Latin America AD Therapeutics and Diagnostics Market Size (2022 to 2027)
The Latin America Alzheimer’s Disease Therapeutics and Diagnostics Market was worth USD 1451.58 Million in 2022 and is estimated to be growing at a CAGR of 4.43%, to reach USD 1802.88 Million by 2027.
The aging of the population in the region is a significant factor in developing the market for therapeutics and diagnosis of Alzheimer's disease. The increase in life expectancy contributes to a rapid rise in the number of older people and is associated with a higher prevalence of chronic diseases such as dementia.
The key factor in the growth of the Latin America Alzheimer's disease diagnostics and therapeutics market is the high prevalence of Alzheimer's disease, which underlines the need to develop an effective treatment for Alzheimer's disease. In addition, Alzheimer's disease is the leading cause of dementia in older people, which is an integral part of the aging process. Consequently, the increase in the geriatric population is a significant driver of the Latin American market for therapeutics and diagnosis of Alzheimer's disease.
According to the Alzheimer's Organization, despite the fact that Alzheimer's disease affects a considerable number of people, a large part of the population still lacks knowledge about the disease. According to the World Alzheimer's Report, in 2019, around 52 million people worldwide will have Alzheimer's disease and related dementias. This number is expected to reach 155 million by 2050, so raising awareness is essential. The younger onset of Alzheimer's disease affecting people under 65 and a lack of public awareness are the main reasons for minimal public sympathy and insufficient related resources to enable effective diagnosis and treatment of the disease.
One of the significant trends observed in this market is the collaboration of existing players. Specifically, diagnostic technology companies are carefully trying to generate effective biomarker technologies to support and improve the drug development process for potential drug candidates, which is expected to drive demand.
However, the diagnosis of Alzheimer's disease comes with a stigma and social isolation, which is hampering in choosing an effective and timely diagnosis and treatment, leading to late-stage drug failure. Additionally, other factors such as strict government regulations and stringent regulations for the development and commercialization of drugs limit the market's growth. The lack of knowledge about new therapies used to treat Alzheimer's disease poses a significant growth challenge for the Latin American Alzheimer's disease diagnostics and therapeutics market over the prognostic period. In addition, the lack of availability of surrogate markers also challenges the market.
This research report on the Latin American Alzheimer’s disease therapeutics and diagnostics market has been segmented and sub-segmented into the following categories.
Latin America is projected to account for a moderate share in the Alzheimer’s disease therapeutics and diagnostics market during the forecast period. Improving healthcare infrastructure, supportive government policies for market development, and increasing the senior population propels the market growth. The emerging countries in the region, such as Brazil and Mexico, are expanding the Latin America regional market growth. Developing countries are offering lucrative opportunities for this market. According to Alzheimer's disease International in 2017, 59% of people with dementia live in developing economies, but by 2050 that number will increase to 65%, thus advocating the growth potential for the market.
Brazil has proven to be the largest market for Latin America Alzheimer's disease therapeutics and diagnosis due to the increasing prevalence of Alzheimer's disease with the growing population aging and technological advancements in the region. Furthermore, with the rising aging population in the developing Latin American region, this market is expected to grow at the maximum rate during the forecast period.
KEY MARKET PLAYERS:
Companies playing a vital role in the Latin American Alzheimer’s Disease Therapeutics and Diagnostics market profiled in this report are Abbvie Inc., Pfizer Inc., AC Immune SA, Eisai Co Ltd., Allergan PLC, Novartis AG, Amarantus Bioscience Holdings, H. Lundbeck A/S, Anavex LifeSciences, Avid Radiopharmaceuticals, Forest Laboratories Inc., Axon Neuroscience, Daiichi Sankyo Co, TauRx Therapeutics Ltd, Eli Lilly, F. Hoffmann La Roche AG, Johnson & Johnson, GE Healthcare and Janssen Pharmaceuticals.
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