The global central nervous system treatment market size is expected to reach USD 166.53 billion by 2028, exhibiting a CAGR of 9.4% during the forecast period. The surge in chronic neurological illness among patients can have an impressive effect on the market growth in the forthcoming years, states Fortune Business Insights, in a report, titled “Central Nervous System Treatment Market, 2021-2028.” The market size stood at USD 81.67 billion in 2020.
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COVID-19 Impact: Massive Revenue Drop of CNS Drugs Amid COVID-19
The coronavirus outbreak has notably hindered the supply chain of CNS drugs in the market. The shifted focus towards R&D of COVID-19 therapeutics and vaccines have caused immense loss to the CNS industry. Over-the-counter products such as analgesics and products such as anesthesia have experienced a major decline in sales. Nevertheless, the market is expected to bounce back to normalization post-pandemic. In addition, the increasing diagnosis rate of neurological disorders will simultaneously improve the prospects of the central nervous system treatment market in the forthcoming years.
Multiple Sclerosis to Hold Major Market Share
Based on the drug type, the market is divided into multiple sclerosis drugs, antipsychotic, anti-epileptic, antidepressants, psychostimulants, narcotic analgesics, non-narcotic analgesics, anesthetics, anti-Parkinson’s, sedatives, general anesthesia, and other CNS drugs. Multiple sclerosis held a central nervous system treatment share of 26.4% in 2020 and is expected to remain dominant during the forecast period.
Based on the distribution channel, the market is classified into hospital pharmacies, retail pharmacies, and others. The hospital pharmacy segment is expected to hold a considerable share during the forecast period due to preference for treatment from hospitals. The retail pharmacy segment is expected to experience steady growth due to the increasing access to prescription drugs and discounts offered by retail pharmacy giants.
Geographically, the market is divided into North America, Asia Pacific, Latin America, and the Middle East and Africa.
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The report on the Central Nervous System Treatment Market reveals:
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Clinical Drugs Trials for Cutaneous Systemic Sclerosis to Aid Business
The pipeline drugs for the treatment of neurological disorders are expected to foster the market’s healthy growth during the forecast period. For instance, Lenabasum is currently in Phase 3 clinical trial to treat diffuse cutaneous systemic sclerosis. The drug is currently being evaluated for safety and efficacy by Corbus Pharmaceuticals Inc. Moreover, in January 2019, Corbus Pharmaceuticals Inc. entered into a licensing agreement with Kaken to commercialize Lenabasum in Japan. In addition, the increasing number of patients with Parkinson’s disease will spur demand for improved treatment, which, in turn, will create opportunities for the central nervous system treatment industry.