Every 3 seconds one person on this planet develops dementia, and in that 70% has been confirmed as Alzheimer’s. There has been an estimation that 46.8 million individuals are living with Dementia in 2017 and this number is expected to be near to 50 million individuals in 2019. About This number will become two-fold every 20 years, achieving 75 million in 2030 and 131.5 million by 2050. According to a study, 58% of individuals with dementia live in low and middle-income nations, however by 2050, this will increase to 68%. The quickest development in the elderly population is occurring in China, India, and their south Asian and western Pacific neighbors.
Demographic aging is an overall procedure that demonstrates the triumphs of enhanced healthcare in the course of the most recent century. Many are presently living longer and more beneficial lives thus the total populace has a more proportion of older people. Dementia primarily affects older people, despite the fact that there is a developing attention to cases that begin before the age of 65.
Alzheimer’s disease is the common type of dementia.
The market analysis of various reports says that the aggregate estimation and overall cost of dementia is US$818 billion as of 2017, which signify about 1.09% of worldwide GDP. Around 2021, the worldwide cost of Alzheimer’s will blow upto a trillion dollar from $818 billion. The reports have shown that dementia alone has increases by 35% since 2010. The report updates on Alzheimer’s Disease International’s (ADI) data on dementia’s global prevalence, incidence and cost, highlighting dementia’s increasing impact on low and middle income countries (LMICs). This figure incorporates costs credited to casual care and synchronizes expenses of social care and the immediate expenses of medicinal care, the direct medical care costs about 20% of worldwide dementia costs, while direct social sector costs and informal care costs each account for approximately 40%.
The diagnostic market for disease is rising at a steady rate on the global Alzheimer's market; primarily due to the increasing incidence of the disease making it one of the market's major drivers. The global Alzheimer's disease diagnosis market is booming and expected to gain popularity over the forecast period, according to a recent study report published by the Market Research Future. The market is going to show spectacular growth by 2022, surpassing its previous growth records in terms of value with a sound CAGR during the anticipated period (2017 – 2022).
The main drivers will be rising healthcare expenditure per capital and increasing geriatric population. With it, the diagnostic test market will contribute significantly to the health and wellbeing of patients, including diagnostic molecules and assays.
According to the Alzheimer's Association, 5.5 million People are diagnosed with Alzheimer's disease in 2017 and are estimated at or above 65 years of age at 5.3 million.
In addition, the global geriatric population is expected to hit 1.6 billion by 2050 from 617 million in 2016, according to the National Institute of Health. It is evident from the outlined facts that the demand will expand substantially. From the illustrated facts it is clear that the market will grow significantly in the presence of the need of diagnostics
The Americas are leading the global market. Increasing healthcare spending per capita, the presence of global players such as CogRx and Accera, Inc. together with a huge patient population drives the region's market growth. According to the Centers for Disease Control and Prevention, total healthcare expenditure in the United States accounted for 17.8 percent of the total gross domestic product (GDP) in 2015, representing USD 3.2 trillion. The second largest market in Europe.
Huge patient population, increasing government funding for R&D drives the region's market growth. The number of patients suffering from dementia in the UK is expected to reach more than one million by 2025, according to the Alzheimer's Society. Asia Pacific region is made up of developing economies such as India and China, making it the fastest growing region. The region of Middle East & Africa holds the least share, particularly due to the region of Africa. Because of massive spending on healthcare, the Middle East region dominates this region's share.
Dementia is general term for memory misfortune and alternative intellectual capacities sufficiently real to intervene existence. This gathering can build info, offer help, facilitate learning and alter families and carers to go looking out relevant administrations for his or her idolized one and to create up the foremost ideal home condition to assist healing from this fascinating and decimating malady.
The global illness (AD) market value of $2.9 billion in 2016 is ready to reach $14.8 billion, growing at a Compound Annual Growth Rate (CAGR) of seventeen.5 percent, across the 7 million by 2026 consistent with world information, a recognized leader in providing business information and insights about Alzheimer's disease is that the most popular dementia type.