Alzheimer’s Disease Diagnostic Market Overview
Global Alzheimer’s disease diagnostic market is witnessing a constant rise, mainly due to the rising prevalence of the condition called Alzheimer’s disease (dementia). The growing occurrences of neurological diseases & disorders related to memory & thinking that could lead to dementia are significant, which in turn is driving the Alzheimer’s disease therapeutics and diagnostics market.
Moreover, dementia-like symptoms that are led by drug interactions, depression, certain vitamin deficiencies, thyroid problems, and excess use of alcohol are increasing the Alzheimer’s disease therapeutics and diagnostics market size. Additionally, growing geriatric populaces, rising efforts, and investments in R&D activities, and the emergence of new diagnosing techniques are some of the key factors defining the growth landscape of the market.
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global Alzheimer’s disease diagnostic market is projected to reach a valuation of approximately USD 12 BN by 2022. In its recently published Alzheimer’s market analysis, MRFR also states that the market would register around 10% CAGR throughout the review period (2016 – 2022).
Moreover, factors such as spreading awareness towards the availability and advantages of new diagnostic techniques are propelling the growth of the market, States MRFR in its Alzheimer’s disease market forecast. Scientists are exploring new diagnostic procedures to determine the condition more accurately and further help to start the treatment earlier. The ultimate goal is to discover a valid, reliable, and inexpensive diagnostic test that can be used in any physician’s office.
Furthermore, factors such as surging healthcare expenses, increasing incidents of trauma causing damages to the brain, changing lifestyle, and inclination towards the sedentary lifestyle are creating huge market demand. Undoubtedly, advances in medical science are a major driving force pushing the growth of the market. Seminal efforts and funding invested by major players in the development of innovative diagnosis devices are paying off well.
On the other hand, lack of awareness about symptoms of the condition and availability of diagnosis & treatment procedures are major factors impeding the growth of the market. Nevertheless, initiatives taken by the government in the countries across the world to increase awareness among people would support the growth of the market throughout the review period.
Alzheimer’s Disease Diagnostic Market – Segmentations
The analysis has been segmented into four major dynamics.
By Type: Early-Onset & Late-Onset Alzheimer’s disease, Familial Alzheimer’s disease, and others.
By Diagnostic Tests: Neurological Exam, Genetic Testing, Mini-Mental State Exam (MMSE), Brain Imaging, and others.
By End-users: Clinics & Hospitals, Diagnostic Centers, and others.
By Regions: Europe, Americas, Asia Pacific, Middle East & Africa, and Rest-of-the-World.
Based on type, the Alzheimer’s disease diagnostic market is segmented into early-onset Alzheimer’s disease, late-onset Alzheimer’s disease, familial Alzheimer’s disease, and more. Early-onset Alzheimer’s disease is an uncommon form of dementia that affects people younger than age 65. In other words, people with early-onset Alzheimer’s develop symptoms of the condition mostly when they are between 40 to 60 years old.
On the other hand, late-onset Alzheimer’s disease is the most common form of dementia that affects people age 65 and older. Whereas, Familial Alzheimer’s disease (FAD) is a form of dementia that doctors know for sure is linked to genes. In other words, most FAD cases occur to patients who have had a family history of at least two generations having the disease. FAD cases make up less than 1% of all Alzheimer’s cases. Also, there are chances that people who have early-onset Alzheimer’s may have FAD.
Alzheimer’s Disease Diagnostic Market – Regional Analysis
North America dominates the global Alzheimer’s disease diagnostic market. The largest market share of the region attributes to the growing demand for diagnostic procedures for the condition led by the increasing prevalence of neurological and Alzheimer’s disease among the population. Besides, high healthcare expenditures and investments by the key players substantiate the regional market growth. The North American Alzheimer’s disease diagnostic market is expected to reach USD 12 MN by 2022.
Europe stands the second leading position in the global Alzheimer’s disease diagnostic market. Factors such as the well-proliferated healthcare sector that is witnessing the growing number of advanced diagnostic facilities and increasing healthcare expenditures are driving the growth of the regional market. European Alzheimer’s disease diagnostic market is projected to demonstrate healthy growth throughout the review period.
The Asia Pacific region is an emerging market for Alzheimer’s disease diagnostics on the global front. This market is predominantly led by the increasing numbers of Alzheimer’s disease patients in the population, which is increasingly inclining towards the sedentary lifestyle. Furthermore, the growing funding support from the government and private organizations in the region is fostering the market growth increasing R&D activities in the field. APAC Alzheimer’s disease diagnostic market is estimated for a huge development during the assessment period.
Alzheimer’s Disease Diagnostic Market – Competitive Landscape
The well-established Alzheimer’s disease diagnostic market appears to be highly competitive and fragmented, with many notable players forming a competitive landscape. To gain a larger competitive share in the market, players incorporate strategic initiatives such as mergers & acquisitions, collaborations, and new technology launch. They invest substantially to drive R&D and to expand their global footprints.
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Alzheimer’s Disease Diagnostic Market Major Players:
Players active in the global Alzheimer’s disease diagnostic market include TauRx (Republic of Singapore), Alector LLC (US), Eli Lilly and Company (UK), Treventis Corporation (US), Neuro-Bio Ltd (UK), Accera, Inc. (US), and Cognition Therapeutics Inc. (US), among others.
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