Global Neurological Diseases Treatment Market Is Expected To Reach USD 163.2 Bn by 2029
The latest market report published by Brisk Insights “Global Neurological Diseases Treatment Market - Growth, Share, Opportunities, Competitive Analysis, and Forecast, 2021 - 2029,” the Neurological Diseases Treatment market was valued at USD 93.97 Bn in 2020, and is expected to reach USD 163.2 Bn by 2029, expanding at a CAGR of 6.2% from 2021 to 2029.
Market Insights
A neurological disorder is any medical complication that affects the nervous system that includes your brain, spinal cord, and other nerves. According to medical experts, symptoms of a neurological disorder are possibly mild, such as muscle weakness, poor coordination, or changes in thinking patterns. It was also observed that in some cases symptoms are usually more noticeable, such as seizures, pain, and intellectual disability. According to the World Health Organization (WHO), the cerebrovascular diseases, which can manifest as a stroke, migraine, or headache is the common cause of concern for several patients. In addition to that about 80% of patients suffering from cerebrovascular diseases across the world have these symptoms.
Browse the full report Neurological Diseases Treatment Market - Growth, Share, Opportunities, Competitive Analysis, and Forecast, 2021 – 2029 report at https://www.briskinsights.com/report/neurological-diseases-treatment-market
In the year 2020, Alzheimer’s and Parkinson’s disease accounted for more than 50% of the market share together due to rising prevalence of these diseases, introduction of novel diagnostic technology for neurological diseases, and rising awareness programs organized by governmental and non-governmental organizations. In case of market segmentation by drug class anticholinergic and antiepileptic drugs accounted for around 44% of the market share together in 2020. The key driving factors assisting the growth of these two segments are rising prevalence of neurological diseases, incessant development in diagnostic technology, and rising awareness associated with early disease diagnosis through awareness campaigns carried out by governmental or non-governmental organizations. However, market entry of efficient drugs in the near future due to presence of strong drug pipeline is expected to change the market share of traditional drug treatments and further boost the overall growth of this market.
North America accounted for the largest share in global neurological diseases treatment market due to key driving factors such as rising prevalence of neurological diseases, rising awareness associated with early neurological disease diagnosis and treatment, supportive reimbursement policies, and incessant developments in the field of research and development. During the forecast period 2021 – 2029, Asia Pacific was observed as the fastest growing region due to key driving factors such as increasing prevalence of neurological disorders, developing healthcare infrastructure, rising awareness associated with neurological diseases which is fueling the rate of diagnosis, and mounting accessibility of modern treatments in developing countries such as China, India, and Indonesia.
Market Competition Assessment:
The neurological diseases treatment market is observed as the most diversified and competitive market comprising large number of players. The market is dominated by several players, depending on their major competencies. The key players in this market are Merck & Co., Boehringer Ingelheim GmbH, Bayer AG, Astra Zeneca, F-Hoffmann-La Roche Ltd., Teva Pharmaceutical Industries Ltd., and GlaxoSmithKline plc among others.
Key Market Movements:
- Rising prevalence of neurological diseases coupled with increasing awareness associated with the disease diagnosis in developing countries is assisting the market growth
- High awareness associated with early cancer diagnosis and availability of advanced diagnostic techniques is also due to number of awareness campaigns organized by governmental and non-governmental organizations worldwide