Memantine is a synthetic drug approved for treatment of moderate to severe Alzheimer's disease. It acts as an NMDA receptor antagonist, preventing neurotoxicity and thus slowing the progression of Alzheimer's symptoms.
The global memantine market is estimated to be valued at US$ 921.6 Mn in 2024 and is expected to exhibit a CAGR of 5.2% over the forecast period 2024 to 2031.
Alzheimer's disease is a progressive disorder that destroys memory and thinking skills. Rising incidence of Alzheimer's and increasing elderly population are key factors driving demand for memantine drugs. According to World Health Organization (WHO), around 55 million people globally suffered from dementia in 2020, and the figure is estimated to rise to 78 million by 2030 and 139 million by 2050. Higher efficacy and better safety profile compared to alternative treatments make memantine a preferred option for managing moderate to severe Alzheimer's. Further, patents expiration of major drugs in recent years enabled greater availability of low-cost generic versions of memantine, boosting market access.
Key Takeaways
Key players operating in the Memantine Market Demand are Aggregate Industries Ltd., Anglo American Plc, Atlas Roofing Corporation, BP Plc, Cemex, Chevron Corporation, Exxon Mobil Corporation, Imperial Oil Limited, Owens Corning, Petroleos de Venezuela S.A, Royal Dutch Shell plc, Shell International, Total SA, United Refining Inc., etc.
Key opportunities in the memantine market include patent expiration of branded drugs enabling availability of affordable generic versions. Also, ongoing clinical trials evaluating efficacy of memantine for other neurological conditions indicate potential expanded indications.
Globally, North America dominated the memantine market in 2020 owing to growing awareness and high healthcare spending. However, Asia Pacific region is expected to witness highest growth due to increasing healthcare access and rising geriatric population. Major companies are focusing on emerging nations for accelerated sales growth in the long run.
Market drivers
Increasing prevalence of Alzheimer's disease is a key growth driver for the global memantine market. As per WHO estimates, an estimated 55 million people globally suffered from dementia in 2020 which is projected to nearly triple to 152 million by 2050. Growing geriatric population susceptible to neurodegenerative conditions translates to rising demand for memantine as an effective therapeutic option, supporting market gains. Changing lifestyle affecting cognitive health also contributes to higher Alzheimer's burden augmenting need for memantine consumption over the forecast period.
PEST Analysis
Political: The memantine market is witnessing policy support for improving dementia care. Various governments are focusing on increasing healthcare expenditure for elderly population.
Economic: Rising disposable income and healthcare spending is fueling the demand for memantine drugs globally. Also, increasing life expectancy is driving the need for cognitive disorders treatment.
Social: Growing prevalence of Alzheimer's and other forms of dementia among aging population is a major factor. Increasing awareness about available treatment options is positively impacting the adoption of memantine drugs.
Technological: Manufacturers are gaining new insights into the disease progression and drug mechanisms through intensive R&D. This is helping in developing more effective drug formulations and treatment protocols.
The Memantine Market Size and Trends witnesses high concentration of value sales in regions with large elderly populations and higher healthcare spending like North America and Western Europe. The United States represents the largest market due to sizeable patient pool and well-established healthcare infrastructure for Alzheimer’s treatment.
Asia Pacific is projected to be the fastest growing regional market for memantine over the forecast period. This can be attributed to improving access to diagnosis and care among middle-income countries like China and India. Rising healthcare spending coupled with increasing elderly population base offers lucrative opportunities for memantine manufacturers in the Asia Pacific region.
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Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)
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