Market Challenges And Opportunities

Global Neurodegenerative Disease Market Drivers:

Rise in burden of neurodegenerative diseases to augment market growth

One of the key factors expected to augment growth of the global neurodegenerative disease market during the forecast period is the rise in prevalence of neurodegenerative diseases across the world. Neurological disorders are increasingly recognised as major causes of death and disability across the globe. Alzheimer's disease and Parkinson's disease are the most common neurodegenerative diseases. Neurodegenerative diseases affect millions of people worldwide. According to the World Health Organization (WHO), currently more than 55 million people live with dementia worldwide, and there are nearly 10 million new cases every year.

Growing geriatric population to underpin market growth

Another factor which is driving the growth of the global neurodegenerative disease market is the rise in geriatric (aging) population around the world. For instance, ageing is the primary risk factor for most neurodegenerative diseases, such as Alzheimer's disease (AD) and Parkinson's disease (PD). Alzheimer's disease and Parkinson's disease are the main neurodegenerative disorders (NDs) affecting the elderly. According to the National Institutes of Health (NIH), one in ten individuals aged ≥65 years has Alzheimer’s disease and its prevalence continues to increase with increasing age. This in turn is also driving the growth of the market.

Global Neurodegenerative Disease Market: Opportunities:

Increase in demand for safe, effective, or novel therapeutics is expected to offer significant growth opportunities for players in the neurodegenerative disease market. For instance, with the increase in prevalence of neurodegenerative diseases and increase in awareness among people, the demand for safe and effective therapeutics is also increasing. In November 2022, InMed Pharmaceuticals planned to launch a new program, the INM-900 series, which will investigate therapeutic potential of its cannabinoid analogs in neurodegenerative diseases, including Parkinson’s disease. InMed will be conducting studies in in vivo models of neurodegenerative diseases.

Increasing awareness among people about neurodegenerative disease and available therapeutics is expected to offer lucrative growth opportunities for players in the global neurodegenerative disease market. For instance, Parkinson's disease community celebrates Parkinson’s disease (PD) month to raise awareness of Parkinson’s disease every April. The month of April has been dedicated as the Parkinson's Disease Awareness Month, when the already active Parkinson's disease community increases its activities in the spirit of Parkinson's disease awareness. This in turn is expected to aid in the growth of the neurodegenerative disease market.

Global Neurodegenerative Disease Market Restraints:

Stringent regulatory guidelines to hinder growth of the market

One of the key factors expected to hamper growth of the global neurodegenerative disease market is the stringent regulatory guidelines. Regulatory bodies, such as the European Medicines Agency (EMA) and the U.S. Food and Drug Administration (FDA), have drafted various rules/regulations or guidelines. Moreover, major concern in regulatory approval is due to wide variability in current clinical trial design, which includes different inclusion criteria, endpoints, analysis plans, and the definition of best concomitant supportive care.

Patent expiry to hamper the growth of the market

Another factor which is hampering growth of the global neurodegenerative disease market is the patent expiry of neurodegenerative disease treatment products. Drugs, such as Azilect, Rebif, and Aricept, have already lost their patents in the past few years. Apart from these drugs, some other drugs used for the treatment of neurodegenerative disease are facing patent expiries as well. These patent expiry will enable generics and low-priced players to enter the market, causing a loss in the revenues for major players in the market.