Neuroprotection Market: Snapshot
The market for Neuroprotection is expected to grow at steady growth rate during the forecast period largely attributed due to increasing drug development in the pharmaceutical and biotechnology industry along with increasing patient population pool, growing incidences of CNS diseases, increasing awareness, increased demand for more target specific drug treatment for Neurodegenerative diseases along with favorable government regulations. The other factors responsible for the growth the market include increasing healthcare infrastructure, increasing economic stability in developing economies, increasing participation of major market players in in developing economies such as Latin America and Middle East & Africa. The North America region in Neuroprotection market is anticipated to hold major market share along with Europe region during the forecast period. The region are expected to grow moderately in comparison to Asia Pacific region during the forecast period whereas, primarily due to the effect of pricing pressure due to increased competition among leading brands, increase of generic products and growing number of regional players who are able to provide products at much lower prices. However, new product launch and robust pipeline are expected to enter Neuroprotection market, which are likely to increase future growth and demand of the Neuroprotection.
Transparency Market Research estimates that the global Neuroprotection market will increase at a CAGR of 8.2% during the forecast period between 2017 and 2025. Driven by the growing healthcare industry, increasing use of Neuroprotection in cosmetics, government initiatives, and rising ageing population, the market valued at US$ 23,170.6 Mn in 2016 in terms of revenue.
Based on product type the Neuroprotection market during 2016, the free radical trapping agents held a prominent share of approximately 36.4% of the global Neuroprotection market share. The segment is expected to expand at an equitable growth during the forecast period as equated to the other product types. The high growth segment in Neuroprotection drug class was the free radical trapping agents (Antioxidants) exhibiting a CAGR of 9.0% during the forecast period. The high growth is due to the increasing use antioxidants for treatment of neurodegenerative diseases such as Alzheimer’s and free radical trapping agents are more efficient in preventing further degradation of neural cells. Increasing demand for more efficient drug, increasing use of herbal extract free radical trapping agents such as cannabidiol, Vitamins E and C, and increasing research and development is expected to drive the market during the forecast period. Companies such as Biogen, Inc. have a robust product portfolio for treatment of neurological disorders such as, in June,2017, The European Commission (EC) has allowed an authorization of marketing to Biogen’s drug SPINRAZA (nusinersen), for treating 5q spinal muscular atrophy (SMA) in the European Union (EU).
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Based on Application the Neuroprotection market has been segment into: prevention, and treatment. The treatment application is expected to expand at a higher CAGR during the period 2017-2025, whereas the prevention is expected to grow at a lower rate during the forecast period. Increasing demand for highly efficient drug delivery module is expected to drive the market growth.
According to geography the global Neuroprotection market has been distributed into North America, Europe, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America accounted for highest share in the global Neuroprotection market in 2016, closely followed by Europe. Asia Pacific is anticipated to be the fastest growing market nonetheless Latin America region is projected to grow under the influence of North America, Europe, and Asia Pacific region due to lack of awareness in the region, but increasing government initiative to promote pharmaceutical and healthcare industry and increase in healthcare expenditure, are expected to boost the demand for Neuroprotection in this region. The changing demographics and rising per capita income of the middle class in pharmerging economies of the Asia and Latin America region such as India and other countries in rest of APAC region are expected to provide lucrative opportunities for the Neuroprotection market during the forecast period. The Middle East & Africa Neuroprotection market is expected to grow under the influence of increasing geographical presence of major manufacturers in the region through strategic mergers & acquisitions, increase in government initiatives to promote research and development pharmaceutical sector in the region is expected to drive the Neuroprotection market in the region during the forecast period.
Major players in the Neuroprotection market include Daiichi Sankyo Company, Eli Lilly and Company, Allergan plc, Dr. Reddy’s Laboratories Ltd., Teva Pharmaceutical Industries Ltd., Novartis AG, AstraZeneca plc, Astrocyte Pharmaceuticals, Inc., F. Hoffmann-La Roche AG, Biogen Inc., and other prominent players. Increasing product launches, geographical expansion in the developing economies, and increase in strategic alliances among regional and global manufactures is anticipated to further boost the neuroprotection market. For Instance, in November 2017, Teva Pharmaceutical received FDA approval for neurological and neuropsychiatry drug – Austedo, for treating Huntington disease and Tardive dyskinesia in the U.S.
Transparency Market Research (TMR) is a U.S.-based provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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