of 8.5% during the forecast period (2022-2030), as highlighted in a new report published by Coherent Market Insights.
Increasing prevalence of dementia is expected to drive growth of global dementia drugs market over forecast period. For instance, on September 2, 2021, according to the Fact sheet published by the World Health Organization (WHO), dementia was the seventh leading cause of death among all diseases and one of the major causes of disability and dependency among older people globally. Dementia results from a variety of diseases and injuries that primarily or secondarily affect the brain. Alzheimer's disease is the most common form of dementia and may contribute to 60-70% of cases.
Global Dementia Drugs Market- Impact of Coronavirus (Covid-19) Pandemic
The COVID-19 pandemic and lockdowns in various countries across the globe have impacted the financial status of businesses across all sectors, including the private healthcare sector. The COVID-19 pandemic has impacted the entire supply chain of the healthcare industry, mainly due to strict lockdown in several regions. Private healthcare is one such sector that has been impacted significantly by the COVID-19 pandemic.
However, the COVID-19 pandemic had a negative impact on the global dementia drugs market, owing to increased risk of Covid-19 infection on dementia patients. For instance, In December 2021, an article published in The Karger scientific journal stated about the Impact of the COVID-19 Pandemic on Dementia Risk which stated that the SARS-CoV-2 infection increases the risk for cognitive decline and has the potential to exacerbate pre-existing dementia due to probable COVID-19 cognitive decline pathways, evidence of common neurological symptoms in patients, and relevant long-term symptoms in recovered persons. SARS-CoV-2 infection that have the potential to increase and contribute to cognitive impairment and dementia.
Global Dementia Drugs Market: Key Developments
On June 8, 2021, Biogen, a biotechnology company and Eisai, Co., Ltd., a pharmaceutical company had announced that the U.S. Food and Drug Administration (FDA) had granted accelerated approval for ADUHELM (aducanumab-avwa) as the first and only Alzheimer’s disease treatment to address a defining pathology of the disease by reducing amyloid beta plaques in the brain. The efficacy of ADUHELM was evaluated in two Phase 3 clinical trials EMERGE (Study 1) and ENGAGE (Study 2) in patients with early stages of Alzheimer’s disease (mild cognitive impairment and mild dementia) with confirmed presence of amyloid pathology.
Browse 34 Market Data Tables and 38 Figures spread through 156 Pages and in-depth TOC on “Global Dementia Drugs Market”- Forecast to 2030, Global Dementia Drugs Market, by Drug Class (MAO Inhibitors, Cholinesterase Inhibitors, and Glutamate Inhibitors), by Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
To know the latest trends and insights related to dementia drugs market, click the link below:
Moreover, increasing research and development funding by regulatory authorities or government organizations is expected to drive market growth during the forecast period. For instance, on June 29, 2022, The House Appropriations Labor, Health and Human Services, Education, and Related Agencies (Labor-HHS) Appropriations subcommittee, U.S. has proposed a US$ 200 million increase in Alzheimer’s and dementia research funding at the National Institutes of Health (NIH) and US$ 30 million to implement the bipartisan Building Largest Dementia Infrastructure for Alzheimer's Act at the Centers for Disease Control and Prevention (CDC).
Key Takeaways of the Global Dementia Drugs Market: