Global Noradrenergic Drug Market Highlights over 2022 – 2031
The global noradrenergic drug market is estimated to grow at a significant CAGR over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed to the increasing demand for treatment methods for autism, major depression, and anxiety. Noradrenergic drugs act as noradrenaline regulator, by prohibiting its neurotransmission. It is primarily used to obstruct the hyperactivity or high blood pressure amongst autistic individuals. Moreover, the increasing prevalence of autism across the globe is estimated to drive the market growth. According to the data by the World Health Organization (WHO), 1 in every 160 children suffers from autism spectrum disorder (ASD). Furthermore, the increasing application of noradrenergic drugs for treating patients of major depression, attention‐deficit hyperactivity disorder (ADHD), social anxiety, agoraphobia, and other mental health disorders. As per the data by the WHO, 3.8% of the global population suffers from depression.
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Furthermore, the increasing investment in healthcare sector is estimated to boost the market growth. According to the data by the World Bank, 9.858% of the global gross domestic product (GDP) was spent on healthcare in 2018. Furthermore, the growing research activities for the development of new drugs and investment by pharmaceutical companies for research are anticipated to fuel the market growth. It was observed that research and development expenditure amounted to 2.204% of the GDP in 2018.
The market is segmented by application into hospital pharmacy, drug stores, online pharmacies, and others, out of which, the hospital pharmacy segment is anticipated to hold the largest share in the global noradrenergic drug market over the forecast period as a proper prescription is required to purchase noradrenergic drugs, as it can be addictive in nature. Moreover, easy availability of the drug in hospital pharmacies is expected to fuel the market growth.
Major Macro-Economic Indicators Impacting the Market Growth
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.
Global Noradrenergic Drug Market Regional Synopsis
On the basis of geographical analysis, the global noradrenergic drug market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Asia Pacific region is estimated to witness noteworthy growth over the forecast period on the back of increasing investment in development of healthcare sector in the region, along with growing health awareness amongst the population.
The market in the North America region is anticipated to gain the largest market share throughout the forecast period owing to the increasing cases of autism spectrum disorders. According to the data by the CDC’s Autism and Developmental Disabilities Monitoring (ADDM), about 1 in every 44 children has autism spectrum disorder (ASD) in the United States. In addition to this, high health awareness amongst the population, along with easy access of quality healthcare in the developed nations, are anticipated to boost the market growth.
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The global noradrenergic drug market is further classified on the basis of region as follows:
Our in-depth analysis of the global noradrenergic drug market includes the following segments:
By Distribution Channel
Top Featured Companies Dominating the Market
FREQUENTLY ASKED QUESTIONS
The growing prevalence of autism and other mental disorders are estimated to boost the market growth.
The market is anticipated to attain a significant CAGR over the forecast period, i.e., 2022 – 2031.
The North America region is anticipated to provide more business opportunities over the forecast period owing to the increasing cases of autism spectrum disorders in region.
The major players in the market are Eli Lilly and Company, Novartis AG, Bayer AG, Sanofi-aventis Groupe, Abbott Laboratories, Johnson & Johnson Services, Inc., Merck & Co., Inc., Siemens Healthcare GmbH, Pfizer Inc. and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by application, distribution channel, and by region.
The hyperactivity depressant segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities.
Low mental health awareness globally is estimated to hamper the market growth.
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