Rivastigmine market is estimated to witness high growth owing to rising prevalence of Alzheimer's disease

Purvaja Jadhao

posted on 9 months ago — updated on 1 second ago

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The global Rivastigmine Market is estimated to be valued at US$ 516.3 Mn in 2023 and is expected to exhibit a CAGR of 4.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Rivastigmine market is estimated to witness high growth owing to rising prevalence of Alzheimer's disease

Rivastigmine is a acetylcholinesterase inhibitor used for the treatment of mild to moderate dementia associated with Parkinson’s disease and mild to moderate Alzheimer’s disease. It works by inhibiting the breakdown of acetylcholine, thereby increasing the levels of this important neurotransmitter in the brain. Rivastigmine is available in capsule and transdermal patch form for oral and transdermal administration respectively.

The global Rivastigmine Market is estimated to be valued at US$ 516.3 Mn in 2023 and is expected to exhibit a CAGR of 4.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:
Rising prevalence of Alzheimer’s disease acts as a key driver for the rivastigmine market. According to Alzheimer’s Association, Alzheimer’s disease is the sixth leading cause of death in the United States and every 65 seconds someone in the U.S. develops Alzheimer’s. Globally over 50 million people are living with dementia and there are nearly 10 million new cases every year. With aging global population and improved diagnostics, the number of Alzheimer’s patients is expected to double by 2050. Secondly, increasing adoption of transdermal rivastigmine patch as it provides better stability in drug levels and improves patient compliance compared to oral capsules further fuels the market growth over the forecast period.

SWOT Analysis
Strength: Rivastigmine offers effective treatment for mild to moderate Alzheimer’s disease. It is available in different formulations like transdermal patches, capsules and oral solutions to suit the needs of different patients. The patent protection and clinical data provide competitive advantage to the innovator companies.

Weakness: Adverse effects associated with Rivastigmine like nausea, vomiting and loss of appetite lead to poor patient compliance. Secondly, the availability of generic alternatives reduces the profit margins of major companies in the market.

Opportunity: Increasing prevalence of Alzheimer’s disease worldwide presents lucrative growth opportunities. Moreover, lack of effective cure offers scope for companies to discover new drugs for complete treatment.

Threats: Intense competition from generic drug manufacturers poses pricing pressure. Secondly, stringent regulations for approval of new dementia drugs increases clinical trial costs for companies.

Key Takeaways

The Global Rivastigmine Market Demand is expected to witness high growth, exhibiting CAGR of 4.6% over the forecast period, due to increasing prevalence of Alzheimer’s disease. As per estimates, around 55 million people globally were living with dementia in 2020 which is expected to reach 78 million by 2030.

Regional analysis: North America region currently dominates the Rivastigmine market owing to growing elderly population base and major drug innovators based in the region. However, the Asia Pacific region is projected to exhibit fastest growth owing to rising awareness about dementia care and increasing healthcare spending. According to estimates, around 73% of people with dementia lived in low and middle-income countries in 2030.

Key players operating in the Rivastigmine market are Novartis AG, Mylan Laboratories Inc., Actavis Generics UK Limited, Sun Pharmaceutical Industries Ltd., Aurobindo Pharma Limited, Zentiva a.s., Sandoz International GmbH, Dr. Reddy’s Laboratories Ltd., Teva Pharmaceutical Industries Ltd., and Accord Healthcare Limited. Key players are investing in new product launches, capacity expansions and mergers to strengthen their market position.