Epilepsy Market Scope
The epilepsy market size to be worth an impressive USD 9.50 Billion valuation at a CAGR of 8.20% during the forecast period and indicating promising business prospects, says Market Research Future (MRFR).
Major Boosters and Deterrents
Mounting epilepsy cases across the globe has put a huge economic pressure on the healthcare sector. Epilepsy is a neurological condition marked by abrupt changes in the behavior, extreme distress, and notable consciousness. A variety of drugs help offer relief to the patients dealing with these symptoms. Majority of the vendors are striving to introduce drugs and treatments with low to no side-effects, as well as high efficiency in managing the symptoms. In the past couple of decades, the emergence of numerous anti-epilepsy drugs with improved efficacy and performance has gained favor, especially in the pediatric epilepsy space.
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Patent completion/expiration of most of the second-generation epilepsy treatment drugs should bestow business opportunities to the key contenders in the epilepsy market. On top of this, the surge in approvals by the food and drug administration and other regulatory authorities will result in a better market growth, encouraging vendors to invest more on clinical trials. In short, the consequent rise in research & development efforts should be a major growth enhancer for the worldwide epilepsy market in the upcoming years. Majority of the research and development activities is focused on the development of target-specific medicines/drugs related to the neurobiology of epilepsy. The high vulnerability of elderly people to epilepsy has been favorable for the market as well. Additionally, the brain damage causing post-traumatic epilepsy (PTE) as well as post-traumatic seizures (PTS) elevates the need for epilepsy treatment.
The top trends in the global industry includes companies focusing on developing advanced treatments and devices for refractory epilepsy and the rising use of rational polytherapy as well as innovative imaging technology for faster diagnosis. Escalating deployment of cutting-edge digital healthcare tools like telemedicine and mHealth further adds to the epilepsy market worth.
Epilepsy Market Segmental Review
Depending on condition, the epilepsy industry can be divided into epilepsy drug-resistant/intractable epilepsy and more. By the review period’s end, the drug-resistant epilepsy segment can expect to be valued at USD 2.93 billion, thanks to the emergence of rational polytherapy with reduced side-effects.
With respect to diagnosis and treatment, the epilepsy market can be bifurcated into diagnosis as well as treatment. The treatment segment would capture a 7.91 percent growth rate between 2020 and 2027, owing to the availability of lower-priced medications for the treatment of partial epileptic seizures. Additionally, the rise in the approval of drugs by various regulatory authorities should encourage the segment’s growth. Meanwhile, the diagnostic segment will be developing at a rate of 8.76 percent in the evaluation period, resulting from the extensive use of several blood tests and imaging tests for early diagnosis.
The key end-users in the worldwide epilepsy industry include clinics, hospitals, ambulatory surgical centers, diagnostic centers, and more.
Epilepsy Market Regional Insight
The American epilepsy market takes the lead with the highest share of 41 percent. North America has landed the top position in the region, thanks to the robust presence of highly developed healthcare facilities and favorable government policies. Emergence of several research and development programs further bolsters the business value in the region. The number of Epileptic Americans is far higher than those with Parkinson’s disease, cerebral palsy, and multiple sclerosis combined. Therefore, there is a significant need for efficient treatments for epilepsy in the region. Additionally, numerous organizations trying to foster the awareness level among people regarding epilepsym particularly in the United States, helps strengthen the epilepsy market position.
Europe an expect strong gains in the years ahead, thriving at a rate of 8.31% as spending on research and development of effective epilepsy drugs continues to surge. On top of this, the significant burden of epilepsy in the region leads to exponential market demand.
The Asia Pacific epilepsy market is all set to be worth USD 2.04 million during the forecast period, with the cases seeing rapid increase among elderly people in several countries. South Korea, China, and India are the top markets that produce high-quality, novel products, while the soaring medical tourism in these countries further enhances the market size.
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Epilepsy Leading Industry Vendors
Novartis AG (Switzerland), Eisai Co. Ltd. (Japan), Abbott Laboratories (U.S.), UCB SA (Belgium), LivaNova PLC (U.K.), GlaxoSmithKline PLC (U.K.), Pfizer Inc. (U.S.), Johnson & Johnson Services Inc. (U.S.), NeuroPace Inc. (U.S.), GW Pharmaceuticals PLC (U.K.), Medtronic PLC (Ireland) are the important contenders in the epilepsy industry.
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