Global Alzheimer’s disease Diagnostic Market – Overview
The global Alzheimer’s disease diagnostic market is growing at a sound pace; mainly due to the increasing prevalence of the disease making it one of the major drivers for the market. According to a recent study report published by the Market Research Future, the global Alzheimer’s disease diagnostic market is booming and expected to gain prominence over the forecast period. The market will demonstrate a spectacular growth by 2022, surpassing its previous growth records in terms of value with a sound CAGR during the anticipated period (2017 – 2022).
The major drivers will be the increasing per capita healthcare expenditure and growing geriatric population. With it the market for diagnostic test, including diagnostic molecules and assays will contribute significantly to the health and wellbeing of the patients.
In 2017, according to the Alzheimer’s Association, 5.5 million Americans lives with Alzheimer’s dementia, and estimated 5.3 million are at 65 years old or above. Moreover, according to the National Institute of Health, the global geriatric population is expected to reach 1.6 billion by 2050 from 617 million in 2016. From the illustrated facts it is clear that the market will grow significantly in the presence of the need of diagnostics.
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Alzheimer’s Disease Diagnostic Market Segmentation
The global Alzheimer’s disease market has been segmented based on type, diagnostic tests, and end users.
Type-wise segmentation of the global Alzheimer’s disease market includes early-onset Alzheimer’s disease, late-onset Alzheimer’s disease, familial Alzheimer’s disease and more.
By diagnostic tests, the global Alzheimer’s disease market has been segmented into genetic testing, neurological exam, mini-mental state exam (MMSE), brain imaging and others.
By end users, the global Alzheimer’s disease market has been segmented into clinics, hospitals, diagnostic centers, and others.
Alzheimer’s Disease Diagnostic Market Competitive Landscape
The global Alzheimer’s disease diagnostic market is highly competitive. There has been a substantial outlay of funds on R&D activities for the development of effective drugs and therapies for the treatment of the disease which is expected to intensify the competition further. Also, the international players are focusing on expanding their footprint in the untapped markets. Mergers, acquisitions, partnerships, and others are some of the strategies adopted by them to retain their position in the market. Neuro-Bio Ltd (UK), Alector LLC (US), Eli Lilly and Company (UK), Treventis Corporation (US), Accera, Inc. (US), TauRx (Republic of Singapore), Cognition Therapeutics Inc. (US) are some of the prominent players who are leading the global Alzheimer’s Disease Diagnostic Market.
Alzheimer’s Disease Diagnostic Market Regional Analysis
North America, South America, Europe, Asia Pacific and the Middle East and Africa are the key markets for Alzheimer’s disease diagnostic market. North America is the dominant market owing to the high prevalence of Alzheimer’s diseases in the region which induces high demand for diagnosis and treatment. In addition, high expenditure on healthcare, availability of fu8nds for R&D activities and rise in a number of clinical trials for drug development boost the growth of the market in North America.
Europe holds the second largest position in the global market. High expenditure on healthcare and the outlay of funds on R&D activities can be attributed to Europe’s growth.
Asia Pacific market for Alzheimer’s disease diagnostic is expected to witness maximum growth over the forecast period. Growing prevalence of the disease, expanding healthcare sector and raising awareness to propel the growth of the Asia Pacific market.
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Alzheimer’s Disease Diagnostic Industry Updates
In November 2018, researchers from the UC San Francisco Department of Radiology and Biomedical Imaging developed a deep learning algorithm which can predict and diagnose Alzheimer’s disease.
In October 2018, new material was discovered by Researchers from Hong Kong Baptist University (HKBU) for the early detection and diagnosis of Alzheimer’s disease. The nanomaterial is capable of passing through the blood-brain barrier and enable clear imaging and detection of the disease.