Dementia Drugs Market Predicted to Reach USD 19.7 Billion, Globally, by 2031 at 8.5% CAGR: Says Allied Market Research
PORTLAND, Ore., Dec. 11, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Dementia Drugs Market by Indication (Lewy Body Dementia, Parkinsons Disease Dementia, Alzheimers Disease, Vascular Dementia, Other Indications), by Drug Class (Cholinesterase Inhibitors, NMDA Antagonists and its Combination Drugs), by Distribution Channel (Retail Pharmacies, Hospital Pharmacies, Online Pharmacies): Global Opportunity Analysis and Industry Forecast, 2021-2031". According to the report, the global dementia drugs industry generated $8.7 billion in 2021, and is anticipated to generate $19.7 billion by 2031, witnessing a CAGR of 8.5% from 2022 to 2031.
- However, strict government regulations related to product approval and high cost linked to R&D activity restrain the growth of dementia drugs industry.
- Conversely, accelerated technological advancement in drug discovery techniques and high investment for drug development by the government are expected to offer lucrative opportunity for the dementia drugs market in future.
- The outbreak of the Covid-19 pandemic had a positive impact on the global dementia drugs market, as it was reported that the pandemic caused a significant rise in the number of dementia patients.
- Thus, increase in COVID-19 infection in patients with Alzheimer's disease increased the demand for dementia drugs during the pandemic.