The global Dementia Management Market is expected to garner a market value of US$ 35 Million in 2023 and is expected to accumulate a market value of US$ 75.56 Million by registering a CAGR of 8% in the forecast period 2023 to 2033. The market for Dementia Management registered a CAGR of 5% in the historical period 2018 to 2022.
According to the World Health Organization, in September 2022, around 55 million individuals worldwide had dementia, with more than 60% residing in low- and middle-income countries. As the proportion of the population over the age of 65 years rises in practically every country, this figure is predicted to climb to 78 million in 2030 and 139 million in 2050. Thus, the growing prevalence of dementia worldwide is expected to boost the market’s growth.
The increasing prevalence of dementia and efforts by researchers to find a cure and improve brain health are also fueling market growth. The market players are optimistic about the demand for dementia care products, backed by the growing emphasis on their usage.
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North America is anticipated to acquire a market share of about 40% in the forecast period. This growth is attributable to the rising prevalence of the condition in the region. Furthermore, government initiatives and an increase in the number of research partnerships are boosting market growth across North America. Europe is the second largest market for dementia care products, driven by its aging population and high disposable income. Asia Pacific is a growing market due to a shift towards point-of-care healthcare. The increasing number of hospitals in India and China presents a promising market opportunity globally.
Key Takeaways from the Market Study
- From 2018 to 2022, the Dementia Management market grew at a CAGR of 5%.
- The global Dementia Management market is expected to grow with a 8% CAGR during 2023 to 2033.
- As of 2033, the Dementia Management Market is expected to reach US$ 75.56 Million
- According to the FMI analysis, Alzheimer accounts for the largest market share.
- North America is expected to possess 40% market share for the Dementia Management market.
- The Asia Pacific market is predicted to increase significantly throughout the forecast period, with a share of 25% during the forecast period.
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“A series of international level collaborations involving healthcare stakeholders across various institutional settings are fueling further clinical trials and research studies dedicated to discovering Dementia Management.” says an FMI analyst
Market Competition
Key players in the Dementia Management Market are Pfizer, Inc., Novartis AG, and Eli Lilly and Company, as well as healthcare providers and technology companies such as Teva Pharmaceutical Industries Ltd., GE Healthcare, and BrainScope among other global players.
- In April 2022, NovaMedica developed and registered an innovative combination of Donepezil and Memantine molecules, the primary therapies for dementia associated with Alzheimer’s disease. The drug is registered under the name MIOREOL. This is one of the combinations in the Russian market and the markets of the Eurasian Economic Union members and Europe.
- In March 2022, Corium, Inc. received United States FDA approval for ADLARITY (donepezil transdermal system) as a treatment for patients with mild, moderate, or severe dementia of Alzheimer’s type.
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Key Segments Profiled in the Dementia Management Industry Survey
Type:
- Alzheimer’s Disease Dementia
- Vascular Dementia
- Dementia With Lewy Bodies (Dlb)
- Parkinson’s Disease Dementia
- Frontotemporal Dementia
Drug Class:
- MAO Inhibitors
- Glutamate Inhibitors
- Cholinesterase Inhibitors
Therapy:
- Cognitive Stimulation Therapy
- Cognitive Behavioural Therapy
Route of Administration:
- Oral
- Parental
Distribution Channel:
- Online Pharmacies
- Retail Pharmacies
- Hospital Pharmacies
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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