The size of the Middle East and Africa Alzheimer’s Disease Therapeutics and Diagnostics Market was worth USD 776.22 Million in 2022 and estimated to be growing at a CAGR of 4.19%, to reach USD 953.04 Million by 2027.
The growing geriatric population, increasing neuro-degenerative diseases, and emerging technologies for disease diagnosis and treatment collectively drive the market's growth in the MEA region. According to data from the World aging population report 2019, the number of people aged 65 and over in South Africa was 3.171 million in 2019. This number is analyzed to reach 7.92 billion by 2050. Hence, the demand for Alzheimer's disease therapeutics and diagnostics are analyzed to skyrocket in the coming years.
According to a detailed study published in 2020, significant improvements have been seen in hospitals regarding diagnosing and treating dementia and AD in Uganda. Development in research and development (R&D) for better early diagnostics and drugs with minimal drugs side effects will positively impact the market growth. For example, a group of researchers from Ben Gurion University in Israel developed a new technique to diagnose blood vessel pathology in the brain, which leads to neurodegenerative diseases such as Alzheimer's disease.
One of the significant trends observed in this market is the collaboration between existing players. Specifically, diagnostic technology companies focus on creating innovative and effective biomarker technologies to support and improve the drug development process for potential drug candidates and reduce clinical trials, which is analyzed to provide growth opportunities for the MEA Alzheimer’s disease therapeutics diagnostics market in the years to come.
However, the studied market is estimated to be restrained by various factors such as drug failure at the end stages of AD, strict government regulations for drug development and commercialization. Moreover, the lack of availability of bio-markers, inadequate reimbursement policies, lack of awareness, and poor healthcare infrastructure are forecasted to hamper the market growth during the forecasted period.
This research report on the MEA Alzheimer's disease therapeutics and diagnostics market has been segmented and sub-segmented into the following categories.
Geographically, the Saudi Arabian regional market is expected to dominate the MEA market during the forecast period and can be attributed to the primarily growing population, presence of advanced healthcare facilities, and ample reimbursement scenarios. According to the World Population Aging 2019 report, nearly 1.169 million people in Saudi Arabia belonged to 65 and over in 2019. This number is analyzed to increase to 2.379 million by 2030. Furthermore, in 2022, Bupa Arabia for Cooperative Insurance introduced new health insurance specifically for elderly patients, covering AD diagnosis and treatment; these are analyzed to impact the market's growth positively.
Meanwhile, the United Arab Emirates and Turkey are estimated to grow at a lucrative CAGR during the forecast period due to improving medical facilities, increasing awareness about the disease, and supportive government activities. For example, in 2020, the Ministry of Health and Prevention in Dubai organized several activities on the occasion of World Alzheimer's Day to raise awareness of the importance of early diagnosis and treatment of the disease. In Turkey, the establishment of AD awareness organizations focuses on raising awareness to provide better treatment and care for patients.
KEY MARKET PLAYERS:
Companies playing a significant role in the MEA Alzheimer’s Disease Therapeutics and Diagnostics market in this region 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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