In 2022, the CNS therapeutics market is valued at US$ 116.7 Bn, and is projected to evolve at a CAGR of 4.9% over the 2022 to 2026 forecast period, according to Fact.MR – a market research and competitive intelligence provider.
Increasing focus on healthcare on a global level has influenced the focus on multiple diseases that have risen in incidence in recent times. Awareness of CNS diseases is also growing, thereby driving demand for CNS therapeutics. Other factors that will propel demand for CNS drugs are increasing aging population, rising support from governments, and increasing investments in research and development. However, the high costs of CNS drugs and longer approval times are factors that can hinder CNS therapeutics market growth over the years to come.
CNS drug manufacturers are obtaining approvals for their new drugs from several regulatory authorities across the world in order to increase their market presence on a global scale.
- In April 2021, Biogen Inc., a leading American biotechnology company, announced that it had won approval for TECFIDERA® (dimethyl fumarate). This is used for the treatment of relapsing multiple sclerosis. This approval came from China’s National Medical Products Administration (NMPA), and helped Biogen expand its presence in China.
Key Takeaways from Market Study
- The CNS therapeutics market currently stands at a net worth of US$ 116.7 Bn.
- From 2022 to 2026, consumption of CNS therapeutic medications is projected to increase at a CAGR of 4.9%.
- By 2026, the CNS therapeutics market is projected to be valued at US$ 142.1 Bn.
- Rising prevalence of CNS, changing lifestyle trends, and increasing awareness about CNS diseases are factors that will drive demand for CNS therapeutics.
- Longer than usual approval times, high costs, and lack of awareness are anticipated to hamper demand for CNS therapeutics to some extent over the coming years.
- The U.S. CNS therapeutics market is predicted to account for a net valuation of US$ 36.1 Bn by the end of 2026.
- The CNS therapeutics market in China is projected to expand at a high CAGR of 8% from 2022 to 2026.
“Increasing aging population and rising awareness about CNS diseases are expected to primarily influence CNS therapeutics market growth through 2026,” says a Fact.MR analyst
CNS drug manufacturing companies are adopting several organic and inorganic strategies to boost their revenue generation potential over the coming years. CNS drug companies are also expanding their research scope to launch novel treatment drugs in the market.
Increasing support from governments across the world to boost awareness will also favor CNS therapeutics market players and aid them in increasing their sales numbers.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global CNS therapeutics market, presenting historical demand data (2017-2021) and forecast statistics for the period of 2022-2026.
The study divulges essential insights on the market on the basis of segment (pain management, anti-psychotics, anti-depressants, anti-epilepsy, anti-Alzheimer’s, anti-Parkinson’s, other segments), across six major regions (North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa).
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