The global nervous system active pharmaceutical ingredients market is estimated to garner robust revenue by the end of 2031 by growing at a CAGR of ~5% over the forecast period, i.e., 2022 – 2031. Further, the market generated substantial revenue in the year 2021. The higher prevalence of Alzheimer’s among geriatrics is expected to be one of the major growth factors of the market throughout the forecast period. For instance, 1 out of every 9 individuals is diagnosed with Alzheimer’s globally.
Nervous system active pharmaceutical ingredients are particular substances found in the drugs that are administered by consumers for beneficial health effects. Nervous system active pharmaceutical ingredients are generally consumed to treat certain medical conditions by imposing an effect on the spinal cord and brain. The global nervous system active pharmaceutical ingredients market is further expected to flourish on the back of higher utilization of these ingredients to treat chronic and acute pain during the forecast period. For instance, about 20% of adults admitted to be suffering from chronic pain in 2019.
Escalating Cases of Cancer- As of 2020, cancer accounted to more than 8 million deaths across the globe, out of which, 2.26 million cases of breast cancer and 2.21 million cases of lung cancer were diagnosed in a similar year. Cancer is one of the major chronic diseases that causes the highest number of death. A person with cancer has to undergo particular therapies and deal with severe pain. In these conditions, active pharmaceutical ingredients are taken to relieve pain. Hence, such a requirement is anticipated to propel the growth of the market during the forecast period.
Growing Geriatrics Population Globally- Based on the report provided by the World Bank, in 2021, the number of people aged 65 and over was stated to be 747,2338,580.
Higher Prevalence of Diabetes- As of 2019, approximately 35 million Americans were noticed to be living with diabetes summing up to about 10% of the population.
Significant Growth in the Healthcare Expenditure- A report published by the World Bank showed the global healthcare expenditure reached 1,121.9 per capita.
The global nervous system active pharmaceutical ingredients market is segmented and analyzed for demand and supply by application into diabetes, CVDs, oncology, and neurological disorders, out of which, CVDs segment is projected to acquire the largest market share over the forecast period. The segment is estimated to grow on the back of rising cases of chronic diseases across the globe. For Instance, approximately 40 million people die due to chronic diseases every year.
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
Regionally, the global nervous system active pharmaceutical ingredients market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in the North America region is projected to hold the largest market share by the end of 2031. The growth of the market in the region is accounted to the escalating number of geriatrics with severe chronic diseases. Data provided by the World Bank showed that in 2021, the number of people aged 65 or above was 56,545,938. Furthermore, the higher prevalence of neurological disorders and rising healthcare expenditure in the region are also expected to hike the growth of the market during the forecast period.
The global nervous system active pharmaceutical ingredients market is further classified on the basis of region as follows:
Our in-depth analysis of the global nervous system active pharmaceutical ingredients market includes the following segments:
By Expression System
FREQUENTLY ASKED QUESTIONS
The higher prevalence of Alzheimer’s among geriatrics and higher prevalence of diabetes is estimated to majorly boost the market growth.
The market is anticipated to attain a CAGR of ~5% over the forecast period, i.e., 2022 – 2031.
The possibility of side effects and shortage of the required ingredients are estimated to challenge the market growth.
The market in the North America region is projected to hold the largest market share by the end of 2031 and provide more business opportunities in the future.
The major players in the market are Boehringer Ingelheim International GmbH, Bristol Myers Squibb Company, Shenzhen Hepalink Pharmaceutical Co. Ltd., GSK plc, F. Hoffmann-La Roche Ltd, Cipla Inc., and Eli Lilly and Company.
The company profiles are selected based on the revenues generated from the product segment, the 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.
The market is segmented by product, expression system, application, and by region.
The CVDs is anticipated to garner the largest market size by the end of 2031 and display significant growth opportunities.
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