Alzheimer’s Disease Diagnostic Market – Global Industry Size, Trends and COVID-19 Impact Analysis (2022 to 2028)
There has been an exponential rise in the number of cases of Alzheimer’s disease worldwide emphasizing the necessity for developing an effective treatment. According to Alzheimer’s Association, in 2016, an estimated 5.4 million Americans of all ages have Alzheimer's disease. One in nine people aged 65 and above has Alzheimer's disease. By 2050, the number of people aged 65 and above affected with Alzheimer's disease is expected to nearly triple, from 5.2 million to an expected 13.8 million, excluding the development of medical advances to avert or cure the disease. Similarly, according to alzheimer’s disease International in 2015, there are an estimated 46.8 million people worldwide living with dementia and is further expected to grow in future. Thus, there is an increasing in the demand for Alzheimer’s diagnostics worldwide.
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ALZHEIMER’S DISEASE DIAGNOSTIC MARKET OUTLOOK
High incidences of neurodegenerative diseases and advancement in technology in alzheimer’s diagnostic are some of the major factors driving the alzheimer’s diagnostic market. Furthermore, the increasing sophisticated diagnostics for early detection is also the one of the factor driving the alzheimer’s diagnostic market. However, high cost of diagnostic equipment’s is one of the major factors hampering growth of the alzheimer’s diagnostic market globally.
ALZHEIMER’S DISEASE DIAGNOSTIC MARKET REGIONAL TRENDS
Geographically, the market is segmented into Asia-Pacific, North America, Europe and RoW. The North America accounted for the largest market in global alzheimer’s diagnostic market in 2019. Stringent government rules for the reimbursement process and inadequate financial conditions of the patients for the treatment are affecting the growth of alzheimer's diagnostics market in the United States and Canada. Furthermore, the Asia Pacific alzheimer’s diagnostic market is anticipated to grow at a fastest growth rate during the forecast period. The primary driver of the alzheimer's diagnostics market in China is the burgeoning rise in the population of the country, which is thereby increasing the aging population.
ALZHEIMER’S DISEASE DIAGNOSTIC MARKET SEGMENTAL HIGHLIGHTS
The types studied in the global alzheimer’s diagnostic market are early-onset alzheimer's, late-onset alzheimer's and familial alzheimer's disease. Furthermore, the early onset alzheimer's segment accounted for the largest market in 2019. According to the Alzheimer’s disease facts and figures, it is estimated that in every 33 seconds, a new case of Alzheimer's disease occurs, leading to high prevalence of the disease, of almost 35 million patients, around the world. The development of clinical diagnostics for Alzheimer's disease and other neurodegenerative conditions is becoming very important
The global Alzheimer’s diagnostic’s market by diagnostics test is classified into brain imaging, cerebral spinal fluid (CSF) test and others. Of all these segments, brain imaging held the largest share of the Alzheimer’ diagnostics market. A wide range of imaging techniques commercially available provides sensitivity to visualization of brain structure and function from the level of individual molecules to whole brain
Alzheimer’s Diagnostic, by end users is categorised into hospitals, diagnostic centers, clinics and others etc. Increasing number of emergency admissions in hospitals and the growing number of surgeries performed each year has contributed to the market share. Moreover, hospitals serves various effective tools of accurate diagnosis pre-operative and post-operative to determine the effectiveness of the treatment is also one of the factor propelling the hospital segment in global alzheimer’s diagnostic market
ALZHEIMER’S DISEASE DIAGNOSTIC MARKET KEY PLAYERS
The key companies in the alzheimer’s diagnostic market are Axon Neuroscience, Koninklijke Philips N.V., TauRx, Siemens AG, F. Hoffmann La Roche AG, GE Healthcare, navidea biopharmaceuticals, Treventis Corporation, Eli Lilly, Cognition Therapeutics Inc. and Neuro-Bio Ltd (UK). Foremost companies have invested huge capital in mergers & acquisitions and research & development activities to develop advanced products in the market.
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ALZHEIMER’S DISEASE DIAGNOSTIC MARKET DEVELOPMENT
March 2020: GE Healthcare completed the transfer of ownership of its four diagnostic imaging agents in Japan from Daiichi Sankyo Company, Limited. Effective immediately, the four imaging agents, previously managed by Daiichi Sankyo, will be owned and managed by GE Healthcare Pharma Limited, which will now be responsible for all aspects of their commercialization for Japanese hospitals and clinics.
March 2018: Philips introduces new Ingenia Elition MRI solution. The latest solution is designed to offer high-quality patient-centric images with up to 50% faster exam process for enhanced patient experience and improved care. Ingenia Elition features the new patient sensing technology and SmartExam analytics powered by artificial intelligence (AI) to automate planning, scanning and processing of MR exams for optimised workflow.
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