Dementia is one of the most common age-related medical conditions. As we age, mental processes and memory become affected by changes in the brain, resulting in problems with memory, attention, mood, and behavior. Dementia can occur in anyone, although it is more common in elderly adults and people suffering from other mental disorders such as depression, bipolar disorder, schizophrenia, obsessive-compulsive disorder, and post-traumatic stress disorder.
Market Dynamics
High prevalence of dementia is expected to propel growth of the dementia drugs market. For instance, according to Alzheimer’s Association, around 5.8 million people in the U.S. aged 65 and older are living with Alzheimer's dementia in 2020. Moreover, increasing geriatric population is also expected to aid in growth of the market. For instance, according to the U.S. Census Bureau, the U.S. geriatric population is expected to reach 77 million by 2034.
R&D of new drugs is expected to offer lucrative growth opportunities for players in the dementia drugs market. For instance, in September 2020, researchers from Garvan Institute of Medical Research in New South Wales, Australia, reported that metformin, a common type 2 diabetes drug, may be effective in reducing the risk of dementia in individuals with type 2 diabetes.
Among regions, North America is expected to witness significant growth in the dementia drugs market, owing to R&D of new drugs in the region. For instance, in December 2020, Prevail Therapeutics Inc., a biotechnology company announced that the first patient has been dosed in the Phase 1/2 PROCLAIM clinical trial evaluating PR006, an investigational AAV9 gene therapy delivering the GRN gene, for the treatment of frontotemporal dementia patients with GRN mutations.
Competitive Analysis
Major players operating in the dementia drugs market include, Eisai, Inc., Janssen Pharmaceuticals, Inc., Biogen Pharmaceuticals, Forest Laboratories, Inc., Eli Lilly and Company, Novartis AG, Sanofi S.A., BioXcel Therapeutics, Inc., AstraZeneca GmbH, F. Hoffmann-La Roche, Merck & Co., Inc.., Valeant Pharmaceutical International, Pfizer Inc., and Teva Pharmaceuticals Industries Ltd.
Major players operating in the dementia drugs market are focused on R&D to expand their product portfolio. For instance, in January 2021, BioXcel Therapeutics, Inc., a clinical-stage biopharmaceutical company, announced that BXCL501, the company’s proprietary, orally dissolving thin film formulation of dexmedetomidine, met the primary and secondary endpoints of the TRANQUILITY trial at the 60 mcg dose level for the treatment of agitation in dementia.