Neurotherapeutics Market

Neurotherapeutics Market Size (2023 to 2028)

The size of the global neurotherapeutics market is estimated to grow at a healthy rate from 2023 to 2028.

Neurologic disorders are defined as a change in the function of a nervous system. These are mainly caused due to structural changes in the activity of the spinal cord, brain, and other nerves. These disorders are classified into three type’s namely Central nervous system disorders, Peripheral nervous system disorders, and Autonomous nervous system disorders. These disorders involve progressive deterioration in mental and physical capabilities, disrupting the patient and the patient’s family. Genetic disorders, brain injury, infections, congenital health problems, and other traumas cause a change in brain activity, leading to various diseases such as Parkinson’s, neurological cancers, Alzheimer’s, Huntington’s disease, epilepsy, etc. So, Neurotherapeutics is used for the treatment of traumas causing diseases. Some of the neurotherapeutic products in the development phase include MEM 3454, NS2330, 189254, MKC-231, IL-13-PE38, 737004, SLV308, CEP 1347, KW-6002, MT 100, MT 300, Phosiphen, and BIBN4096 BS.

MARKET DRIVERS:

The growing incidence of neurological disorders and the rising aging population worldwide majorly propel the global neurotherapeutics market growth.

Technological advancements are another significant factor favoring market growth. For Instance, in June 2015, the U.S Food and Administration approved St. Jude Medical's Brio Neurostimulation System, a DBS system, to limit the symptoms of Parkinson's disease. The major factors driving the growth of the neurotherapeutics market are a rise in the geriatric population, increasing R&D expenditure, increasing Health care expenditures, and a better understanding of the nature of neurologic diseases.  An increasing number of the aged population are more susceptible to brain disorders. Therefore, the rise in the aging population and life expectancy of the people will increase the global neurotherapeutics market. The introduction of novel and innovative devices is expected to support the global neurotherapeutics market growth during the forecast period. Growing R&D activities to figure out better neurotherapeutic treatment options are expected to fuel the market's growth rate. As per World Health Organization, in 2020, around 14.1% of the population suffered from various neuro-related disorders, and neurological disorders contribute to 6.3% of the global disease stress and cause death worldwide.

MARKET RESTRAINTS:

The factors challenging the market's growth are restrictions by regulatory bodies, lack of proper reimbursement policy, and lack of awareness in some developing countries.

REPORT COVERAGE:

This research report on the global neurotherapeutics market has been segmented and sub-segmented into the following categories.

Neurotherapeutics Market - By Treatment:

• Neurologic drugs
  • Oral administration
  • Injections
• Neurologic devices
  • Electroconvulsive Therapy (ECT)
  • Vagus Nerve Stimulation (VNS)
  • Transcranial magnetic stimulation
  • Deep Brain Stimulator

Based on the treatment, the deep brain stimulator segment is expected to lead the global neurotherapeutics market. These devices send signals to various areas of the brain that are responsible for the body's moments. The rising incidences of neurological conditions like Alzheimer's and Parkinson's diseases are significant factors favoring the market.

Neurotherapeutics Market - By Disorders:

• Central Nervous System (CNS) Disorders
• Peripheral Nervous System (PNS) Disorders
• Autonomous Nervous System (ANS) Disorders

Based on the disorders, the central nervous system disorders segment is the largest and most dominating segment. The growing awareness in people regarding CNS disorders, the availability of proper healthcare infrastructure, and favorable reimbursement policies are expected to support the growth.

The peripheral nervous system disorders segment is another lucrative segment and is forecasted to account substantial share during the forecast period. The rising awareness in people regarding various neurological conditions and the increasing government measures favor market growth. 

Neurotherapeutics Market - By Distribution Channels:

• Hospitals
• Neurotherapeutic center
• Clinical research organizations
• Clinics

Based on the distribution channels, the segment of hospitals is expected to account for most of the market during the forecast period. The burgeoning number of deep brain stimulator surgeries implemented in the hospitals and technological advancements in devices with acceptable reimbursement policies are expected to accelerate the neurotherapeutics market growth during the forecast period.

Neurotherapeutics Market – By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• The Middle East and Africa

Geographically, the North American region has the highest share in the market, followed by Europe and Asia-Pacific due to top market players' presence and major technological advancements. Asia-Pacific is an emerging market because many countries in this region are on the brink of strong economic growth (healthcare infrastructure, health facility up-gradation, and product expansion). These countries include Japan, China, India, Malaysia, and Australia.

KEY MARKET PARTICIPANTS:

Some of the notable companies operating in the global neurotherapeutics market profiled in the report are Abbott Laboratories, Inc., Becton Dickinson, And Company, Novartis AG, Pfizer, Inc., Johnson & Johnson, Biogen, Inc., GlaxoSmithKline, Inc., AstraZeneca Plc, Sanofi-Aventis, Spiegelberg, Stryker, Covidien, Medtronic, GE Healthcare and Merck & Co.

RECENT MARKET HAPPENINGS :

• In September 2018, a San Francisco-based neurotherapeutics company, System1, announced the completion of 25 million USD in Series A Funding.
• In February 2019, the China National Medical Products Association approved Biogen’s SPINRAZA to treat spinal muscular atrophy (SMA). This action of Biogen is expected to strengthen its presence in China.
• In January 2020, Abbott announced its U.S. Food and Drug Administration approval for the new Deep Brain Stimulation system aiding the brain area called the internal globus pallidus (GPi). The GPI functions along with the DBS in developing the symptoms of Parkinson's disease and is not controlled by medication.