Alzheimers Disease Diagnostic Market

• Growing chronic diseases like dementia is driving the market growth

Growing chronic diseases like dementia, investments in biomarkers for drug development, pipeline drug development, an increase in treatment options, and sophisticated diagnostic methods for early disease detection are the main factors propelling the market for Alzheimer's disease diagnostics. The World Alzheimer Report estimates that 50 million individuals will have dementia and Alzheimer's disease worldwide in 2022. And it is projected that this number would increase to 152 million by 2050. In addition, the world's ageing population is a major driver of the Alzheimer's disease diagnostic market growth in the coming years.

A rapid growth in the population of elderly people is being brought on by an increase in chronic diseases like dementia as well as an increase in life expectancy. In order to find the primary treatment for the condition, the government efforts, medical, and academic institutions are investing a significant amount in research and development. The market for diagnosing Alzheimer's disease is expected to grow during the projected period as a result of an increase in the number of clinical studies and pathological investigations with research and development.

Businesses are expanding their product offerings and releasing new items as a result of advancements in diagnostic technologies and ongoing research projects. This is expected to help the market for Alzheimer's disease diagnostics grow over the upcoming years, along with other corporate expansion strategies including mergers and acquisitions, strategic partnerships, and new investments into other businesses.

The increasing usage of biomarkers in Alzheimer's diagnosis and medication development as well as the rising prevalence of Alzheimer's disease globally are the main drivers propelling the expansion of the market for diagnostics for the disease. For instance, a WHO report from September 2022 indicated that over 55 million people worldwide are living with dementia and that there are roughly 10 million new cases diagnosed each year. According to the WHO, Alzheimer's disease causes 60–70% of all instances of dementia, making it the most common kind.

Additionally, due to the increasing incidence of Alzheimer's disease globally, both government and non-government organisations are investing heavily in the development of diagnostics and treatments for the condition, which might accelerate the market's growth. For instance, the ADDF Diagnostics Accelerator announced the beginning of four new research projects in June 2021 to create digital biomarkers for the diagnosis of Alzheimer's disease. These kinds of investments are additionally anticipated to fuel market expansion.Thus, driving the Alzheimers Disease Diagnostic market revenue.

The rising awareness regarding Alzheimer’s disease and its impact on individuals and families is a crucial driver for the Global Alzheimer’s Disease Diagnostic Market Industry. Educational campaigns aimed at both healthcare professionals and the general public are increasing understanding of the disease's symptoms and the importance of early diagnosis. This heightened awareness is likely to lead to more individuals seeking diagnostic services, thereby expanding the market. As more people recognize the signs of Alzheimer’s, the demand for effective diagnostic tools is expected to grow, further stimulating market dynamics.

The global demographic shift towards an aging population is a significant factor driving the Global Alzheimer’s Disease Diagnostic Market Industry. As life expectancy increases, the number of elderly individuals susceptible to Alzheimer’s disease rises correspondingly. This demographic trend is projected to result in a substantial market expansion, with estimates indicating a compound annual growth rate (CAGR) of 8.3% from 2025 to 2035. The increasing number of older adults necessitates enhanced diagnostic capabilities to address the growing healthcare needs associated with Alzheimer’s, thereby fostering market growth.

Government initiatives and funding for Alzheimer’s research and diagnostics significantly influence the Global Alzheimer’s Disease Diagnostic Market Industry. Various countries are allocating substantial resources to combat the rising burden of Alzheimer’s disease. For instance, the U.S. government has committed billions towards research and development, fostering innovation in diagnostic tools. Such funding not only supports clinical trials but also encourages collaborations between public and private sectors. This financial backing is crucial for developing new diagnostic solutions, thereby propelling market growth and enhancing the overall healthcare infrastructure.

The increasing incidence of Alzheimer’s disease globally serves as a primary driver for the Global Alzheimer’s Disease Diagnostic Market Industry. As populations age, the number of individuals diagnosed with Alzheimer’s is projected to rise significantly. For instance, by 2024, the market is expected to reach 4.73 USD Billion, reflecting the urgent need for effective diagnostic tools. This trend is further underscored by estimates suggesting that by 2035, the market could expand to 11.4 USD Billion. The growing prevalence necessitates advancements in diagnostic methodologies to facilitate early detection and intervention.

