The global market for neurological disorder drugs is highly influenced by the growing incidences of neurological disorders and brain injuries worldwide. WHO reveals that stroke is the 2nd most common cause of death. In addition to this, over 1/3rd individuals who survive strokes are prone to severe disability. This has resulted in the growing demand for effective neurological disorder drugs to treat a varying range of disorders and reduce mortality rates.
The neurological disorder drugs market is expected to witness modest growth on the back of increasing cases of Parkinson’s diseases across the globe. According to Parkinson’s Foundation, over one million individuals would be living with PD (Parkinson’s Disease) in the US alone by the end of 2020. Also over 10 million individuals across the globe are living with the disease. Incidence of PD grows with age, however 4% of the people are diagnosed with PD before 50, with men 1.5 times more prone to the disease than women.
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Likewise, demand for neurological disorder drugs for treating Alzheimer's Disease is likely to increase on the back of increasing incidences of the disorder. For instance, according to the Alzheimer's Association, 1 in 10 individuals aged 65 and more develop Alzheimer’s dementia in the US alone, making it a 6th leading cause of mortality in the country. Globally, the scenario is not different from that of the US as over 50 million suffer from dementia with nearly 10 million additions every year. This has pushed high investments in development of novel neurological disorder drugs to treat disorders. This aspect continues to influence sales of neurological disorder drugs on the global front, consequently fuelling growth of the global neurological disorder drugs.
Approvals from regulatory authorities for new drug development to influence market growth
Neurology has been witnessing a renaissance. Exploration of novel scientific breakthroughs to treat rare neurological disorders is in the offing and regulatory bodies have been favoring this transformation. The global market for neurological disorder drugs is likely to be influenced with the approvals that are being given by the FDA for novel therapeutic drugs. For instance, recently, the U.S. FDA (Food and Drug Administration) approved Soliris that can be used for the treatment of NMOSD (Neuromyelitis Optica Spectrum Disorder). The MHLW (Japanese Ministry of Health, Labor and Welfare) and the EMA (European Medicines Agency) are reviewing Alexion applications, the company that developed the drug in a bid to grant commercial marketing of Soliris. Such grants and regulatory approvals by authorities are likely to trigger new drug development to treat neurological disorders, in a way fuelling the growth of the neurological disorder drugs market.
Global Neurological Disorder Drugs Market Players are: Novartis AG, GlaxoSmithKline plc, Merck & Co., Bayer AG, AstraZeneca, Boehringer Ingelheim GmbH, Teva Pharmaceutical Industries Ltd
Companies can look forward to collaborating with researchers for new drug development
An international team comprising scientists from the Gero Discovery LLC (Institute of Biomedical Research of Salamanca and Nanosyn Inc) have discovered a novel drug that has the ability to prevent neuronal death by carrying out modification in glucose metabolism in stressed neurons. This novelty in neurological disorder drugs can be promising for humans as it has applications in treating various neurological conditions such as Alzheimer’s disease, amyotrophic lateral sclerosis and Huntington’s disease. Promising results obtained from novel neurological disorder drugs can provide significant business opportunities across a volley of indications with unmet needs. Companies in the neurological disorder drugs market can exploit this opportunity by collaborating with scientists in a bid to accelerate the process of preclinical drug testing to clinical phases and from trials to commercialization.
New drug development coupled with rising research collaborations in the offing
The neurological disorder drugs market is expected to witness a significant upsurge in the years to follow. This can be attributed toward the growing neurological disorder drugs demand as key players in the market are focusing on commercialization of new drugs. Apart from focusing on molecule growth, key players are leveraging technological improvements in neurological disorder drugs development in a bid to balance the supply and demand scenario. This aspect is also favored by approvals from regulatory bodies. For instance, in March 2019, Mayzent, developed by Novartis AG, got approval from U.S. FDA for treating adults suffering from relapsing multiple sclerosis forms, including RRMs (Relapsing Remitting Multiple Sclerosis), CIS (Clinically Isolated Syndrome) and SPMS with active disease. Players are also focusing on strategic collaborations in a bid to develop novel neurological disorder drugs and at the same time enhance their market position. On 11th June 2020, Ovid Therapeutics announced its collaboration with Columbia University Irving Medical Center. The collaboration is focused on strategic research to enable development of new drugs to treat rare neurological disorders. The development of new drugs to treat a variety of neurological disorders would be complementary to Ovid Therapeutics’s current pipeline. Likewise, Eli Lilly is teaming with Evox Therapeutics to develop new drugs that can be used to treat neurological disorders. This collaboration is directed toward preclinical research and licensing of RNA interference and antisense oligonucleotide drugs.
KEY QUESTIONS ANSWERED IN THE REPORT
● What is the market size and growth rate of the global and regional markets by various segments?
● What is the market size and growth rate of the market for selective countries?
● Which region or sub-segment is expected to drive the market during the forecast period?
● What factors are anticipated to impact demand and supply trends in the market during the forecast period?
● What factors are likely to drive market revenue growth during the forecast period?
● What are the key technology and other trends shaping the market?
● What are the key opportunities in the market?
● What are some of the strategies implemented by key companies operating in the market?
● What is the COVID-19 impact on the market?
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