The size of the Asia-Pacific Neurotherapeutics Market is projected to be growing at an aggressive rate during the forecast period. The Asia-Pacific market is regarded as an emerging market due to strong economic growth in many developing countries such as China, India, Malaysia.
The increasing prevalence of neurological conditions in the elderly and the rapidly growing senior population are key factors accelerating the demand for neurotherapeutics in the APAC region. In addition, mental and behavioral disorders also play a key role; for example, there is an increasing incidence of depression, obsessive-compulsive disorder (OCD), and essential tremors. These are expected further to stimulate the studied market during the forecasted period.
Neurological disorders are generally characterized by a change in the functioning of the nervous system, and their etiology is often difficult to discover; this makes the treatment regimens difficult with drugs and devices, etc. Some of the neurological medicines that play a massive part in the APAC neurotherapeutic drug market include Alzheimer's disease, peripheral nerve disorders, and neurological and brain cancers. In addition, many drugs are also available in the market for the treatment of other neurological conditions such as stroke, dementia, migraine, Huntington's disease, movement disorders, epilepsy, and others. Since monitoring the severe and persistent condition of the aforementioned disorders is difficult for patients due to uncertain biological reactions, several neurotherapeutic drugs are in the clinical trial phase.
Rapidly growing healthcare expenditure with growing awareness is predicted to play a vital role in driving the market growth and demand in the APAC market. In addition, a large number of drugs available, the increased government initiatives, and the rapid technological advancements coupled with continuous research and development are expected to provide significant growth opportunities for the APAC neurotherapeutics market during the forecast period.
However, some side effects associated with surgical procedures and drugs, high costs associated with R&D and treatments are forecasted to hamper the market growth to some extent during the forecast period.
This research report on the APAC neurotherapeutics market has been segmented and sub-segmented into the following categories.
By Distribution channels:
In 2022, the regional market in China held the largest share and is estimated to continue to remain dominant in the years to come in APAC. The growing awareness of drugs and devices, the availability of these devices, and technologically advanced facilities are estimated to continue driving the market revenue growth in this region. The growing group of geriatric patients with Parkinson's disease, Alzheimer’s disease (AD), epilepsy, dystonia, and depression is in countries like India and China. The overall prevalence of AD in China was calculated to be at 0.04. The majority was higher in the older age groups, among women, and in rural areas, increasing in recent years. According to a multicentre cross-sectional study of brain tumors in China, the prevalence of primary brain tumors is approximately 22.54 per 100,000 for all populations, with gliomas accounting for 31.15%.
Other countries such as South Korea, Japan, Australia, and Taiwan are also expected to contribute significantly to the market revenue growth in the APAC region. The development of these regions segment can be attributed to new studies focusing on better results with lesser side-effects and a large population who wants better treatments. Brain tumors are the second most common tumor in children in the APAC region. The overall brain tumor rate in the Republic of Korea was 20.5 per 100,000 person-years in 2018, and the rate in children was 5.18 per 100,000 person-years. Factors such as an increase in the geriatric population and the rapid increase in R&D expenditure are also projected to drive the market's growth during the forecast period. In the upcoming years, a better understanding of the nature of various neurological diseases and an increase in the life expectancy of people are expected to boost the growth of the APAC neurotherapeutics market.
KEY MARKET PLAYERS:
Some of the key players dominating the Asia-pacific Neurotherapeutics Market are Abbott Laboratories, Inc., Becton, Novartis AG, Dickinson and Company, Pfizer, Inc., Johnson & Johnson, Biogen, Inc., GlaxoSmithKline, Inc., AstraZeneca plc, Sanofi-Aventis, Spiegelberg, Stryker, Covidien, Medtronic, GE healthcare, and Merck & Co.
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