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January 2024
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The memantine market is estimated to be valued at US$ 565.93 Bn in 2022 and is expected to exhibit a CAGR of 3.87% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview: Memantine is an NMDA receptor antagonist approved as a treatment for moderate to severe Alzheimer's disease. It is marketed as Namenda and is available as tablet and oral solution formulations. Memantine finds application in attenuating or preventing symptoms associated with Alzheimer's such as impairments in memory, thinking, behavior and ability to perform daily activities. Market Dynamics: Increased prevalence of Alzheimer's disease is expected to remain a key growth driver for the memantine market over the forecast period. According to WHO, around 55 million people worldwide were living with dementia in 2020 and Alzheimer's disease accounts for 60-70% of cases. Growing geriatric population prone to neurodegenerative conditions further raises the risk of Alzheimer's globally. Moreover, ongoing clinical research evaluating the efficacy of memantine for new indications such as Parkinson's disease, schizophrenia and traumatic brain injury is anticipated to support its market expansion. Regulatory approval of innovative drug delivery systems including intranasal memantine spray for early Alzheimer's treatment will foster new growth pathways for leading players. However, patent expiry of branded memantine drugs coupled with market entry of generic versions may restrain the growth of the market to some extent during the forecast period. Segment Analysis The global memantine market is dominated by the Alzheimer's disease segment. Memantine is majorly used for the treatment of moderate to severe Alzheimer's disease. According to WHO, around 50 million people worldwide are living with dementia and Alzheimer's disease is the most common form of dementia. The rising aging population and increasing burden of Alzheimer's disease are the major factors driving the Alzheimer's disease segment growth. PEST Analysis Political: Government regulations related to drug approval and healthcare reforms will impact the market growth. Various governments are raising awareness and funding research for Alzheimer's disease. Economic: Emerging markets like Asia Pacific are expected to increase their healthcare expenditure which will boost the adoption of memantine in these regions. Social: Increasing aging population and burden of Alzheimer's disease are the key societal drivers. Lack of disease modifying treatments and symptoms management create high demand. Technological: Technological advancements are exploring new delivery methods and biomarkers for improving memantine formulations and treatment of Alzheimer's. Key Takeaways The Global Memantine Market is expected to witness high growth, exhibiting CAGR of 3.87% over the forecast period, due to increasing aging population and rising prevalence of Alzheimer's disease globally. The North America region currently dominates the memantine market owing to high healthcare expenditure, developed healthcare infrastructure, and increasing Alzheimer's incidence. Regional analysis: The Asia Pacific region is expected to be the fastest growing market for memantine during the forecast period due to increases in healthcare investments, healthcare reforms, rise in the geriatric population, and growth in the number of Alzheimer's patients. Key players operating in the memantine market are Merz Pharma, Allergan, Lundbeck, Novartis, Johnson & Johnson, Eisai, and Daiichi Sankyo. Key players are involved in new product launches, expansions, and collaborations to strengthen their position in the global memantine market. For instance, in 2019, Merz launched extended-release tablets for once-daily dosing of memantine hydrochloride under the brand name Namenda XR. Read More: https://www.pressreleasebulletin.com/memantine-market-demand-size-and-forecast/
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