The demand within the global epilepsy therapeutics market is slated to increase as new opportunities for medical analysis come to the fore of the medical industry. Neurological disorders have become a matter of concern for medical researchers who are looking at optimizing medical treatments. The stellar relevance of studying the neurological responses of the human body has created new opportunities for market maturity. In addition to this, the high incidence of neurological disorders amongst the geriatric population shall also aid market growth. As a distinct factor, epilepsy can affect the younger population groups as well. Therefore, the high vulnerability of people of all groups to epilepsy has created new avenues for market growth and revenues generation.
- Recurrent seizures can be a major problem for younger people with work and life commitments. Therefore, it is important to administer epilepsy treatments to ensure seamless functions of young individuals. Epilepsy is a severe disorder that can hamper normal functioning of individuals, and can be a means to cause complete seizure of activity in affected individuals. The total volume of revenues within the global epilepsy therapeutics market is projected to touch new heights in the times to follow. The rising cases of head injuries, especially amongst sportspersons and athletes, has given an impetus to market growth and maturity.
- Genetic studies have led to improvements in epilepsy therapeutics, and this is an important dynamic of market growth. As new value propositions for epilepsy therapeutics come to the fore in recent times, the revenue index of the market shall improve. Neurologists are focusing on decoding the core reasons responsible for the occurrence of epilepsy. This factor has led to increased investments in medical research and development in recent times. Rising incidence of brain tumours has also generated a plethora of opportunities for growth within the market.
Epilepsy Therapeutics Market – Snapshot
The global epilepsy therapeutics market is expanding, propelled by an increase in the prevalence of epilepsy across the globe. The global epilepsy therapeutics market was over US$ 12.5 Bn in 2018 and is expected to reach a value of US$ 17.3 Bn by 2027, expanding at a compound annual growth rate (CAGR) of around 3.4% from 2019 to 2027. The global market is expanding at a relatively higher growth rate owing to increasing geriatric population, adoption of anti-epileptics due to increasing seizures and epilepsy cases, and a rise in research and development in both developed and developing markets.
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According to World Health Organization (WHO), epilepsy is a chronic non-communicable disease of the central nervous system, affecting more than 50 million people worldwide. In epilepsy, the brain activity becomes abnormal, resulting in recurrent seizures that are short episodes of involuntary movement, which may involve a part of the body or the entire body. These seizures, sometimes, cause loss of consciousness and bladder function or bowel control. Treatment with medication or, sometimes, surgery can control seizures in people with epilepsy. Anti-epileptics are used to control seizures to treat epilepsy, and these medication work by decreasing the irregular impulses in the brain that cause seizures and pain. High prevalence of epilepsy, increase in incidence of brain injuries, and rise in geriatric population are key factors driving this market. Furthermore, increasing efficacy of upcoming epilepsy therapeutics and widespread awareness and acceptance of novel medications among the population are anticipated to boost the global epilepsy therapeutics market in the near future.
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The global epilepsy therapeutics market has been segmented based on product, distribution channel, and region. In terms of product, the market has been classified into first generation epilepsy therapeutics, second generation epilepsy therapeutics, and third generation epilepsy therapeutics. The second generation epilepsy therapeutics segment is expected to hold a significant share of the market owing to their increased penetration in the market and better effectiveness as compared to first generation epilepsy therapeutics. Third generation epilepsy therapeutics are considered to be highly efficacious, with comparatively less side-effects; hence, the segment is projected to expand at a prominent CAGR during the forecast period.
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In terms of distribution channel, the global epilepsy therapeutics market can be segmented into hospital pharmacy, retail pharmacy, and online pharmacy. The hospital pharmacy segment is projected to dominate the global market. Generally, for diagnosis and treatment of neurological disorders, patients consult a specialist and hence, consider the hospital pharmacy for prescribed medication. This is attributed to the prominent share held by the hospital pharmacy segment in the global market.
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