Europe Neurological Disorders Drugs Market: Snapshot
Neurological drugs are developed to treat neurological disorders such as epilepsy, Parkinson’s disease, Alzheimer’s disease, multiple sclerosis, schizophrenia, traumatic brain injury, spinal cord injury, cerebrovascular diseases, and others. The growing prevalence of these disorders across the European region is anticipated to drive the demand for neurological disorder drugs market in the coming few years. The research report projects that intensifying concerns about living an adjusted life have prompted several patients to seek help. According to the study, the Europe neurological disorder drugs market was valued is expected to reach a valuation of US$32.0 bn by the end of 2024 as compared to US$18.3 bn in 2015. During the forecast years of 2016 and 2024, the overall market is expected to surge at a CAGR of CAGR of 6.4%.
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Increasing Research and Development Fuels Market Growth
The Europe neurological disorders drugs market will be fueled by the growing initiatives taken by governments of several countries to educate the masses and to develop new drugs. For instance, European Parkinson’s Disease Association in Europe is offering affordable medications to patients, campaigning to raise awareness, and supporting research and development activities to drive the overall neurological disorder drugs market. The market has also seen a steady emergence of several research and development programs that are focused toward developing effective drugs that come at affordable prices. The collective rise in the spending of countries on developing neurological disorder drugs is expected to improve the market’s revenue in the coming few years.
On the basis of various disorders, the market caters to disorders such as epilepsy, Parkinson’s disease, Alzheimer’s disease, multiple sclerosis, cerebrovascular disease and others. Out of all of these segments, the cerebrovascular disease held the dominant share in terms of revenue in 2015. The World Health Organization (WHO) states that the cerebrovascular diseases, which can manifest as a stroke, migraine and headache is the common cause of worry for several patients. About 80% of the patients suffering from cerebrovascular diseases across EU% show these symptoms. Thus, this segment is expected to exhibit a robust growth rate in the coming few years.
Germany Stands out as Highest Consumer of Neurological Disorder Drugs in Europe
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In terms of geography, the Europe neurological disorder drugs market is segmented into Germany, France, Italy, Spain, U.K., Russia, Netherlands, Switzerland, Poland, and Rest of Europe. The research report states that Germany held a significant share in the market in 2015, closely followed by France. The regions will dominate over the forecast period due to the rising prevalence of neurological disorders and improving the awareness about the diseases due to support groups and government initiatives. Furthermore, the rising pool of geriatrics in Germany will also boost the uptake of neurological disorders drugs in the coming few years.
Presently, Germany, the U.K., France, Switzerland, Italy, and Spain are the leading countries in Europe in the neurological disorder drugs market. The study indicates that Switzerland will offer several growth opportunities to the overall market as awareness about these life-altering diseases grows.
The leading players operating in the Europe neurological disorders market are Merck & Co., Boehringer Ingelheim GmbH, Bayer AG, Astra Zeneca, F-Hoffmann-La Roche Ltd., Teva Pharmaceutical Industries Ltd., Novartis AG, and GlaxoSmithKline plc. Among these, Merck & Co., GlaxoSmithKline plc and Novartis AG. The research report states that the market is consolidated due to the presence of several small players in who hold significant share in the market. Most of these companies are focusing on improving their pipelines and expanding their geographical outreach to retain their dominance.