Neuroscience is a $600+ Billion Market

by Andrii Buvailo, PhD          Biopharma insight

Disclaimer: All opinions expressed by Contributors are their own and do not represent those of their employers, or BiopharmaTrend.com.
Contributors are fully responsible for assuring they own any required copyright for any content they submit to BiopharmaTrend.com. This website and its owners shall not be liable for neither information and content submitted for publication by Contributors, nor its accuracy.

   319    Comments 0
Topics: Industry Trends   
Share:   Share in LinkedIn  Share in Reddit  Share in X  Share in Hacker News  Share in Facebook  Send by email

According to a 2023 Deloitte report, "Sizing the Brain," by Álvaro Nuño PérezJose M Suárez, and Michel LE BARS, providing an in-depth analysis of the global neuroscience market (GNM). Here's a summary of the key points:

- brain disorders are a major cause of disability and the second leading cause of death globally. As of now, 12 mental health disorders affect nearly 970 million people, which is about one-eighth of the global population.

- despite the high prevalence of brain disorders, innovations in neuroscience have been limited, especially in the development of new psychopharmacological drugs, since the last century.

- the report estimates the GNM to be worth $612 billion in 2022, with a projection to grow to $721 billion by 2026. This growth is expected to have a compound annual growth rate (CAGR) of 4.2%.

- GNM is segmented into diagnostic solutions, drug therapies, and non-drug therapies. Different segments show varying growth rates, with digital health expected to grow the most rapidly, as well as molecular diagnostics.

- the development of effective brain therapies is hindered by a limited understanding of the brain's biology, the inadequacy of traditional pharmacological treatments, and the lack of early diagnostic tools.

- North America and Europe dominate the GNM, but the Asia-Pacific region is expected to grow significantly in high-growth segments like digital health.

- medical imaging and next-generation sequencing technologies are key drivers in the neuroscience diagnostic market.

- pharmacological interventions against multiple sclerosis, anxiety, mood disorders, and substance abuse disorders dominate the neuroscience drug market.

- the neuropharmacology landscape faces challenges due to historically low efficiency in clinical development compared to other therapeutic areas (you all know that anyway, a "graveyard" of drug candidates).

- the report suggests that investment bodies adjust strategies based on current revenue levels across GNM segments and target regions, with an emphasis on high-growth segments like digital health and molecular diagnostics.

Recently, we reported on Verge Genomics, a biotech firm in the clinical stage, commencing a Phase 1b proof-of-concept trial for their new drug, VRG50635, designed to combat amyotrophic lateral sclerosis (ALS), commonly known as Lou Gehrig’s disease. This study focuses on assessing the safety and tolerability of increasing doses of VRG50635.

The drug, a small-molecule inhibitor targeting PIKfyve, was identified as a potential therapeutic agent in diseased human tissues. The discovery was facilitated by Verge Genomics' AI-driven platform, CONVERGE®, which leverages an extensive multi-omic patient data database.

If you want to receive an upcoming deep dive into the neuroscience market and notable companies to follow, please subscribe to our newsletter.

Continue reading

This content available exclusively for BPT Mebmers

Topics: Industry Trends   

Share:   Share in LinkedIn  Share in Reddit  Share in X  Share in Hacker News  Share in Facebook  Send by email

Comments:

There are no comments yet. You can be the first.

Leave a Reply

Your email address will not be published. Required fields are marked *