Growing Cases of Disorders Associated with Dementia to Drive the Market Growth
According to the Alzheimer’s Association, Alzheimer’s disease is the 6th leading cause of death in the United States, with around 5 million people living with the disorder. Further, it estimates that deaths from heart diseases have decreased by 7.8% between 2000 and 2018. On the other hand, deaths from Alzheimer’s disease have increased by 146% in the country. The growing number of deaths as a result of this disorder is anticipated to increase the demand for drugs that treat the disease or relieve the symptoms of the disorder. On account of this, the market is predicted to grow in the coming years.
Generation of High Revenue Through Approved Drugs to Provide Increased Business Opportunities
The approved cholinesterase inhibitors are available in the market under several brand names which are manufactured and marketed by various leading pharmaceutical companies. The high demand for these drugs is estimated to result in the generation of high revenue, which is further predicted to increase business opportunities in the market.
The cholinesterase inhibitors market is anticipated to record a significantly high CAGR over the forecast period, i.e., 2020-2028. The market is segmented by chemical, by indication, by route of administration and by region, out of which, the chemical segment is further segmented into rivastigmine, donepezil, galantamine and tacrine. Out of these, all cholinesterase inhibitors have been approved by the U.S. Food and Drug Administration (FDA), however, only three of these, i.e., rivastigmine, donepezil and galantamine are sold in the United States. The sale of tacrine has been discontinued.
Based on route of administration, the market is segmented into oral and transdermal. The oral route of administration is anticipated to hold the largest share in the cholinesterase inhibitors market on account of tablets and capsules being the most common dosage form. Based on indication, the market is segmented into Alzheimer’s disease, myasthenia gravis, Parkinson’s disease, dementia, schizophrenia and others. The Alzheimer’s disease segment is predicted to grow at the highest rate as a result of rising cases of the disease which increase the demand for cholinesterase inhibitors in the market. As per the 2019 statistics by the Alzheimer’s Association, Alzheimer’s disease is the most common cause of dementia and accounts for an estimated 60% to 80% of all cases.
Limited Availability of Medicines to Restrict the Market Growth
Cholinesterase inhibitors can only be used for reducing the symptoms of dementia and other conditions and not for their cure. This is predicted to limit the demand for these inhibitors in the market in the next few years.
Our in-depth analysis of the cholinesterase inhibitors market includes the following segments:
By Route of Administration
On the basis of regional analysis, the cholinesterase inhibitors market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
The market for cholinesterase inhibitors in North America is estimated to hold the largest share in the market which can be accounted for presence of major leading key players in the industry in this region, especially in the United States. The market in Asia Pacific is predicted to witness highest growth rate over the forecast period as a result of booming demand for medicines for the treatment of dementia and Alzheimer’s disease.
The cholinesterase inhibitors market is further classified on the basis of region as follows:
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Ans: Generation of high revenue from approved cholinesterase inhibitors and growing deaths from disorders such as the Alzheimer’s disease are predicted to drive the market growth.
Ans: The market is anticipated to attain a high CAGR over the forecast period, i.e. 2020-2028.
Ans: The market in Asia Pacific will provide more business opportunities as a result of booming demand for medicines for the treatment of dementia and Alzheimer’s disease.
Ans: The major players in the market are Novartis, Pfizer, Eisai Co., Ltd, Cadila Pharmaceuticals, Allergan, Cipla Ltd, R&D Systems and Dr. Reddys Laboratories Limited.
Ans: Company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determines the revenue generating capacity as well as the new products being launched into the market by the company.