Global Alzheimer’s Disease Therapeutics And Diagnostics Market 2022-2028
MARKET OUTLOOK
Triton estimates the global Alzheimer’s disease therapeutics and diagnostics market to grow with a CAGR of 6.98% in the years 2022-2028.
The high prevalence of Alzheimer’s disease (AD) and the growing elderly populace are key factors driving the growth of this market. The elderly population is at an increased risk of developing this disease, which is expected to aid the demand for therapeutics and diagnostics. However, stringent regulations by the government, as well as the failure of the late-stage drugs in clinical trials, are hampering the growth of this industry. On the bright side, the emergence of novel diagnostic technologies for AD treatment is creating new avenues for the market’s development.
REGIONAL OUTLOOK
The global market for Alzheimer’s therapeutics and diagnostics spans Europe, the Asia-Pacific, Latin America, the Middle East and Africa, and North America.
North America held the largest share in the global market in 2021, and is anticipated to maintain its lead by the end of the forecast period. Developed nations, such as the US and Canada, are considered in the market in this region. Factors such as the rising geriatric population and the growing burden of Alzheimer’s disease contribute to the growth of the market in North America. Statistics indicate that 1 in every 9 people in the US, aged 65 years or older, is affected by AD. This has enhanced the demand for developing novel therapeutics and diagnostics for Alzheimer’s.
COMPETITIVE OUTLOOK
Some of the major players engaged in the Alzheimer’s disease therapeutics and diagnostics market include Teva Pharmaceutical Industries Ltd, Pfizer Inc, Sun Pharmaceuticals Industries Ltd, Lupin Limited, GE Healthcare, Novartis AG, Eisai Co Ltd, Allergan Plc (acquired by Abbvie), Siemens Healthineers AG, Biogen Inc, Johnson and Johnson, Baxter International Inc, Zydus Cadila, Amarantus Bioscience Holdings Inc, Cognoptix Inc, Merck and Co, Eli Lilly & Company, and F. Hoffmann-La Roche AG.
Allergan Plc (acquired by Abbvie) is a leading name in the pharmaceutical industry that develops, manufactures, markets, and distributes biosimilar, specialty branded, and over-the-counter medications. The company has strengthened its product portfolio as a result of various new product launches and approvals. NAMZARIC, one of its products, aids in the treatment of moderate to severe Alzheimer’s disease symptoms. The company, which was founded in 2013, employs more than 1,200 people worldwide. It has a business presence in a number of nations, including the US, China, Canada, India, and other fast-growing markets in Europe, the Middle East, Latin America, and Southeast Asia. The company was acquired by AbbVie in May 2020.
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