Neurological Disorder Drugs Market to expand at a CAGR of 5% from 2019 to 2027
Neurological Disorder Drugs Market: Introduction
According to the report, the global neurological disorder drugs market was valued at ~US$ 70 Bn in 2018 and is projected to expand at a CAGR of ~5% from 2019 to 2027. Different types of neurology disorders include epilepsy, Alzheimer’s disease, Parkinson’s disease, multiple sclerosis, cerebrovascular diseases, and others. Various drug class to treat neurology disorders are anticholinergic, antiepileptic, antipsychotic, hypnotic & sedative, analgesics, antihypertensive, anticoagulants, and others. Growth of the global neurological disorder drugs market can be attributed to rise in prevalence of neurology diseases among the geriatric population across the globe. North America dominated the global neurological disorder drugs market in 2018 and the trend is anticipated to continue during the forecast period. Increase in awareness about new drugs for treatment and presence of major companies in the region are expected to drive the market in North America. Asia Pacific is likely to be a highly lucrative market for neurological disorder drugs during the forecast period.
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Rise in Prevalence of Neurology Disorders among Geriatric Population and Increase in Therapeutic Treatments to Drive Market
Neurological diseases are more common in older adults, affecting between 5% and 55% of people aged 55 and above. In both high and low income WHO regions, neuropsychiatric conditions are highly important causes of disability. According to the World Health Organization, Europe (11.2%) accounts for majority of the global burden of neurological disorders, while North America accounts for 7.02%. Alzheimer's Association data indicates that Alzheimer's disease is the sixth-leading cause of death in the U.S. and one in 10 people aged 65 and older (10%) has Alzheimer's dementia. An article published in Verdict Media Limited in March 2019 stated that Charity Brain Research UK carries out and supports research into three priority areas in neurology: acquired brain & spinal cord injury, brain tumors, and headache. Brain Research UK invested GBP 1.1 Mn in four new projects that contribute substantially to these areas. Neural stimulation has become the focus of research and treatment in the past few years. There have been profound drug advances in each of its diverse areas.
Cerebrovascular Diseases to Dominate Market
Based on disorder, the global neurological disorder drugs market has been divided into epilepsy, Alzheimer’s disease, Parkinson’s disease, multiple sclerosis, cerebrovascular diseases, and others. The cerebrovascular diseases segment dominated the global neurological disorder drugs market in 2018 and the trend is likely to continue during the forecast period, owing to the increasing cases of stroke and intracerebral hemorrhage (ICH).
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Antiepileptic to be Promising Drug Class
In terms of drug class, the global neurological disorder drugs market has been classified into anticholinergic, antiepileptic, antipsychotic, hypnotic & sedative, analgesics, antihypertensive, anticoagulants, and others. The antiepileptic segment is expected to expand at the highest CAGR during the forecast period. Rise in cases of epilepsy and increase in research on antiepileptic drugs fuel the growth of the segment.
Retail Pharmacies to be Major Distribution Channel
Based on distribution channel, the global neurological disorder drugs market has been categorized into retail pharmacies, hospital pharmacies, and online pharmacies. The retail pharmacies segment dominated the global neurological disorder drugs market in terms of revenue in 2018 and the trend is projected to continue during the forecast period. Increase in the number of neurological disorder drugs being dispensed through retail pharmacies and rise in number of retail pharmacies in developing countries make these pharmacies a major channel of distribution.
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North America to Dominate Global Market
The global neurological disorder drugs market has been segmented into five major regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global neurological disorder drugs market in 2018, followed by Europe. North America accounted for major share of the global neurological disorder drugs market in 2018, owing to introduction of new drugs and high prevalence of neurology disorders in countries such as the U.S. The neurological disorder drugs market in Asia Pacific is anticipated to expand at a higher CAGR from 2019 to 2027. Growth of the neurological disorder drugs market in the region can be attributed to high prevalence of neurology diseases and increase in demand for therapeutics.
Novartis AG, AstraZeneca, F. Hoffmann-La Roche Ltd., and GlaxoSmithKline plc are the leading players in the global neurological disorder drugs market and hold majority market share. The global neurological disorder drugs market is fragmented in terms of number of players. Key players in the global market include Novartis AG, GlaxoSmithKline plc, F. Hoffmann-La Roche Ltd., Pfizer, Bayer AG, Boehringer Ingelheim GmbH, AstraZeneca, Teva Pharmaceutical Industries, Merck & Co., Inc., Otsuka Pharmaceutical Co., Ltd., Amgen, Inc., UCB S.A., Eli Lilly and Company, and Biogen. New product development through robust R&D activities and merger & acquisitions are the key strategies adopted by these players to operate their business in the global neurological disorder drugs market.
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