Innovations in diagnostic technologies are transforming the Global Alzheimer’s Disease Diagnostic Market Industry. The development of advanced imaging techniques, biomarker identification, and artificial intelligence applications enhances the accuracy and efficiency of Alzheimer’s diagnostics. For example, positron emission tomography (PET) scans and cerebrospinal fluid analysis have become pivotal in early diagnosis. These advancements not only improve patient outcomes but also drive market growth, as healthcare providers increasingly adopt these technologies. The integration of AI in diagnostic processes may further streamline operations, potentially leading to a more robust market landscape.

By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North America Alzheimers Disease Diagnostic Market dominated this market in 2022 (45.80%). The market is expanding as a result of the expanding research into Alzheimer's treatment. Lecanemab (BAN2401), an anti-amyloid beta protofibril antibody for the treatment of Alzheimer's disease, was given the Breakthrough Therapy designation by the U.S. FDA in June 2021. It is a product of Eisai Co., Ltd. and Biogen. Additionally, it is anticipated that rising government financing and initiatives would accelerate market expansion. Further, the U.S.

Alzheimers Disease Diagnostic market held the largest market share, and the Canada Alzheimers Disease Diagnostic market was the fastest growing market in the North America region.

Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: ALZHEIMERS DISEASE DIAGNOSTIC MARKET SHARE BY REGION 2023 (USD Billion) 

Source: Secondary Research, Primary Research, Market Research Future Database and Analyst Review

Europe Alzheimers Disease Diagnostic market accounted for the healthy market share in 2022. The significance of diagnostics in the area is emphasised by the rising frequency of Alzheimer's disease in Europe. The substantial technical improvements are the main variables affecting the significance of region in the overall industry. Further, the German Alzheimers Disease Diagnostic market held the largest market share, and the U.K Alzheimers Disease Diagnostic market was the fastest growing market in the European region.

The Asia Pacific Alzheimers Disease Diagnostic market is expected to register significant growth from 2023 to 2032. This is due to rising public awareness and increased research efforts to create new medications to treat AD. Australia is anticipated to have 1.1 million people living with dementia by 2058, up from the estimated 487,500 in 2022. In Australia, dementia is the second most common cause of death. Moreover, China’s Alzheimers Disease Diagnostic market held the largest market share and the Indian Alzheimers Disease Diagnostic market was the fastest growing market in the Asia-Pacific region.

Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Alzheimers Disease Diagnostic market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Alzheimers Disease Diagnostic industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the Alzheimers Disease Diagnostic industry to benefit clients and increase the market sector. In recent years, the Alzheimers Disease Diagnostic industry has offered some of the most significant advantages to medicine.

Major players in the Alzheimers Disease Diagnostic market, including Eli Lilly and Company, TauRx (Republic of Singapore), Alector LLC, Accera, Inc., Treventis Corporation, Neuro-Bio Ltd, Cognition Therapeutics Inc, Hoffmann-La Roche, Novartis AG, Merck & Co., Pfizer Inc., Allergan PLC, and Daiichi Sankyo Co., are attempting to increase market demand by investing in research and development End Users.

Pharmaceutical firm Eisai Co Ltd (Eisai) discovers, develops, produces, and markets pharmaceuticals, including OTC, generic, and prescription drugs. Neurology and oncology are the research specialisations of the organisation. The main items produced by Eisai include the proton pump inhibitors Pariet/AcipHex, Aricept, perampanel, Halaven, an anti-cancer medication, and Fycompa tablets for the treatment of peripheral neuropathy and epilepsy.

With activities in the Americas, Asia, Latin America, EMEA, and Oceania with international sales offices in the US, Germany, France, China, and South Korea, Eisai has production facilities in Japan, the UK, China, and India as well as laboratories in Japan, the US, and the UK.

A healthcare organisation called Eli Lilly and Co. (Lilly) is involved in the discovery, creation, and marketing of products for use in human healthcare. The business sells medications for neurological issues, immunological disorders, cancer, men's health, musculoskeletal issues, endocrinology, diabetes, and cardiovascular illnesses. The company uses independent wholesale distributors to distribute its pharmaceutical health items. Lilly engages in research and development initiatives to find and provide cutting-edge medications. Additionally, it advertises its goods through partnerships with other pharmaceutical businesses and sales reps.