Frost & Sullivan: Advancements in Neuroscience and Genomics will Nearly Triple Neurotherapeutic Markets
Advances in neuroscience, molecular biology and genomics are revolutionizing the discovery and development of neurotherapeutics. Soon, therapies will include drugs created through gene discovery and identification that attack neurological diseases at the source. These advancements not only create opportunities for new therapeutic markets, but transform stagnant markets that were once impenetrable, according to a new study by Frost & Sullivan.
The study, U.S. Neurotherapeutic Markets, spotlights therapeutic drugs which combat seven diseases: Parkinson's, multiple sclerosis, dementia, amyotrophic lateral sclerosis (ALS or Lou Gehrig's disease), migraines, stroke, and epilepsy.
Combined, these markets produced $2.4 billion in 1996, and are collectively forecast to maintain a compound annual growth rate of 17.5 percent, reaching $6.5 billion in 2003. The greatest driver in this market is new product introductions, which will vastly change the current marketplace. For example, revenues in the Parkinson's disease therapeutic market were expected to decline after the patent expiration of Eldepryl in June 1996. However, the introduction of new dopamine agonists have given rise to several new products that are expected to stabilize revenue, if not provide moderate growth in this $409 million market.
The dementia market, with a 3.1 percent market share, is predicted to exhibit the greatest growth in the forecast period, encompassing 20.7 percent of neurotherapeutics in 2003. Therapies for Alzheimer's dementia will drive this market, due to three new product introductions and a patient population that is four million strong.
"New drugs with novel biological activities, as well as greater target receptor selectivity will most certainly displace traditional competitors," said Alex Ward, medical analyst at Frost & Sullivan. "Competitors will only be able to maintain market share through a commitment to research and development, while providing a strong product pipeline."
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