Neurological Disease Treatment Market Outlook
According to the report by Expert Market Research (EMR), the global neurological disease treatment market price, is projected to grow at a CAGR of 5.7% between 2023 and 2028. Aided by the escalating prevalence of neurological diseases and the increasing investment in research and development, the market is expected to grow significantly by 2028.
Neurological disease treatments involve a wide spectrum of medical therapies designed to manage and alleviate symptoms of various neurological disorders such as Alzheimer’s disease, Parkinson’s disease, multiple sclerosis, epilepsy, and stroke, among others. The treatment modalities include drug therapy, surgical intervention, physical therapy, and lifestyle changes, depending on the type and severity of the condition.
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One of the prime factors driving the global neurological disease treatment market growth is the growing prevalence of neurological disorders worldwide. Aging populations, lifestyle changes, genetic factors, and increased exposure to neurotoxins have led to a rise in cases of neurological diseases, thereby intensifying the demand for effective treatments.
In tandem with the growing prevalence, the heightened awareness of neurological diseases is also propelling the market growth. Numerous awareness campaigns by government bodies and healthcare organisations have enlightened the public about the severity of these diseases and the available treatment options. This increased awareness is encouraging early diagnosis and timely treatment, consequently driving the market growth.
Further bolstering the neurological disease treatment market expansion is the escalating investment in research and development of novel treatment approaches. The quest for innovative therapies, coupled with the pressing need to address the unmet medical needs in neurological disease management, has fuelled significant scientific efforts and financial investment in this area. Advancements in genetic therapies, neuro-regeneration, and personalised medicine, and the development of novel drugs and devices, are key outcomes of these efforts, adding impetus to the market expansion.
The neurological disease treatment market is also getting a substantial boost from technological innovations in diagnostic and therapeutic equipment. Emerging technologies such as artificial intelligence (AI), machine learning, and advanced imaging are revolutionising neurological diagnostics, enabling early and precise detection of neurological abnormalities. Similarly, advancements in neurosurgical devices and techniques, such as minimally invasive surgery and deep brain stimulation, are enhancing treatment outcomes.
The growth trajectory of the neurological disease treatment market is further influenced by the expanding healthcare infrastructure and the increasing healthcare spending globally. Governments and healthcare organisations are focusing on strengthening neurological care services, providing better accessibility to treatments, and ensuring affordability, especially in low and middle-income countries. These initiatives are instrumental in expanding the reach of neurological disease treatments, thus fostering the neurological disease treatment market development.
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Neurological Disease Treatment Market Segmentation
The market can be divided based on drug type, disease type, route of administration, end use, and region.
Market Breakup by Drug Type
- Cholinesterase Inhibitors
- NMDA Receptor Antagonists
Market Breakup by Disease Type
- Alzheimer’s Disease
- Cerebrovascular Disease
- Parkinson’s Disease
- Multiple Sclerosis
Market Breakup by Route of Administration
Market Breakup by End Use
- Speciality Clinics
Market Breakup by Region
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global neurological disease treatment companies. Some of the major key players explored in the report by Expert Market Research are as follows:
- AbbVie Inc.
- Abbott Laboratories
- Merck & Co., Inc.
- Hoffmann-La Roche Ltd
- Gilead Sciences, Inc.
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