The global neurodegenerative disease market size is calculated at USD 52,200 million in 2024 and is predicted to reach around USD 1,03,350 million by 2034, expanding at a CAGR of 7.1% from 2024 to 2034.
The neurodegenerative disease market is propelling due to the increasing prevalence of neurological disorders. Owing to the population explosion and average lifespan, the neurological disorders have been immensely increasing. According to the Parkinson's foundation nearly one million people were living with the Parkinson's disease in the U.S.in the year 2020. Moreover, the government and many non-government organizations have been practicing making people aware about Parkinson's disease by celebrating PD month in April to spread awareness about it, further driving the markets growth.
However, the neurodegenerative disease market is facing some hurdles owing to the multiple patent expiries over the forecasted years. After patent expiry, the already approved generic options can be marketed with lesser price. Although, volume production of drugs is increasing, the simultaneous decrease in the cost is negatively affecting the markets growth.
Though, the market is witnessing lucrative opportunities to grow further due to the increasing geriatric population across the globe, since neurodegenerative disorders are frequently found with aging people. Also, globally it's predicted to witness maximum number of aged people during the forecasted years. Hence the rise of burden of aging population, neurodegenerative disease market is anticipated to witness robust growth.
Published by Ajit Bansod
