New Delhi: The Alzheimer’s disease market is projected to reach $16 billion in 2030, according to a report on Friday.
According to the Global Burden of Disease Study 2019, the number of people diagnosed with dementia is expected to almost triple by 2050.
The World Health Organization estimates that 60-70 per cent of dementia cases could be Alzheimer’s disease.
“With the number of dementia and Alzheimer’s diagnoses expected to increase so significantly in the coming years, devices to help diagnose and manage Alzheimer’s disease are more important now than ever,” said Alexandra Murdoch, Senior Medical Analyst at GlobalData, in a statement.
The report by GlobalData, a data and analytics company, forecasts the Alzheimer’s disease market to grow at a compound annual growth rate (CAGR) of 29 per cent between 2023 and 2030.
The marketed products database shows 141 marketed devices that use Alzheimer’s disease as an indication.
Within those 141 products, almost half (46 per cent) are within the in vitro diagnostics (IVD) therapy area, meaning many of the devices are tests to help diagnose Alzheimer’s disease.
Following IVD, the second most common device type for Alzheimer’s disease in the marketed products database falls under Healthcare IT (26 per cent).
Healthcare IT devices include many digital health devices and solutions, including apps or software that aid IVD tests through evaluating brain function.
However, some are also used for disease management. For example, the software CST-Therapist Companion developed by Brain+ ApS is designed to stimulate and improve cognition through psychosocial interaction to create association with existing memories.
“These types of apps could be useful for the management or even prevention of Alzheimer’s disease, as mental stimulation and social activity are both important factors in disease prevention,” Murdoch said.
“While not every case of Alzheimer’s disease is preventable, some are. In addition to mental stimulation and social activity, some key prevention factors are exercise, nutrition, getting enough sleep, and managing stress levels.”