The global central nervous system therapeutics market is expected to reach valuation US$ 209.2Bn by 2030 and is estimated to expand at a CAGR of 6.3% from 2021 to 2030
The global central nervous system therapeutics market is expected to reach valuation US$ 209.2Bn by 2030 and is estimated to expand at a CAGR of 6.3% from 2021 to 2030
Treatment of diseases of the central nervous system, including the brain and spinal cord, is included in the central nervous system therapeutics market. According to the World Health Organization, stroke and Alzheimer’s disease are the second and seventh leading causes of mortality worldwide in 2019. Thus, the growing prevalence of central nervous system diseases is driving the growth of global central nervous system therapeutic market.
According to a study published in The Lancet, neurological illnesses are the third leading cause of disability and early mortality in Europe, and they are expected to rise with age. According to a Tufts Center for the Study of Drug Development study published in 2018, central nervous system drug development takes 20% more time and takes 38% longer to obtain licensed than non- central nervous system medications. As a result, the growth of the global central nervous system therapeutic market is expected in coming years.
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| Report Scope | Details |
| Market Size in 2030 | USD 209.2Billion |
| Growth Rate from 2021 to 2030 | CAGR of 6.3% |
| Base Year | 2021 |
| Forecast Period | 2021 to 2030 |
| Largest Market | North America |
| Fastest Growing Market | Asia Pacific |
Regional Snapshot
North America is the largest segment for central nervous system therapeutic market in terms of region.The U.S. is dominating the central nervous system therapeutic market in the North America region. According to Global Burden of Disease 2019, neurological illnesses were the third leading cause of mortality in Canada and the fourth leading cause of death in the U.S. In 2019, the Alzheimer’s Disease Fact and Figures Report predicted that 5.8 million Americans have dementia, with 5.6 million of them being 65 or older. Thus, the growing number of Alzheimer and dementia cases is driving the growth of North America central nervous system therapeutic market. The U.S. Congress has allocated around USD 10 million to multiple sclerosis research, with the possibility of an additional USD 20 million. In addition, the increase in investments is boosting the growth of central nervous system therapeutic market in the region.
Asia-Pacific region is the fastest growing region in the central nervous system therapeutic market.India and China hold the highest market share in the Asia-Pacificcentral nervous system therapeutic market. The central nervous system therapeutic market in Asia-Pacific region is growing due to the favorable government regulations and growing government initiatives for the development and launch of new products. In addition, the expansion of healthcare sector is also boosting the expansion of Asia-Pacific central nervous system therapeutic market.
Market Dynamics
Drivers
Growing product launches in the market
The market players are introducing new products in the global central nervous system therapeutic market. Corbus Pharmaceuticals Inc. is evaluating Lenabasum in a Phase 3 clinical trial for the diagnostics of diffuse cutaneous systemic sclerosis. By the year 2023, the chemical will be available worldwide. As a result, growing product launches is driving the growth of global central nervous system therapeutic market.
Restraints
Stringent government regulations
The market players operating in global central nervous system therapeutic market needs to follow certain government laws and rules. If these regulations are not fulfilled than strict action is taken against those firms. Sometimes these regulations slow down the process of manufacturing drugs and medications of central nervous system. Thus, stringent government regulations are restricting the expansion of global central nervous system therapeutic market.
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Opportunities
Growing prevalence of neurological disorders
Alzheimer’s disease affects more than 5 million people, as per the Alzheimer’s Association, and that number is expected to climb to 14 million by 2050. These figures and statistics show the growing number of neurological disorders. As a result, growing prevalence of neurological disorders is contributing towards the growth of global central nervous system therapeutic market.
Challenges
Long approval process
The drugs and medications for central nervous system takes long time for approval. In 2018, the U.S. Food and Drug Administration gave a notice that stopping Gilenya treatment in relapsing multiple sclerosis patients could result in serious impairment. In addition, approval process requires large number of documents that needs to be submitted to the government bodies. Thus, long approval process is a biggest challenge for the growth of global central nervous system therapeutic market.
Report Highlights
- On the basis of disease, neurodegenerative disease segment holds the largest market share in the global central nervous system therapeutic market. The growing prevalence of diseases such as Parkinson’s disease and Alzheimer’s disease. The wide range of products that is drugs and medicines for the treatment of neurodegenerative disease. There are more than 130 drugs available in the market for the treatment of neurogenerative disease.
Recent Developments
- Biogen declared in April 2021 that the National Medical Products Administration had approved TECFIDERA for the treatment of relapse multiple sclerosis, allowing the company to extend its business in China.
- Biogen and Sangamo Therapeutics declared a $2.72 billion deal to explore gene control treatments to treat Alzheimer’s disease in February 2020.
- Otsuka and Lundbeck stated in April 2021 that they would continue to recruit participants for brexpiprazole phase III clinical trials to treat Alzheimer’s dementia sufferers.
Some of the key players in thecentral nervous system therapeutics market include:
- Biogen Inc.
- Otsuka Pharmaceutical Co. Ltd
- Eli Lilly and Company
- Merck & Co.
- AstraZeneca
- Takeda Pharmaceutical Company Limited
- Novartis AG
- Teva Pharmaceutical Industries Ltd.
- Johnson & Johnson Private Limited
- Pfizer Inc.
- GlaxoSmithKline PLC
Market Segmentations:
By Disease
- Neurovascular Diseases
- Mental Health
- Anxiety Disorders
- Mood Disorders
- Epilepsy
- Psychotic Disorders
- Others
- Neurodegenerative Diseases
- Parkinson’s Disease
- Alzheimer’s Disease
- Amyotrophic Lateral Sclerosis
- Multiple Sclerosis
- Huntington’s Disease
- Others
- CNS Trauma
- CNS Cancer
- Infectious Diseases
- Others
By Geography
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
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