The Global Alzheimer’s Disease Diagnostic Market is growing at a sound pace; mainly due to the increasing prevalence of the disease making it one of the major drivers for the market. According to a recent study report published by the Market Research Future, the global Alzheimer’s disease diagnostic market is booming and expected to gain prominence over the forecast period. The market will demonstrate a spectacular growth by 2022, surpassing its previous growth records in terms of value with a sound CAGR during the anticipated period (2017 – 2022).
The major drivers will be the increasing per capita healthcare expenditure and growing geriatric population. With it the market for diagnostic test, including diagnostic molecules and assays will contribute significantly to the health and wellbeing of the patients.
In 2017, according to the Alzheimer’s Association, 5.5 million Americans lives with Alzheimer’s dementia, and estimated 5.3 million are at 65 years old or above. Moreover, according to the National Institute of Health, the global geriatric population is expected to reach 1.6 billion by 2050 from 617 million in 2016. From the illustrated facts it is clear that the market will grow significantly in the presence of the need of diagnostics.
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The Global Alzheimer’s Disease Diagnostic Market for this is expected to reach USD 12 billion by the end of the forecasted period growing at a CAGR of 10%.
Key Players for Global Alzheimer’s disease Diagnostic Market
Some of the key players in this market are:
- Eli Lilly and Company (UK),
- TauRx (Republic of Singapore),
- Alector LLC (US),
- Accera, Inc. (US),
- Treventis Corporation (US),
- Neuro-Bio Ltd (UK),
- Cognition Therapeutics Inc. (US) and others.
Characterized by the presence of several well-established and small players, the global market of Alzheimer’s disease diagnostic appears to be highly competitive and fragmented. International players are increasingly expanding their footprint in the developing economy, making it difficult for regional vendors to compete with them, especially in terms of features such as product differentiation, product portfolios, quality, and pricing. The market is witnessing intensified competition which is expected to get more intensified further during the forecast period. The intense competition prevalent in the market dictates the consolidation among players.
Well established players followed acquisition, collaboration, partnership, expansion, and product launch in order to gain competitive advantage in this market and to maintain their market position.
Eli Lilly and Company is one of the major players in the global Alzheimer’s disease diagnostic market. The total revenue generated by the company in 2016 was reported to be approximately around 21.2 billion. Followed by such huge revenue the company invested 24.7% of its revenue on the research and development. Following such a trends from the past few years, Eli Lilly and Company became a global leader in the fight against Alzheimer’s disease and it is leading the market since last 30 years. Today, Eli Lilly and Company has molecules to treat and diagnose Alzheimer’s disease in various stages of clinical development, including seven investigational compounds to treat Alzheimer’s disease and two diagnostics to help better diagnose the disease condition. To enhance the product development and commercialization the company in Jan. 27, 2016 announced an arrangement to partner with Roche Diagnostics on its ongoing development of a commercially scalable cerebrospinal fluid assay for amyloid-beta 1-42.
The global market is led by the Americas. Rising per capita healthcare expenditures, presence of global players like CogRx and Accera, Inc. along with a huge patient population drives the market growth within the region. In 2015, according to the Centres for Disease Control and Prevention, in the U.S. the total healthcare expenditure accounted for 17.8% of the total gross domestic product (GDP), which accounted for USD 3.2 trillion. Europe is the second largest market. Huge patient population, increasing government support the R&D fuels the market growth within the region. According to the Alzheimer’s Society, the number of the patients suffering from dementia in the U.K is expected to reach over one million by 2025. Asia Pacific region consists of the developing economies like India & China making it to be the fastest growing region. The Middle East & Africa region holds the least share, especially due to the African region. The Middle East region holds the market of this region due to huge healthcare expenditures.
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