Market Overview:
Various neurodegenerative diseases have become prevalent all over the world. Alzheimer's disease is one such disorder that causes dementia resulting in memory loss and the damage caused by this disease increases gradually. Hence, early diagnosis of Alzheimer’s is as important as the treatment required to control it. According to the report that has been recently published by Market Research Future (MRFR), the global Alzheimer's disease diagnostic market is anticipated to project remarkable expansion at a CAGR of 10% during the forecast period of 2017-2022 and is estimated to reach the valuation of USD 12 Bn by the end of the forecast period.
Market Drivers and Restraints:
With the rapid rise in global geriatric population, the incidences of Alzheimer's disease are also increasing. Increasing prevalence of Alzheimer's disease is inducing high demand for efficient diagnostic procedures, resulting in the expansion of the global Alzheimer's disease diagnostic market. Rise in healthcare expenditure in developing and developed regions and development of multiple diagnostic tests are leading to the significant growth of the global Alzheimer's disease diagnostic market.
Development of effective biomarker technologies by the diagnostic technology companies in order to improve the drug development process is positively impacting on the growth of the global Alzheimer's disease diagnostics market size However, lack of awareness and low penetration of advanced diagnostic technologies in the underdeveloped regions are likely to act as restraints on the expansion of the global Alzheimer's disease diagnostic market.
Market Segmentation:
The global Alzheimer's disease diagnostic market has been segmented on the basis of type, diagnostic test and end-users. Based on type, the Alzheimer's disease diagnostic market is segmented into early-onset Alzheimer's disease, late-onset Alzheimer's disease, familial Alzheimer's disease and others. Based on diagnostic test, the Alzheimer's disease diagnostic market is segmented into genetic testing, neurological exam, mini-mental state exam (MMSE), brain imaging and others. Based on end-users, the Alzheimer's disease diagnostic market is segmented into clinics, hospitals, diagnostic centers and others.
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Regional Analysis:
Geographically, the global Alzheimer's disease diagnostic market is segmented into North America, South America, Europe, Asia Pacific and the Middle East and Africa. The North America region is projecting dominance over the global Alzheimer's disease diagnostic market owing to the high prevalence of Alzheimer's disease and increasing research and development in order to increase the accuracy of the diagnostic process.
The Europe region is the second largest market for Alzheimer's disease diagnostic owing to the increasing healthcare expenditure in this region. The Asia Pacific region is anticipated to project fastest growth in the global Alzheimer's disease diagnostic market due to the increasing awareness regarding Alzheimer's disease in this region.
Industry Updates:
In August 2018, researchers from Lanzhou University, China and Queens College, the City University of New York have collaboratively published the development of new technique for constructing personal brain networks using multiple structural features to improve the accuracy of diagnosing Alzheimer's disease and mild cognitive impairment (MCI). The effectiveness and high performance of this method suggest it could be useful to enhance auto-diagnosis of Alzheimer's disease based on brain imaging in clinics.
Key players:
The prominent players highlighted in the report by MRFR on the global Alzheimer’s disease diagnostic market are Eli Lilly and Company (the U.K.), TauRx (Republic of Singapore), Alector LLC (the U.S.), Accera, Inc. (the U.S.), Treventis Corporation (the U.S.), Neuro-Bio Ltd (the U.K.), Cognition Therapeutics Inc. (the U.S.) and others.
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