Wilmington, New Castle, Delaware, Feb. 23, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Central Nervous System (CNS) Therapeutics Market by Disease Type (Neurovascular Diseases, CNS Trauma, Mental Health, Neurodegenerative Diseases, Infectious Diseases, Cancer, and Others): Global Opportunity Analysis and Industry Forecast, 2024-2033". According to the report, the global CNS Therapeutics industry generated $114.14 billion in 2023, and is anticipated to generate $199.1 billion by 2033, witnessing a CAGR of 5.7% from 2024 to 2033.
Prime Determinants of Growth
The central nervous system (CNS) therapeutics market is expected to witness notable growth owing to rise in prevalence of the neurological conditions, rise in awareness and diagnosis of CNS disorders and surge in research and development by key players. Moreover, technological advancements in drug delivery are expected to provide lucrative opportunity for the growth of the market during the forecast period. On the contrary, the high cost of central nervous system (CNS) therapeutics limits the growth of the central nervous system (CNS) therapeutics market.
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Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2024–2033 |
| Base Year | 2023 |
| Market Size In 2022 | $114.14 Billion |
| Market Size In 2032 | $199.1 Billion |
| CAGR | 5.70% |
| No. Of Pages In Report | 246 |
| Segments Covered | Disease Type, And Region. |
| Drivers | Rise In Prevalence of Neurological Conditions |
| Rise In Awareness and Diagnosis of CNS Disorders | |
| Surge In Research and Development by Key Players | |
| Opportunity | Technological Advancements in Drug Delivery |
| Restraint | High Cost of Central Nervous System (CNS) Therapeutics |
Recession Impact
- During economic downturns, there is a heightened focus on cost containment and efficient resource allocation. Recessions often result in budget cuts, impacting research funding from both public and private sectors.
- Moreover, it hampers investments in central nervous system therapeutics development, slowing down innovation and the introduction of advanced central nervous system therapeutics.
- However, despite budget constraints, the significance of healthcare research remains pivotal, especially during challenging times. Diseases and health concerns persist regardless of economic conditions, potentially leading to sustained demand for central nervous system therapeutics for medication packaging in the pharmaceutical sector.
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The neurodegenerative diseases segment to maintain its leadership status throughout the forecast period
Based on disease type, the neurodegenerative diseases segment held the largest market share in 2023, accounting for nearly two-fifths of the global central nervous system (CNS) therapeutics market revenue and is estimated to maintain its leadership status throughout the forecast period. This is attributed to a surge in prevalence of neurodegenerative disorders globally. Neurodegenerative disorders, such as Alzheimer's disease, Parkinson’s disease, multiple sclerosis, Huntington's disease, Amyotrophic lateral sclerosis, have seen a rise in prevalence globally. The surge in the number of individuals suffering from neurodegenerative conditions resulted in increased demand for central nervous system therapeutics. Furthermore, the rise in geriatric population globally is expected to significantly contribute to the growth of the central nervous system (CNS) therapeutics market.
However, CNS cancer segment is projected to manifest the highest CAGR of 9.8% from 2024 to 2033. This is attributed to the rising prevalence of CNS cancer worldwide.
North America to maintain its dominance by 2033
Based on region, North America held the largest market share in terms of revenue in 2023, accounting for nearly half of the global central nervous system (CNS) therapeutics market revenue and is likely to dominate the market during the forecast period.
This is attributed to the strong presence of major key players such as Biogen Inc, Johnson and Johnson, Eli Lilly, and Company Inc. and Viatris Inc. In addition, the well-developed healthcare infrastructure and rise in prevalence of clinical depression and anxiety is expected to drive the growth of the central nervous system (CNS) therapeutics market in North America region.
However, Asia-Pacific is expected to witness the highest CAGR during the forecast period owing to rise in geriatric population and improving healthcare infrastructure. Furthermore, the large patient base in the Asia-Pacific region is expected to contribute significantly to the growth of the central nervous system (CNS) therapeutics market in Asia-Pacific region.
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Leading Market Players:
- Johnson and Johnson
- Eli Lilly and Company
- Merck and Co Inc.
- Novartis AG
- Teva Pharmaceutical Industries Ltd.
- F. Hoffmann-La Roche AG
- Takeda Pharmaceutical Company Ltd.
- Viatris Inc.
- UCB Pharma
- Biogen, Inc.
The report provides a detailed analysis of these key players in the global central nervous system (CNS) therapeutics market. These players have adopted strategies such as product launch, product approval, acquisition, agreement, and partnership to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
About Allied Market Research:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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