There has been an exponential rise in the number of cases of Alzheimer’s disease worldwide emphasizing the necessity for developing an effective treatment. According to Alzheimer’s Association, in 2016, an estimated 5.4 million Americans of all ages have Alzheimer's disease. Thus, there is an increasing in the demand for Alzheimer’s diagnostics worldwide.
Axiom Market Research & Consulting™ added a report on global alzheimer’s diagnostic market which includes study on Type, Diagnostics Test, End user across various countries of key regions across the globe. The global alzheimer’s diagnostic market was projected to grow at a CAGR of 9.03% for the forecast period 2020 to 2026. The global market is estimated and forecasted in terms of revenue (USD Million) generated by the alzheimer’s diagnostic market.
The report analyses the Global Alzheimer’s Diagnostic Market based on Type, Diagnostics Test, End User and Geography. The types of Alzheimer's diagnostics diseases are Early-Onset Alzheimer's, Late-Onset Alzheimer's and Familial Alzheimer's disease. These disease diagnoses are conducted by various diagnostics tests including Brain Imaging, Blood Tests etc. The Brain imaging is accessible as Computed Tomography (CT) Scan, Magnetic Resonance Imaging (MRI), Electroencephalography (EEG) and Positron Emission Tomography (PET) Scan. The major end users of these products are Hospitals, Diagnostic Centers, Clinics and Others etc.
The North America accounted for the largest market in global alzheimer’s diagnostic market which was recorded at around 39% in 2019. T Stringent government rules for the reimbursement process and inadequate financial conditions of the patients for the treatment are affecting the growth of alzheimer's diagnostics market in the United States and Canada.
Furthermore, the Asia Pacific alzheimer’s diagnostic market is anticipated to grow at a fastest growth rate of 9.67% during the forecast period. The primary driver of the alzheimer's diagnostics market in China is the burgeoning rise in the population of the country, which is thereby increasing the aging population. This aging population is vulnerable to diseases like dementia, thus causing a rise in its prevalence across the country, mainly in the semi-urban and rural provinces is anticipate to propel the growth of alzheimer’s diagnostic market in Asia Pacific region.
The Alzheimer’s diagnostics market for late onset account for the largest market share consisting the huge population suffering from the disorder in late 60’s. For instance, out of the 5.8 million people who have Alzheimer’s dementia, 81 percent are age 75 or older. Increase geriatric population, increase in healthcare expenditure coupled with the growing government funding. In addition, increasing healthcare awareness and new diagnostic technologies for alzheimer’s disease are also fueling the growth of the global alzheimer’s disease diagnostics market.
A wide range of imaging techniques commercially available provides sensitivity to visualization of brain structure and function from the level of individual molecules to whole brain. In brain imaging, MRI accounted for the 26.70% of the market share in 2019. Its advantages over other technologies and growing applications in the Alzheimer’s diagnosis have driven the growth of the MRI scanners segment.
Increasing number of emergency admissions in hospitals and the growing number of surgeries performed each year has contributed to the market share. Moreover, hospitals serves various effective tools of accurate diagnosis pre-operative and post-operative to determine the effectiveness of the treatment is also one of the factor propelling the hospital segment in global alzheimer’s diagnostic market
The key companies in the alzheimer’s diagnostic market are Axon Neuroscience, Koninklijke Philips N.V., TauRx, Siemens AG, F. Hoffmann La Roche AG, GE Healthcare, navidea biopharmaceuticals, Treventis Corporation, Eli Lilly, Cognition Therapeutics Inc. and Neuro-Bio Ltd (UK).
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