Yahoo Finance Epilepsy Market Size to Surpass USD 590.2 Million by 2030 at 7.20% CAGR – Report by Market Research Future (MRFR)
Epilepsy Market Trends and Insights By Condition (Epilepsy Drug Resistant/Intractable Epilepsy, Others), By Diagnosis & Treatment (Diagnosis & Treatment), By End-use (Hospitals, Clinics, Ambulatory Surgical Centers, Diagnostic Centers, Others), Competitive Market Growth, Size, Share and Forecast to 2030
New York, USA, Feb. 08, 2023 (GLOBE NEWSWIRE) -- Epilepsy Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Epilepsy Market Information By Condition, Diagnosis, Treatment, End-Use and Region - Forecast till 2030" the market is expected to reach USD 590.2 Million by 2030 at 7.20% CAGR during the forecast period 2022-2030
Market Synopsis
The increasing rate of epilepsy prevalence in the geriatric community and the rise in accident-induced brain injury cases are major factors driving market growth. Emerging trends such as businesses focused on designing innovative treatments for refractory epilepsy and doctors requiring higher effectiveness medications is increasing the R&D investments towards the epilepsy market. The growing adoption of rational polytherapy and the advanced imaging technology for early diagnosis also contributes to market growth. A chronic, non-communicable condition of the central nervous system known as epilepsy causes aberrant brain activity, seizures, and periods of uncontrollable movements and sensations. Problems can bring it on during pregnancy or delivery, hereditary or congenital diseases, severe head injuries, brain tumors, and other conditions. The chronic neurological disease called epilepsy can result in unprovoked seizures that last for a long time. A person with this condition may develop unexplained seizures. The precise etiology of these seizures is yet unknown; however, they can be brought on by any traumatic incident or a past brain injury. Although the elderly are equally susceptible, adults and children are the most frequently affected.
There is currently no cure for epilepsy; only symptomatic therapy with drugs, surgery, and implantable devices is offered. This demonstrates the unmet market demand for superior therapies, opening up profitable expansion potential for business operators. Nearly of patients with numerous seizures start their treatment with epilepsy drugs or treatments. These drugs prevent seizures by reducing the brain cells' propensity to direct excessive and disordered electrical impulses. Medication or, in certain situations, surgery can usually manage seizures in epilepsy patients. Medication, surgery, and other therapy are available to treat epilepsy.
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Report Scope:
Report Attribute | Details |
Market Size in 2030 | USD 590.2 Million |
CAGR | 7.20% |
Base Year | 2021 |
Forecast Period | 2022-2030 |
Historical Data | 2020 |
Forecast Units | Value (USD Million) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By Condition, Diagnosis, Treatment and End-use |
Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
Key Market Drivers | Increasing Incidence of PTE to Drive Market Growth |
Growing Adoption of Advanced Imaging Technology For Early Diagnosis |
Market Competitive Landscape:
The essential players in the epilepsy market are:
UCB SA (Belgium)
NeuroPace Inc. (U.S.)
GW Pharmaceuticals PLC (U.K.)
Novartis AG (Switzerland)
LivaNova PLC (U.K.)
GlaxoSmithKline PLC (U.K.)
Eisai Co. Ltd. (Japan)
Pfizer Inc. (U.S.)
Medtronic PLC (Ireland)
Johnson & Johnson Services Inc. (U.S.)
Abbott Laboratories (U.S.)
Epilepsy Market Dynamics:
Market Drivers:
Consumer demand is anticipated to increase due to the high susceptibility risk of senior epilepsy. The epilepsy industry may also be driven by brain injury that can result in post-traumatic epilepsy (PTE) and post-traumatic spasms (PTS). The development of experimental medications, the introduction of new medications in developed nations, and the frequency of neurological conditions, including meningitis and tumors, are all major influences on the global demand for epilepsy. The improvement in healthcare costs and the rise in disposable income contributes to this trend. The rise in the number of older people and the rise in reported incidents of traffic accidents are two additional significant variables anticipated to fuel the expansion of the epilepsy market over the forecast period.
Additionally, the expansion of the epilepsy industry is being further fueled by the rise in government spending on the creation of novel and efficient medications to treat seizures. Additionally, the many awareness campaigns run by the organizations will present more potential prospects for the epilepsy industry in the coming years. Additionally, rising R&D expenditures and the introduction of extended-release compositions are anticipated to support market expansion further. R&D spending on the epilepsy industry is rising due to new trends like companies developing novel therapies for refractory epilepsy and physicians demanding more potent drugs. Advanced imaging technology for earlier detection and the expanding use of rational polytherapy both support market expansion. Additionally, implementing cutting-edge digital healthcare models like telemedicine and mHealth is projected to open up new growth prospects for the epilepsy market.
Market Restraints:
Additionally, it is predicted that the rise in treatment costs will restrain the expansion of the epilepsy market throughout the forecast period. However, the absence of patent rights could pose additional obstacles to commercial expansion in the coming years. On the other hand, a drawn-out prescription approval process and growing drug prices impede demand expansion. In addition, a lack of knowledge regarding the difficulties associated with epilepsy can impede the expansion of the epilepsy industry. Users increasingly request that social media sites and gaming businesses add epileptic warnings. The primary drivers of this market's growth are an increase in partnerships and collaborations and increasing funding for telemedicine start-ups from private companies.
Browse In-depth Market Research Report (196 Pages) on Epilepsy: https://www.marketresearchfuture.com/reports/epilepsy-market-7730
COVID 19 Analysis
Hospitals already overflowing with patients were severely affected by the ongoing COVID-19 pandemic, which strained the healthcare system. Delirium, despair, fever, and a loss of taste and smell are typical neurological signs of COVID-19 infection. In rare instances, it can lead to epilepsy and stroke. The need for effective epilepsy treatments and drugs has increased as a result. Additionally, the increased R&D expenditures for COVID-19 medicines may support the expansion of the global epilepsy market.
Additionally, the COVID-19 pandemic's increase in patient influx for epilepsy has prompted the usage of telemedicine for communication. In addition, several government organizations are embracing telehealth by enacting new regulations and payment guidelines. Therefore, COVID-19 greatly impacts the market's growth at the beginning. However, the market is predicted to grow over the next several years due to the global revival of various elective surgeries and procedures.
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Market Segmentation
By diagnosis & treatment, the market includes diagnosis & treatment.
By condition, the market includes epilepsy drug-resistant and intractable epilepsy.
By end-use, the market includes hospitals, clinics, ambulatory surgical centers, and diagnostic centers.
Regional Insights
Due to the success of the appropriate government programs, North America controls the epilepsy market. Additionally, the extensive research and development efforts made will help the market in the area grow throughout the course of the projected year. It is also probable that developing products with greater efficacy, better results, and fewer side effects will hasten market expansion in North America. Due to the rise in patient awareness regarding active epilepsy treatment, Asia-Pacific is predicted to experience considerable growth in the market. Additionally, it is projected that in the upcoming years, the region's epilepsy market will rise due to the rising levels of medical necessity in developing nations.
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A considerable market expansion rate is anticipated throughout the projection period in Asia-Pacific. This can be attributed to a rising senior population; government attempts to strengthen the healthcare sector, increased research and development activities, and increased epilepsy prevalence in the area. Epilepsy is prevalent in the European region, which is predicted to exponentially increase demand for effective treatments due to increased spending on research and production.
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