Neurological Disorder Drugs have a wide range of applications, features, and uses in treating various neurological conditions. They are utilized for disorders such as Alzheimer's disease, Parkinson's disease, epilepsy, multiple sclerosis, and more. These drugs aim to manage symptoms, slow disease progression, and improve patient quality of life. Features include targeting specific pathways, modulating neurotransmitter activity, and reducing inflammation. Neurological disorder drugs are vital in alleviating symptoms, preventing complications, and providing symptomatic relief, enhancing the overall well-being and functionality of individuals affected by neurological disorders.
According to Data Bridge Market Research, the global neurological disorder drugs market is accounted at USD 79.40 billion in 2021 and is expected to reach USD 125.60 billion by 2029. The market is expected to grow with a CAGR of 5.9% in the forecast period of 2022 to 2029.
“Growing geriatric population boosts the market’s growth”
The neurological disorder drugs market is experiencing growth due to the growing geriatric population. With an aging population, the prevalence of neurological disorders such as alzheimer’s disease, parkinson’s disease, and multiple sclerosis is increasing. This has resulted in a greater demand for pharmaceutical interventions to manage and treat these conditions. As a result, pharmaceutical companies are focusing on developing innovative drugs and therapies specifically targeted towards neurological disorders. The expanding geriatric population acts as a significant driver for the growth of the neurological disorder drugs market.
What restraints the growth of the global neurological disorder drugs market?
“High costrestraints the market’s growth”
The high cost associated with research and development activities is restraining the growth of the neurological disorder drugs market. Developing new drugs for neurological disorders requires extensive research, clinical trials, and regulatory approvals, which incur significant expenses. Pharmaceutical companies face substantial financial risks due to the uncertain outcomes of drug development and the lengthy approval process. These high costs and risks can deter investment in research and development, limiting the number of new drugs entering the market and potentially impacting the growth of the neurological disorder drugs market.
Segmentation: Global Neurological Disorder Drugs Market
The global neurological disorder drugs market is segmented on the basis of indication, drug class, route of administration, end-users, and distribution channel.
- On the basis of indication, neurological disorder drugs type, the neurological disorder drugs market has been segmented into epilepsy, alzheimer’s disease, parkinson’s disease, multiple sclerosis, cerebrovascular disease, and others.
- On the basis of drug class, the neurological disorder drugs market has been segmented into cholinesterase inhibitors, NMDA receptor antagonists, antiepileptic, antipsychotic and antidepressant, and others.
- On the basis of route of administration, the neurological disorder drugs market has been segmented into oral, parenteral, and others.
- On the basis of end-users, the neurological disorder drugs market has been segmented into hospitals, specialty clinics, homecare, and others.
- On the basis of distribution channel, the neurological disorder drugs market has been segmented into hospital pharmacy, retail pharmacy, online pharmacy, and others.
Regional Insights: North America dominates the Global Neurological Disorder Drugs Market
North America dominates the neurological disorder drugs market in terms of market share and market revenue and will continue to flourish its dominance during the forecast period. The market witness a high growth rate due to factors such as the increasing prevalence of neurological disorders and rising healthcare expenditure. Furthermore, the market's growth will be propelled by major key players and the increasing number of FDA-approved drugs. These factors contribute to the market expansion and drive advancements in the region's treatment and management of neurological disorders.
Asia-Pacific is expected to grow during the forecast period of 2022-2029 due to the strong presence of generic manufacturers. Additionally, developing healthcare infrastructure and increasing government initiatives will further boost the market's growth rate. The region's robust generic pharmaceutical industry enables wider access to cost-effective medications for neurological disorders.
To know more about the study visit, https://www.databridgemarketresearch.com/reports/global-neurological-disorder-drugs-market
Recent Developments
- In September 2021, Sumitomo Dainippon Pharma and Otsuka have announced a collaboration and license agreement for four psychiatry and neurology compounds, including ulotaront (SEP-363856), SEP-4199, SEP-378614, and SEP-380135. The partnership entails cost and revenue sharing for clinical trials, regulatory applications, and commercialization across different regions. Future company consultations will determine additional indications for ulotaront, SEP-378614, and SEP-380135.
The Prominent Key Players Operating in the Global Neurological Disorder Drugs Market Include:
- Merck KGaA (Germany)
- Eisai Co., Ltd. (Japan)
- AstraZeneca (U.K.)
- Sanofi (France)
- Novartis AG (Switzerland)
- Abbott (U.S.)
- F. Hoffmann-La Roche Ltd. (Switzerland)
- Teva Pharmaceutical Industries Ltd. (Ireland)
- Pfizer Inc. (U.S.)
- GlaxoSmithKline plc (U.K.)
- WOCKHARDT (Mumbai)
- Novo Nordisk A/S (Denmark)
- Glenmark Pharmaceuticals Limited (India)
- Cipla Inc. (U.S.)
- Bausch Health Companies Inc. (Canada)
- Otsuka America Pharmaceutical, Inc. (U.S.)
- Johnson & Johnson Private Limited (U.S.)
- Takeda Pharmaceutical Company Limited (Japan)
- Sumitomo Corporation (Japan)
- Biocon (India)
Above are the key players covered in the report, to know about more and exhaustive list of global neurological disorder drugs market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Neurological Disorder Drugs Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
