PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1681358
PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1681358
The Global Dementia Treatment Market is poised for substantial growth, estimated at USD 16.69 billion in 2023 and projected to expand at a compound annual growth rate (CAGR) of 8.0% over the forecast period 2024-2032. The rapid expansion is largely driven by high disease prevalence, an aging global population, and increasing research and development (R&D) initiatives focused on novel therapeutic solutions. As the burden of dementia continues to rise, governments and healthcare organizations worldwide are ramping up efforts to enhance diagnosis, treatment accessibility, and patient awareness programs.
In 2023, over 55 million people worldwide were diagnosed with dementia, with projections indicating an increase to 78 million by 2030 and 139 million by 2050, according to the World Health Organization (WHO). The introduction of innovative pharmaceutical therapies and government-backed funding for clinical research have further bolstered market expansion. For instance, in July 2023, the U.S. Food and Drug Administration (FDA) granted approval for Leqembi (lecanemab), an Alzheimer's treatment developed by Eisai Co., Ltd., to help slow cognitive decline. Similarly, government initiatives such as the U.S. Department of Health & Human Services' (HHS) roadmap for dementia care, unveiled in December 2023, emphasize research support and treatment accessibility.
The development of next-generation therapies, such as anti-amyloid antibodies, is emerging as a transformative trend within the dementia treatment market. Lecanemab and donanemab, two promising drug candidates, have demonstrated 27% and 35% reductions in cognitive decline, respectively, after 18 months of treatment. Furthermore, a robust pipeline of phase 1, phase 2, and phase 3 clinical trials continues to drive optimism among pharmaceutical developers and investors.
From a regional perspective, North America dominated the global market in 2023, accounting for 37.6% of the total revenue. This dominance is attributed to a high disease burden, strong presence of key market players, and well-established healthcare infrastructure. Europe follows closely, with countries like Germany, France, and the UK investing heavily in dementia research. Meanwhile, the Asia-Pacific region is anticipated to witness the fastest CAGR of 9.5%, fueled by expanding healthcare facilities, increasing awareness programs, and a growing elderly population.