North America Neurodegenerative Disease Market Size, Share & Trends Analysis Report By Indication Type (Parkinson's Disease, Alzheimer's Disease, Multiple Sclerosis, Huntington Disease, Other Indication Types), By Drug Type (N-methyl-D-aspartate Receptor antagonists, Cholinesterase Inhibitors, Dopamine Agonists, Immunomodulatory Drugs, Other Drug Types) and By Country(US, Canada) Forecasts, 2022-2030

Market Overview

The worldwide neurodegenerative disease market size was estimated at USD 40,125 million in 2021, and it is predicted to reach USD 53,275 million by 2030, recording a CAGR of 3.2% during the forecast period (2022–2030).

In most cases, neurodegenerative disorders are characterised by gradual nerve cell degeneration that can occur in a variety of locations across the body. Loss of memory and cognitive control are potential outcomes of a number of conditions, including Alzheimer's disease, Parkinson's disease, attention deficit hyperactivity disorder (ADHD), and amyotrophic lateral sclerosis (ALS).

Although there are very few diseases that can be cured, the pharmaceutical industry has developed a variety of treatments throughout the years that aim to alleviate the symptoms of neurodegenerative ailments.

Neurodegenerative disorders are a varied group of ailments defined by the gradual degradation of the function and structure of the central nervous system or peripheral nervous system. Neurodegenerative disorders, including Parkinson's Disease, Alzheimer's Disease, Multiple Sclerosis, and Huntington's disease, have been rising globally. Thus, the growing burden of this condition is the key driver driving the market expansion, adding to it the expanding elderly population. According to NIH, nearly 1.2 million people in the United States will have Parkinson's disease by 2030. In the United States, it is the second most frequent neurodegenerative disorder.

Furthermore, according to Alzheimer's Disease International, more than 50 million adults with dementia globally in 2020. This number is anticipated to be more than double every two decades, reaching 82 million in 2030 and 152 million in 2050. Additionally, much of the increase will be in emerging countries. About 60% of persons with dementia reside in poor and middle-income nations, but by 2050, this will climb to 71%. The fastest rise in the senior population has happened in China, India, and South Asian and western Pacific countries. Thus, the growing burden of dementia is likely to enhance the market growth in the approaching years.

North America: 22360 million USD (2030 value); CAGR: 3.15%

Market Dynamics

Market Drivers

As medical technology progresses for the identification of neurodegenerative illnesses and rising demand for the treatment of neurodegenerative diseases, there will be an increased requirement for neurodegenerative medications. This is predicted to result in the neurodegenerative disease market thriving.

One of the key factors that are driving the expansion of the neurodegenerative market is the ageing population, which is leading to an increase in the frequency of neurodegenerative disorders. This is also one of the primary reasons why the market is growing. Increasing levels of physician awareness are helping to ensure that the expansion of the neurodegenerative illness industry remains concentrated in developed nations.

In addition to this, the increased awareness among the general public regarding neurodegenerative illnesses and the many treatment options for these conditions is anticipated to boost the expansion of the market. For instance, the American Parkinson Illness Association (APDA) introduced a brand new public service advertisement in the year 2020 that urges viewers to investigate Parkinson's disease further. This show was highlighted on national television as well as on several social media platforms. As a result, the variables that were discussed above are anticipated to play a role in the expansion of the market that was examined during the course of the projection year. On the other hand, tight regulatory requirements and the approaching expiration of patents on medications for the treatment of neurodegenerative diseases are the primary factors that are expected to impede the growth of the market.

Market Restraints

It is anticipated that the impact of COVID-19 will be significant on the market for neurodegenerative diseases. This is because the pandemic has had an effect on the workflows of clinical trials, research and development activities, and pipeline products. This has resulted in relatively slow growth during the pandemic, despite the presence of a robust late-stage product pipeline.

