MRFR has recorded new research on “Alzheimer’s disease Diagnostic Market 2022”
Alzheimer’s Disease Diagnostic Market Analysis
The prevalence of Alzheimer's disease across the globe is surging swiftly. Market Research Future (MRFR) perceives the growth of the global Alzheimer's disease diagnostic market to be prosperous at a CAGR of 10% and reach USD 12 Bn by the end of the forecast period of 2013-2022.
Increase in patient pool of Alzheimer's disease generates high demand for diagnosis and treatment which is the primary market driver. This is well complemented by rising capital expenditure on healthcare facilities. The rise in global geriatric population is another major driver for the market. The occurrence of Alzheimer's can be closely linked to aging. Increased life expectancy of aged population and high unmet needs owing to the lack of effective therapeutic spurs the growth of the market.
Other driving factors include raising awareness regarding the disease in underdeveloped countries. Various government agencies have initiated towards raising awareness regarding the disease which has generated considerable demand for detection and diagnosis. Also, the rise in affordability due to the increase in per capita income also acts as a plus for the growth of the market.
The rise in a number of clinical trials and government grants for R&D activities to develop an effective treatment for the disease is expected to accelerate the growth of the market further. However, the high costs associated with the treatment of Alzheimer's disease and lack of proper reimbursement is likely to impede the growth of the market.
Alzheimer’s Disease Diagnostic Market Competitive Landscape
The global Alzheimer's disease diagnostic market is highly competitive. There has been a substantial outlay of funds on R&D activities for the development of effective drugs and therapies for the treatment of the disease which is expected to intensify the competition further. Also, the international players are focusing on expanding their footprint in the untapped markets. Mergers, acquisitions, partnerships, and others are some of the strategies adopted by them to retain their position in the market. Neuro-Bio Ltd (UK), Alector LLC (US), Eli Lilly and Company (UK), Treventis Corporation (US), Accera, Inc. (US), TauRx (Republic of Singapore), Cognition Therapeutics Inc. (US) are some of the prominent players who are leading the global Alzheimer’s Disease Diagnostic Market.
Alzheimer’s Disease Diagnostic Market Segmentation
The global Alzheimer's Disease Market has been segmented based on type, diagnostic tests, and end users.
Type-wise segmentation of the global Alzheimer's disease market includes early-onset Alzheimer's disease, late-onset Alzheimer's disease, familial Alzheimer's disease and more.
By diagnostic tests, the global Alzheimer's disease market has been segmented into genetic testing, neurological exam, mini-mental state exam (MMSE), brain imaging and others.
By end users, the global Alzheimer's disease market has been segmented into clinics, hospitals, diagnostic centers, and others.
Alzheimer’s Disease Diagnostic Market Regional Analysis
North America, South America, Europe, Asia Pacific and the Middle East and Africa are the key markets for Alzheimer's disease diagnostic market. North America is the dominant market owing to the high prevalence of Alzheimer's diseases in the region which induces high demand for diagnosis and treatment. In addition, high expenditure on healthcare, availability of fu8nds for R&D activities and rise in a number of clinical trials for drug development boost the growth of the market in North America.
Europe holds the second largest position in the global market. High expenditure on healthcare and the outlay of funds on R&D activities can be attributed to Europe's growth.
Asia Pacific market for Alzheimer's disease diagnostic is expected to witness maximum growth over the forecast period. Growing prevalence of the disease, expanding healthcare sector and raising awareness to propel the growth of the Asia Pacific market.
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Alzheimer’s Disease Diagnostic Industry Updates
In November 2018, researchers from the UC San Francisco Department of Radiology and Biomedical Imaging developed a deep learning algorithm which can predict and diagnose Alzheimer's disease.
In October 2018, new material was discovered by Researchers from Hong Kong Baptist University (HKBU) for the early detection and diagnosis of Alzheimer's disease. The nanomaterial is capable of passing through the blood-brain barrier and enable clear imaging and detection of the disease.