The “Global Epilepsy Market” size is poised to reach the valuation of USD 9,509.2 million by 2023, as per the latest report by Market Research Future (MRFR). The market can expand at 8.20% CAGR over the forecast period (2018-2023).
Epilepsy Market Overview:
The market is driven by the spurt witnessed in epilepsy cases. According to the World Health Organization (WHO) report on epilepsy in 2017, nearly 50 million were diagnosed with the disorder. The geriatric populace diagnosed with the same can significantly drive the market growth.
According to the Brain Injury Association of Michigan, brain injury is one of the main causes noticed in 40% cases of epilepsy. Rise in number of road accidents in developed economies can support the fact. Rise in partial epilepsy seizures resulting from brain injuries is another market driver. The spike in neurological disorders such as depression and Parkinson’s is predicted to fuel the epilepsy market growth. According to the National Center for Biotechnology Information, the number of cases of Alzheimer’s among the elderly in 2017 was recorded at 80% and it can increase exponentially.
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The influx of capital by research institutes to expedite the development of drugs for the treatment of seizures caused by epilepsy is likely to bolster the market demand. According to the National Institute of Neurological Disorders and Stroke, nearly USD 152 million was dedicated to epilepsy research in 2019.
Key players in the epilepsy market include,
- Eisai Co. Ltd.
- Novartis AG
- Pfizer Inc.
- GW Pharmaceuticals PLC
- Abbott Laboratories
- UCB SA
- LivaNova PLC
- Medtronic PLC
- Johnson & Johnson Services Inc.
- GlaxoSmithKline PLC
- and NeuroPace Inc.
Epilepsy Market Segmentation Analysis:
The global epilepsy market is segmented By Condition, Diagnosis & Treatment, and End-User.
By condition, the ‘others’ segment accounted for 70.5% market share in 2017. It is touted to reach a worth close to USD 6,571.40 million by 2023. On the other hand, the drug resistant epilepsy segment is projected to reach a valuation of USD 2,937.80 million by the end of the forecast period. Emergence of rational polytherapy for treating the disorder with negligible side-effects is likely to accrue significant revenue for the epilepsy market.
By diagnosis & treatment, the treatment segment held 66.2% share of the epilepsy market in 2017. The segment can exhibit 7.91% CAGR during the forecast period due to availability of affordable drugs for treating partial epileptic seizures. In addition, approval of effective drugs by regulatory agencies can facilitate growth in the segment. It is expected to be worth USD 6,198.63 million by 2023. On the other hand, the diagnosis segment is predicted to enjoy 8.76% CAGR over the assessment period. Utilization of various imaging tests and blood tests for early discernment of the disorder is expected to drive the segment growth exponentially. For instance, CT scans are used for revealing abnormalities in the brain which can catch the probability of epilepsy at an early stage.
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By end-user, hospitals were the largest segment of the market with a valuation of USD 1,739.22 million in 2017. It is projected to exhibit a stellar 8.29% CAGR over the forecast period. On the other hand, clinics can showcase higher CAGR of 8.93% during the assessment period owing to clinics being a preferred center for diagnosis and treatment. In addition, adoption of latest equipment by doctors to provide excellent patient care can spur the growth of the segment.
Epilepsy Market Regional Analysis:
Region-wise, the epilepsy market is segmented into Americas, Europe, Asia Pacific (APAC), and the Middle East and Africa (MEA). Among them, the Americas accounted for 41% share in 2017, followed by Europe, APAC, and MEA.
Europe is expected to exhibit 8.31% CAGR over the forecast period. Increased investment in research and development of effective drugs to treat epilepsy coupled with high incidence of the disorder are factors projected to drive regional market growth exponentially.
APAC epilepsy market is set to touch a valuation of USD 2,046.57 million by 2023 due to high incidence of the disorder registered in the region. In addition, countries of India, South Korea, and China emerging as viable destinations for testing and development of novel drugs can spur market demand over the forecast period.
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