SEATTLE, Aug. 05, 2021 (GLOBE NEWSWIRE) -- According to Coherent Market Insights, the global central nervous system disorders therapeutics market is estimated to be valued at US$ 131.3 million in 2021 and is expected to exhibit a CAGR of 6.4% during the forecast period (2021-2028).
Key trends in the market include increasing prevalence of central nervous system (CNS) disorders, rising healthcare expenditure, increasing product launches and approvals, increasing research and development activities, inorganic activities such as collaborations, and others.
Increasing number of research and development activities for improving the effectiveness of central nervous system therapeutics is expected to bolster the growth of the global central nervous system disorders therapeutics market. For instance, in May 2018, the Epilepsy Foundation of America and the Epilepsy Study Consortium, a group of researchers in U.S. initiated a collaborative study known as the Human Epilepsy Project. This study aims to explore the challenges faced by patients suffering from focal seizures who fail to respond to medication and find out newer alternatives to overcome these challenges. This study is expected to be completed by September 2022. Research activities such as the Human Epilepsy Project help in studying the current treatment response in patients suffering from CNS disorders and also create opportunities in the global central nervous system disorders therapeutics market.
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The rising healthcare expenditure may support research and development activities, which in turn may support the research and development of new drugs for the treatment of CNS disorders. This is expected to drive the growth of the global central nervous system disorders therapeutics market over the forecast period. For instance, according to the National Multiple Sclerosis Society, U.S., in 2021, the U.S. Congress invested US$ 20 million for Multiple Sclerosis (MS) research under the Multiple Sclerosis Research Program.
However, long time for drug approval process and adverse reactions associated with CNS disorder treatment is expected to hamper the growth of the global central nervous system disorders therapeutics market. For instance, in November 2018, the U.S. Food and Drug Administration (FDA) issued a warning regarding the use of Gilenya drug manufactured by Novartis AG, a Swiss pharmaceutical company, for treatment of relapsing multiple sclerosis. U.S. Food and Drug Administration stated that Gilenya may lead to worsening of the disease on discontinuing the drug and may even lead to permanent disability.
Key Market Takeaways:
Rising product launches and approvals, increasing research and development activities, inorganic activities such as collaborations, and others are expected to drive growth of the global central nervous system disorders therapeutics market over the forecast period. For instance, in April 2021, Otsuka Pharmaceutical Co. Ltd., a Japanese pharmaceutical company and H. Lundbeck A/S, a Danish pharmaceutical company announced that they will continue with the phase III clinical trials for checking the efficacy and safety of brexpiprazole drug for treating patients suffering from Alzheimer’s dementia.
North America region is expected to show rapid growth over the forecast period owing to rising product launches and approvals. For instance, in April 2021, Biogen, an American biotechnology company received approval from National Medical Products Administration (NMPA), China for its new product called TECFIDERA. TECFIDERA is an oral drug used to treat relapsing multiple sclerosis. This approval will help the company to expand its presence in China.
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Key players operating in the global central nervous system disorders therapeutics market include Pfizer Inc., Biogen, Otsuka Pharmaceutical Co. Ltd., Merck & Co., AstraZeneca, Teva Pharmaceutical Industries Ltd., Takeda Pharmaceutical Company Limited, Novartis AG, Johnson & Johnson Private Limited, Eli Lilly and Company, Sanofi, GlaxoSmithKline plc., and Boehringer Ingelheim International GmbH.
Global Central Nervous System Disorders Therapeutics Market, By Disease Type:
Central Nervous System Trauma
Central Nervous System Cancer
By Drug Type:
By Distribution Channel:
Rest of Latin America
Rest of Europe
Rest of Asia Pacific
Rest of Middle East
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