Neurological Disorder Drugs Market

Growing FDA Approvals for Novel Drugs to Augur Well for the Neurological Disorder Drugs Market

Since past few years, neurology has witnessed renaissance with exploration and development of novel drugs for treatment of various neurological disorders. New scientific breakthroughs for treatment of rare neurological disorders backed by approvals of regulatory authorities have clearly paved potential pathways of growth of the neurological disorder drugs market. Authoritative bodies such as US FDA (Food and Drug Administration) have favoured development of novel therapeutics by ascertaining their formulations and effectiveness and giving approvals for commercialization. For instance, in 2019, FDA gave approval for Soliris of Alexion Pharmaceuticals, which can be used to treat NMOSD (Neuromyelitis Optica Spectrum Syndrome). Likewise, in June 2021, FDA approved aducanumab (Aduhelm) made by Biogen for treating Alzheimer’s disease. Similarly, in 2022, Argenx’s new drug – VYVGART – was given approval by FDA for treatment of gMG (generalized Myasthenia Gravis) for adult patients. This drug will be the first neonatal FC receptor blocker approved by the FDA. In this backdrop, approvals from authorities for new drug launch are expected to bode well for the growth of the market.

Rising Prevalence of Neurological Disorders to Bolster Market Growth

Increasing prevalence of neurological disorders worldwide remains a key factor influencing growth of the neurological disorder drugs market. Prevalence and incidences of disorders such as epilepsy, dementia, Huntington’s disease, Parkinson’s disease, Alzheimer’s disease, cerebral palsy and multiple sclerosis have increased at a significant level on the global front. For instance, as per WHO (World Health Organization), stroke is the second common death cause and more than one-third of individuals who survive stroke condition are likely to develop severe disability. Similarly, according to Parkinson’s Foundation, more than 10 million individuals suffer from Parkinson’s disease on the global front and the rate is likely to increase in the coming years. Likewise, Alzheimer’s Association revealed that more than 50 million individuals across the globe suffer from chronic dementia with about 10 million additions each year. Moreover, this scenario is further impacted by growing geriatric population, which is expected to further increase the burden of the disorder. According to AMA (American Medical Association), about 60% individuals aged 65 and above will suffer from more than one chronic disorder by end of 2030.

That said, increasing incidences of neurological disorders have made it imperative to monitor neurological functions in order to obtain early treatment. Also, risk of neurological disorders increases with age, their conditions being progressive. This factor continues to remain instrumental in driving the growth of the neurological disorder drugs market.

Neurological Disorder Drugs Market to Witness Significant Growth Across Developed Nations in North America

Growing FDA approvals for neurological disorder drugs coupled with increasing presence of major players continue to influence market growth in North America. Moreover, increasing prevalence of neurological disorders along with the economic and social burden associated with CNS treatment are expected to fuel neurological disorder drugs market growth. According to the analysis of Alzheimer’s Association, about one in ten individuals in the age range of 65 years and above are likely to develop Alzheimer’s dementia in the United States, making Alzheimer’s disease a sixth leading cause of death in the country.

Alzheimer’s Association also revealed that over six million Americans across all age ranges develop Alzheimer’s disease and the number is expected to further grow in the coming years. Recent study of the association reflects that in 2022, nearly 6.5 million individuals in United States aged 65 and above are suffering from Alzheimer’s disease. This number is expected to cross 12 million by end of 2050, increasing the burden of the disorder and mortality rate has doubled during 2019-2020 timeline and is most likely to increase. This has resulted in increased research and development of new drugs to treat such diseases consequently complementing growth of the neurological disorder drugs market in the region. In addition, favourable reimbursement policies, growing awareness regarding early diagnosis of neurological diseases and their treatment coupled with rising investments in this field is expected to favour market growth, making North America a potentially leading region on the global front.

Neurological Disorder Drugs Market: Competitive Landscape

Major players in the neurological disorder drugs market are focusing on commercialization of novel drugs, apart from focusing on molecule growth. They are leveraging technology in the development of neurological disorder drugs to restore balance between demand and supply. They are focusing on collaborations and partnerships to develop advanced drugs and maintain their market position. For instance, in 2020, Ovid Therapeutics and Columbia University Irving Medical Centre collaborated to carry out strategic research and enable new drug development for the treatment of rare neurological disorders.

Likewise, same year in June, Eli Lilly and Evox Therapeutics have signed a multi-year license agreement and a research collaboration to deliver RNAi (RNA interference) and ASO (Antisense Oligonucleotide) for treating neurological disorders. Companies are also receiving support from FDA for their new neurological drug offerings. For instance, in 2021, US FDA gave approval for Johnson & Johnson’s Ponvory as an everyday use oral drug for treating multiple sclerosis.

Few of the major players in the market include Amgen Inc., Neurocrine Biosciences Inc., UCB S.A., Biogen, Pfizer Inc., Teva Pharmaceuticals, Eli Lilly, AstraZeneca, Ionis Pharmaceuticals, Novartis and BioMarin Pharmaceutical Inc.

The Global Neurological Disorder Drugs Market Is Segmented As Below:

By Drug Type

• Antipsychotic
• Antiepileptic
• Anticholinergic
• Analgesics
• Hypnotic & Sedative
• Anticoagulants
• Antihypertensive

By Disease Type

• Epilepsy
• Parkinson’s disease
• Alzheimer’s disease
• Cerebrovascular disease
• Multiple Sclerosis
• Others

By Distribution Channel

• Hospital Pharmacies
• Retail Pharmacies
• Online Pharmacies

By Region

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • UK
  • France
  • Germany
  • Russia
  • Rest of Europe
• Asia Pacific
  • Japan
  • South Korea
  • India
  • China
  • Rest of Asia-Pacific
• LAMEA
  • Latin America
  • Middle East
  • Africa

Key Elements Included In The Study: Global Neurological Disorder Drugs Market

• Neurological Disorder Drugs Market by Product/Technology/Grade, Application/End-user, and Region
• Executive Summary (Opportunity Analysis and Key Trends)
• Historical Market Size and Estimates, Value, 2018 - 2021
• Market Value at Regional and Country Level, 2022 - 2029
• Market Dynamics and Economic Overview
• Market Size in Value, Growth Rates, and Forecast Figures, 2022 - 2029
• Competitive Intelligence with Financials, Key Developments, and Portfolio of Leading Companies 
• Regional and Product/Grade/Application/End-user Price Trends Analysis
• Value Chain and Five Force’s Analysis
• Regional/Sub-region/Country Market Size and Trend Analysis
• Company Market Share Analysis and Key Player Profiles

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Disclaimer:

• The segmentation/company profiles/countries depicted above may vary in the actual report.