The global Alzheimer’s disease diagnostic market is growing at a sound pace; mainly due to the increasing prevalence of the disease making it one of the major drivers for the market. According to a recent study report published by the Market Research Future, the global Alzheimer’s disease diagnostic market size is booming and expected to gain prominence over the forecast period. The market will demonstrate a spectacular growth by 2022, surpassing its previous growth records in terms of value with a sound CAGR during the anticipated period (2019 – 2027).
The major drivers will be the increasing per capita healthcare expenditure and growing geriatric population. With it the market for diagnostic test, including diagnostic molecules and assays will contribute significantly to the health and wellbeing of the patients.
In 2017, according to the Alzheimer's Association, 5.5 million Americans lives with Alzheimer's dementia, and estimated 5.3 million are at 65 years old or above. Moreover, according to the National Institute of Health, the global geriatric population is expected to reach 1.6 billion by 2050 from 617 million in 2016. From the illustrated facts it is clear that the market will grow significantly in the presence of the need of diagnostics.
Global Alzheimer’s disease diagnostic market size - Competitive Analysis
Portrayed by the presence of a few grounded and little players, the worldwide market of Alzheimer's disease diagnostic gives off an impression of being profoundly aggressive and divided. Global players are progressively extending their impression in the creating economy, making it hard for territorial merchants to contend with them, particularly as far as elements like item separation, item portfolios, quality, and evaluating. The market is seeing increased rivalry as most would consider to be normal to get more strengthened further during the conjecture time frame. The extreme contest common in the market directs the combination among players.
Well established players followed acquisition, collaboration, partnership, expansion, and product launch in order to gain competitive advantage in this market and to maintain their market position.
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Eli Lilly and Company is one of the central parts in the worldwide Alzheimer's disease diagnostic market. The absolute income created by the organization in 2016 was accounted for to be roughly around 21.2 billion. Followed by such tremendous income the organization contributed 24.7% of its income on the innovative work. Pursuing such a directions from the beyond couple of years, Eli Lilly and Company turned into a worldwide innovator in the battle against Alzheimer's disease and it is driving the market since most recent 30 years. Today, Eli Lilly and Company has atoms to treat and analyze Alzheimer's disease in different phases of clinical turn of events, including seven investigational mixtures to treat Alzheimer's disease and two diagnostics to assist better with diagnosing the disease condition. To upgrade the item advancement and commercialization the organization in Jan. 27, 2016 reported a course of action to band together with Roche Diagnostics on its continuous advancement of an economically adaptable cerebrospinal liquid examine for amyloid-beta 1-42.
Eli Lilly and Company. (U.S.), TauRx (Asia Pacific), Accera, Inc. (U.S.), Treventis Corporation. (U.S.), Neuro-Bio Ltd (Europe), CogRx (U.S.) are some of the prominent players at the forefront of competition in the Global Alzheimer’s disease diagnostic market size and are profiled in MRFR Analysis.
Global Alzheimer’s disease diagnostic market size - Regional Analysis
The global market is led by the Americas. Rising per capita healthcare expenditures, presence of global players like CogRx and Accera, Inc. along with a huge patient population drives the market growth within the region. In 2015, according to the Centres for Disease Control and Prevention, in the U.S. the total healthcare expenditure accounted for 17.8% of the total gross domestic product (GDP), which accounted for USD 3.2 trillion. Europe is the second largest market. Huge patient population, increasing government support the R&D fuels the market growth within the region. According to the Alzheimer's Society, the number of the patients suffering from dementia in the U.K is expected to reach over one million by 2025. Asia Pacific region consists of the developing economies like India & China making it to be the fastest growing region. The Middle East & Africa region holds the least share, especially due to the African region. The Middle East region holds the market of this region due to huge healthcare expenditures.
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