Regional Analysis

The research indicates that the North America area has a significant lead in the industry being examined, with projected revenues of USD 16,915 million in 2021. It is anticipated that by the year 2030, its value would have increased to USD 21,125 million, representing a compound annual growth rate (CAGR) of 2.5% throughout the period being forecasted. The rise in funding for different studies related neurodegenerative illnesses, the rise in disease incidence and awareness, and the presence of important market participants are the aspects that are responsible for the expansion of the market for neurodegenerative disorders in the United States.

The presence of a large number of drug manufacturers and an evolving paradigm of care for patients with neurodegenerative diseases, which is supporting growth in this region, are expected to cause North America to dominate the market. This is one of the reasons why the market is expected to grow in North America. For instance, the United States Food and Drug Administration (FDA) granted approval to Merck & Co., Inc. in February 2020 for an update to the prescribing information for BELSOMRA (suvorexant) C-IV. This update included findings on the use of the medication to treat insomnia in patients with mild-to-moderate Alzheimer's disease. A number of factors have contributed to the expansion of the neurodegenerative illness market in the area, including recent developments in cutting-edge technology for the treatment of neurodegenerative disorders and a robust product pipeline for wasting syndrome. As a result of the aforementioned reasons, it is predicted that the researched market would see considerable growth in North America throughout the course of the forecast period.

Segmental Analysis

The North America neurodegenerative disease market is segmented according to the kind of indication, the type of medicine, and the geography.

Parkinson's disease, Alzheimer's disease, multiple sclerosis, Huntington's disease, and other indication types make up the North America neurodegenerative diseases market. Various indication types include other neurodegenerative diseases. Multiple sclerosis was the most lucrative sector of the market in 2021, bringing in a total of USD 25,680 million in sales. It is anticipated that it would reach USD 29,360 million by the year 2030, recording a CAGR of 1.5% over the duration of the prediction.

The number of people living with multiple sclerosis has risen in every region of the world. It is anticipated that the overwhelming majority of multiple sclerosis cases throughout the world will drive market growth. In addition, another key growth aspect is the growing interest of businesses in the items that are in the pipeline, as well as the comprehensive product approvals. For example, in October 2019, the United States Food and Drug Administration granted approval for the treatment of relapsing forms of multiple sclerosis (MS) to Vumerity (diroximel fumarate), an oral fumarate formulation of the drug. This approval covers clinically isolated syndrome, relapsing-remitting disease, and active secondary progressive disease.

Impact of covid-19

The automotive industry is critical to the economy's growth. However, during the second and third quarters of 2020, the COVID-19 outbreak impacted the whole automotive supply chain, affecting new car sales in FY 2020.

South America is most affected by COVID-19, with Brazil leading the way, followed by Ecuador, Chile, Peru, and Argentina. South America's government (SAM) has taken a number of steps to protect its citizens and stem the spread of COVID-19. South America is expected to have fewer export revenues as commodity prices fall and export volumes fall, particularly to China, Europe, and the United States, which are all significant trading partners. The manufacturing industry, especially automotive manufacturing, has been damaged by containment measures in various South American countries. Due to the pandemic, major automotive manufacturers have also temporarily halted manufacturing in the region as a cost-cutting move. Furthermore, the automobile disc brake industry has been significantly affected in 2020 due to a lack of raw materials and supply chain disruption.

The Automotive Brake System control module of a vehicle is meant to alert the driver with a warning light if the system fails. The module itself is rarely defective; instead, the sensors or the wiring to the sensors are frequently defective. The most typical cause of dysfunction is when the Automotive Brake System is contaminated with particles or metal shavings. There is no signal continuity when sensor wiring is destroyed. Brake fluid becomes contaminated in corrosive situations, and the hydraulic unit fails to function.

Recent Developments

In June of 2021, Biogen and Eisai Co. Ltd. made an announcement that their Alzheimer's disease therapy medicine, ADUHELM, has received expedited approval from the Food and Drug Administration in the United States.