Dementia Drugs Market Predicted to Reach USD 19.7 Billion, Globally, by 2031 at 8.5% CAGR: Says Allied Market Research

Increase in the prevalence of Alzheimer's disease, advancement in R&D activities for drug development, rise in the adoption of early diagnosis, the growing geriatric population, increase in investment in R&D by players, and the surge in demand for personalized medicines drive the growth of the global dementia drugs market

PORTLAND, Ore., Dec. 11, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Dementia Drugs Market by Indication (Lewy Body Dementia, Parkinsons Disease Dementia, Alzheimers Disease, Vascular Dementia, Other Indications), by Drug Class (Cholinesterase Inhibitors, NMDA Antagonists and its Combination Drugs), by Distribution Channel (Retail Pharmacies, Hospital Pharmacies, Online Pharmacies): Global Opportunity Analysis and Industry Forecast, 2021-2031". According to the report, the global dementia drugs industry generated $8.7 billion in 2021, and is anticipated to generate $19.7 billion by 2031, witnessing a CAGR of 8.5% from 2022 to 2031.

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Prime determinants of growth

Increase in the prevalence of Alzheimer's disease, advancement in R&D activities for drug development, rise in the adoption of early diagnosis, the growing geriatric population, increase in investment in R&D by players, presence of robust pipeline candidates, increase in public awareness about the disease prevention in developing regions, and the surge in demand for personalized medicines drive the growth of the global dementia drugs market. However, strict government regulations related to product approval and high cost linked to R&D activity restrain the growth of dementia drugs industry. Conversely, accelerated technological advancement in drug discovery techniques and high investment for drug development by the government are expected to offer lucrative opportunity for the dementia drugs market in future.  

Covid-19 Scenario

• The outbreak of the Covid-19 pandemic had a positive impact on the global dementia drugs market, as it was reported that the pandemic caused a significant rise in the number of dementia patients.
• Some research has shown that the COVID-19 infection can increase a person's likelihood of developing dementia and cause the symptoms to show up earlier.
• Moreover, COVID-19 shows adverse impact on brain function by reducing the level of consciousness. Thus, increase in COVID-19 infection in patients with Alzheimer's disease increased the demand for dementia drugs during the pandemic.

The Alzheimer's disease segment to maintain its leadership status throughout the forecast period

Based on indication, the Alzheimer's disease segment held the highest market share in 2021, accounting for around three-fifths of the global dementia drugs market, and is estimated to maintain its leadership status throughout the forecast period. This is owing to the increase in life expectancy, rise in ageing population, and changes in lifestyle. However, the vascular dementia segment is projected to manifest the highest CAGR of 10.0% from 2022 to 2031, owing to an increasing number of people, especially geriatrics and smokers, with high risk of developing vascular dementia as well as increasing understanding of diagnosis modalities.

The cholinesterase inhibitors segment to maintain its leadership status throughout the forecast period

Based on drug class, the cholinesterase inhibitors segment held the highest market share in 2021, accounting for nearly two-thirds of the global dementia drugs market, and is estimated to maintain its leadership status throughout the forecast period, owing to increase in the geriatric population, rise in the prevalence of dementia, and growth in drug discovery. However, the NMDA antagonists and its combination drugs segment is projected to manifest the highest CAGR of 9.2% from 2022 to 2031, owing to a rise in the prevalence of neurological disorders, robust R&D by key players toward the disease treatment, and increased hospitalization rate. 

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The hospital pharmacies segment to maintain its lead position during the forecast period

Based on distribution channel, the hospital pharmacies segment accounted for the largest share in 2021, contributing to nearly half of the global dementia drugs market, and is projected to maintain its lead position during the forecast period. This is owing to the increase in geriatric population and Alzheimer's patients. However, the online pharmacies segment is expected to portray the largest CAGR of 11.1% from 2022 to 2031, owing to the convenience and cheaper costs of purchasing prescription drugs electronically, especially under the lockdown situation during the COVID-19 pandemic.

North America to maintain its dominance by 2031

Based on region, North America held the highest market share in terms of revenue in 2021, accounting for more than two-fifths of the global dementia drugs market, and is likely to dominate the market during the forecast period, owing to the increase in R&D investments by numerous companies in the region. However, the Asia-Pacific region is expected to witness the fastest CAGR of 10.6% from 2022 to 2031. Increase in spending capabilities, owing to the evolving healthcare regulatory landscape, increase in the number of patients with chronic diseases, and the government's emphasis on enhancing R&D capabilities for innovative drug development in the region.

Leading Market Players: -

• Apotex inc.
• Aurobindo Pharma Ltd.
• Biogen Idec
• Eisai
• Eli Lilly and Company
• Johnson & Johnson
• Abbvie Inc.
• F. Hoffmann-La Roche AG
• Teva Pharmaceutical Industries
• Novartis AG

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