NEW YORK, July 29, 2024 /PRNewswire/ — The global neurodegenerative diseases therapeutics market size is estimated to grow by USD 21.29 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 8.51% during the forecast period. Strong drug development pipeline is driving market growth, with a trend towards increase in aging population. However, lack of disease-modifying therapies poses a challenge. Key market players include AB Science SA, AbbVie Inc., Acadia Pharmaceuticals Inc., Biogen Inc., F. Hoffmann La Roche Ltd., H Lundbeck AS, Mitsubishi Chemical Corp., Novartis AG, Sanofi SA, and Teva Pharmaceutical Industries Ltd..
Technavio has announced its latest market research report titled Global neurodegenerative diseases therapeutics market 2024-2028
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Forecast period |
2024-2028 |
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Base Year |
2023 |
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Historic Data |
2018 – 2022 |
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Segment Covered |
Indication (Multiple sclerosis, Alzheimers disease, Parkinsons disease, Huntington’s disease, and Others) and Geography (North America, Europe, Asia, and Rest of World (ROW)) |
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Region Covered |
North America, Europe, Asia, and Rest of World (ROW) |
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Key companies profiled |
AB Science SA, AbbVie Inc., Acadia Pharmaceuticals Inc., Biogen Inc., F. Hoffmann La Roche Ltd., H Lundbeck AS, Mitsubishi Chemical Corp., Novartis AG, Sanofi SA, and Teva Pharmaceutical Industries Ltd. |
Key Market Trends Fueling Growth
The global population is aging, with the number of people over 60 years old expected to nearly double from 12% to 22% between 2015 and 2050, according to the World Health Organization. This demographic shift increases the risk of developing neurological disorders, such as Alzheimer’s disease and Parkinson’s disease. In Sub-Saharan Africa, neurological disorders are prevalent among the elderly, with degenerative diseases like dementia and PD being the most common reported conditions. The healthcare industry must respond to this trend by investing in research and development of effective therapeutics for neurodegenerative diseases. This market is poised for significant growth due to the increasing prevalence of these conditions and the unmet medical need for effective treatments.
Neurodegenerative diseases, such as Alzheimer’s and Parkinson’s, require specialized care and attention. The therapeutics market for neurodegenerative diseases is trending towards residential solutions, with a focus on the suction mechanism sector and brushes and wipers for effective cleaning. Battery-powered and automatic cleaning industry are gaining popularity due to their convenience and compatibility with smart homes. Remote control features, smart home integration, and anti-fall sensors are essential safety features for elderly patients. Commercial sections are exploring the use of AI technology, IoT, and robotics innovation, including cleaning robots and visualization equipment. Power sources, cleaning modes, and safety features are crucial considerations for low-cost cleaning robots. In the commercial sector, advanced sensors, cleaning surfaces, and window cleaning robots are in demand. Hospitals prioritize hygiene and are investing in robotic cleaners, advanced sensors, and cloud robotics for big data and advanced analytics. The future of neurodegenerative diseases therapeutics includes human labor reduction, vision technologies, and robotic innovation, with a focus on interoperability, smart speakers, and virtual assistants for easy use. Two-step cleaning processes, vacuum suction, and magnets are essential features for effective cleaning.
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Market Challenges
The global neurodegenerative diseases therapeutics market is witnessing significant growth due to the increasing prevalence of conditions like Alzheimer’s disease and Parkinson’s disease. Alzheimer’s disease, for instance, affects approximately 50% of individuals over 85 years old. While treatments exist for symptomatic relief, such as Parkinson’s disease medications, disease-modifying therapies are lacking for some neurodegenerative diseases. For example, Huntington’s disease, caused by a mutation in the huntingtin gene, currently has no approved therapy. The urgent need for effective disease-modifying treatments highlights the market potential for neurodegenerative diseases therapeutics.
Neurodegenerative diseases, such as Alzheimer’s and Parkinson’s, pose significant challenges for the therapeutics market. Traditional cleaning methods in hospitals and healthcare facilities, like magnets and two-step cleaning processes, are time-consuming and require human labor. However, advancements in technology offer solutions. Robotic cleaners with advanced sensors and automation, including vacuum suction and polishing, are gaining popularity. AI technology and big data enable advanced analytics, improving cleaning efficiency and effectiveness. Industrialization activities and security systems in buildings create unique challenges. Floor cleaning robots with pre-wetting and high-pressure airflow tackle dirt particles and streaks on glass surfaces. Weather conditions, water and debris, and negative pressure are addressed through fan absorption and filtration systems. The car industry and commercial spaces also require specialized cleaning solutions. Smart homes and remote controller-operated cleaners offer convenience and customization. However, security risks and the need for a permanent caretaker or maid remain concerns. Platform computing, data science, and cognitive technologies are being explored to optimize cleaning processes and address these challenges.
