According to a latest research study by Fact.MR the global lewy body dementia treatment market is projected to surpass US$ 3,650 Mn in 2019, up from nearly 3,500 Mn in 2018. Broader factors concerning the healthcare industry, especially renewed focus on managing geriatric and mental health issues, are likely to impact growth of lewy body dementia treatment market.
Cholinesterase inhibitors will remain the topselling drugs for treating lewy body dementia, accounting for nearly 60% share in 2018. The demand for cholinesterase inhibitors will be followed by antipsychotic drugs owing to their minimal side effects in management of lewy body dementia.
The study opines that macro-economic factors, including growing geriatric population, increasing per capita healthcare expenditure, and paradigm shift towards a value-based healthcare model will drive market growth. Increasing healthcare spending has the potential to directly impact the need for lewy body dementia diagnostics and treatment solutions, which, in turn, will create growth opportunities for stakeholders in the market.
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As per the study, the funding for research and investments in drugs has increased significantly, owing to the increasing prevalence of mental health issues, especially in elderly population. According to the study, increase in the number of on-going clinical trials will pave way for more effective lewy body dementia treatment over existing options.
The adoption of drug manufacturing processes will lead to enhanced lewy body dementia treatment procedures. Moreover, the growing research and development initiatives in lewy body dementia treatment market will boost the efficiency of the existing lewy body dementia treatment choices, which in turn, will aid stakeholders in appealing to a wider consumer base.
According to the study, the growing healthcare facilities in developing countries, with a high prevalence of lewy body dementia, are creating lucrative growth opportunity for key pharmaceutical companies. Key players in lewy body dementia treatment market are adopting unique strategies, such as capacity expansion, novel product launches, and adoption of innovation-driven products, to increase the sales of their offerings in diverse geographies. Additionally, companies in lewy body dementia treatment market are entering into strategic alliances with other pharmaceutical companies and government bodies for faster development of present pipeline drugs.
North America to Remain Most Lucrative Market for Lewy Body Dementia Treatment
According to the Fact.MR study, North America is likely to account for nearly one-third share of the market. This can be attributed to the rapid shift in demand for lewy body dementia treatment in developed economies, which have progressive healthcare sector and healthy reimbursement scenario for expensive drug cost. Furthermore, the easy accessibility for such treatment due to the presence of concerned healthcare professionals is driving growth in North America lewy body dementia treatment market. The study anticipates East Asia to be the second lucrative market for lewy body dementia treatment, following North America.
As per the study, Brazil and China will remain highly promising markets in terms of upcoming collaborative research in lewy body dementia treatment, mainly in the pharmaceutical industry. The leading stakeholders in lewy body dementia treatment market are focusing on increasing their market share in the Asia Pacific market through strategic mergers and acquisition with regional players and investment groups, finds the study. Whereas, regional market players are building long-term relationships with direct end-users to sustain continuous revenue flow.
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Swedish research-based biopharma company, BioArctic AB, announced that AbbVie has attained the FDA approval of IND application for ABBV-0805 for the treatment of individuals with Parkinson’s disease. The alpha-synuclein-targeting ABBV-0805 is the most advanced treatment in-licensed by AbbVie from BioArctic in December 2018. The antibody has been evaluated as a disease modifying treatment for Parkinson’s disease.
Sumitomo Dainippon Pharma Co., Ltd., a Japan-based pharmaceutical company, has signed a joint research agreement with Aikomi, Ltd. to build medical devices to relieve and prevent behavioral and psychological symptoms of dementia.
Takeda Pharmaceutical Company Limited has announced the completion of acquisition of Shire plc. With this acquisition, Takeda Pharmaceutical has become a global, value-based, research and development driven biopharmaceutical leader headquartered in Japan.
Other players operating in the lewy body dementia treatment market and profiled in the report include BioArctic AB, Sumitomo Dainippon Pharma Co., Ltd., Jazz Pharmaceuticals, Inc., Noven Pharmaceuticals, Inc., Eli Lilly and Company, Novartis AG, Pfizer Inc., Bayer AG, Mylan NV, Sanofi AG, Teva Pharmaceuticals, GlaxoSmithKline, Eisai Co., Ltd., Takeda Pharmaceutical Company Ltd., Allergan Plc., Janssen Pharmaceuticals, Inc., Bausch Health Companies Inc., and Mallinckrodt Pharmacauticals.