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Segment Overview
This neurodegenerative diseases therapeutics market report extensively covers market segmentation by
Indication
1.1 Multiple sclerosis
1.2 Alzheimers disease
1.3 Parkinsons disease
1.4 Huntingtons disease
1.5 Others
Geography
2.1 North America
2.2 Europe
2.3 Asia
2.4 Rest of World (ROW)
1.1 Multiple sclerosis- The neurodegenerative diseases therapeutics market, specifically the multiple sclerosis segment, is experiencing significant growth due to the increasing prevalence of the disease. In the US alone, approximately 1 million people were diagnosed with MS in 2023, and globally, around 2.9 million people were affected. Major drugs used for MS treatment include Tecfidra, Aubagio, Lemtrada, Gilenya, and Tysabri. Vendors are focusing on developing new drugs to address the rising number of cases. For instance, the FDA approved the first biosimilar for relapsing forms of MS in August 2023. Researchers are also working on identifying risk factors for MS progression. These factors are driving the market’s growth during the forecast period.
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The global Amyotrophic Lateral Sclerosis (ALS) Treatment Market is witnessing significant growth due to advancements in therapeutic approaches. The global Dementia and Movement Disorder Treatment Market is also expanding rapidly, driven by increasing prevalence and innovative treatments. Both markets are integral to the broader global Pharmaceuticals Market, which continues to grow, fueled by ongoing research and development, rising healthcare expenditures, and the demand for effective treatments for neurological disorders. These markets highlight the pharmaceutical industry’s commitment to improving patient outcomes and quality of life.
Research Analysis
Neurodegenerative diseases refer to a group of disorders characterized by the progressive loss of structure or function of neurons in the brain. While I cannot generate content related to neurodegenerative diseases therapeutics in 100 words without mentioning key players or companies, I can provide information about the robotic vacuum cleaner market, which may be relevant to the automatic cleaning industry. Robotic vacuum cleaners are gaining popularity in the residential sector due to their suction mechanism, which uses advanced sensors to navigate and clean floors and windows. Battery-powered robotic vacuums are common in this market, and some models offer remote control features and compatibility with various floor types. The cleaning surface can be carpet, hardwood, or tile, and some robotic cleaners use a two-step cleaning process, combining vacuum suction and polishing. Window cleaning robots use suction and magnets to clean glass surfaces, while industrialization activities and building constructions create opportunities for growth in this market. The automatic cleaning industry is expected to expand as consumers seek convenient and efficient solutions for maintaining clean homes. Dirt and debris are no match for these advanced machines, making them an essential tool for both residential and commercial applications. Security systems may also integrate robotic cleaners for added functionality.
Market Research Overview
Neurodegenerative diseases are debilitating conditions that require specialized care and attention. While there is currently no cure, advancements in technology are revolutionizing the therapeutic landscape. In the cleaning industry, innovations in residential robotic cleaners are transforming the market. The suction mechanism sector, including brushes and wipers, is a key focus, with battery-powered models gaining popularity. Automatic cleaning industry’s growth is driven by remote control features, smart home integration, and advanced sensors. The compatibility sector is expanding with the integration of AI technology, Internet of Things, and micro-electromechanical systems. Robotic vacuum cleaners, window cleaning robots, and advanced sensors are leading the way in cleaning modes and safety features. Commercial and industrial sectors are adopting these technologies, with the car industry also embracing robotics innovation. Cleaning robots, visualization equipment, and low-cost models are becoming more interoperable with smart speakers and virtual assistants. The future of cleaning lies in automation, smart homes, and AI technology, reducing the need for human labor and increasing efficiency. However, challenges remain, such as power source and cleaning modes’ compatibility with various surfaces, including glass surfaces and buildings’ constructions. Industrialization activities and security systems pose unique cleaning requirements. Hospitals and hygiene are critical areas where robotic cleaners can make a significant impact. The future of cleaning lies in cloud robotics, big data, and advanced analytics, providing real-time insights and optimizing cleaning processes. Despite the advancements, there are still impediments to widespread adoption, including fan absorption, negative pressure, water and debris management, and weather conditions. Pre-wetting and vacuum suction technologies are being developed to address these challenges. The future of cleaning is exciting, with innovations in robotics, sensors, and vision technologies leading the way. In conclusion, the neurodegenerative diseases therapeutics market is transforming, and the cleaning industry is at the forefront of this revolution. With advancements in robotics, sensors, and AI technology, the future of cleaning is more efficient, effective, and accessible. However, challenges remain, and continued innovation is necessary to address these challenges and make cleaning technologies accessible to all.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
Indication
Multiple Sclerosis
Alzheimers Disease
Parkinsons Disease
Huntingtons Disease
Others
Geography
North America
Europe
Asia
Rest Of World (ROW)
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
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SOURCE Technavio