Memantine is an orally administered drug used for the treatment of Alzheimer's disease symptoms. It works as an NMDA receptor antagonist. The drug helps improve cognitive functions, memory, thinking skills and ability to perform daily routine activities in patients with moderate to severe Alzheimer's disease. It reduces the effect of glutamate which can damage or kill nerve cells.
The Global Memantine Market is estimated to be valued at US$ 921.6 Mn in 2024 and is expected to exhibit a CAGR of 5.2% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the memantine market are Aggregate Industries Ltd., Anglo American Plc, Atlas Roofing Corporation, BP Plc, Cemex, Chevron Corporation, Exxon Mobil Corporation, Imperial Oil Limited, Owens Corning, Petroleos de Venezuela S.A, Royal Dutch Shell plc, Shell International, Total SA, United Refining Inc. Key players are investing heavily in research and development activities to develop improved and advanced formulations.
The demand for memantine is growing significantly owing to the rising prevalence of Alzheimer's disease worldwide. According to the WHO, around 50 million people are living with dementia globally and there are nearly 10 million new cases every year. This rising prevalence of Alzheimer's disease is the major factor driving the growth of the memantine market.
Memantine manufacturers are expanding globally especially in developing countries like China, India and Brazil to tap the huge market potential. They are also entering into various strategic partnerships and collaborations with regional players to strengthen their geographic footprint.
Market Drivers
The key driver propelling the growth of Memantine Market Demand is the increasing elderly population globally which is the primary patient demographic for Alzheimer's disease. According to the United Nations, people aged 60 years and above are estimated to outnumber children younger than 5 years by 2020. Another major factor boosting the market growth is constantly rising healthcare expenditure across both developed and developing nations. Various governments are investing huge sums towards dementia research to develop improved prevention and treatment options. Changing lifestyles and increasing sedentary jobs are aggravating the risk of Alzheimer’s further fueling the demand for memantine products.
Current geopolitical instability in Europe and Asia is impacting the growth of the Memantine market. The ongoing Russia-Ukraine conflict has disrupted supply chains and manufacturing hubs in Eastern Europe. Sanctions on Russia have led to price volatility of raw materials. This is negatively affecting the costs and production capabilities of Memantine manufacturers. Higher resource costs are expected to be passed on to consumers, hampering sales growth in the short to medium term. Asian markets are also impacted by ongoing border tensions and lockdowns in China due to the pandemic. This is limiting Memantine demand from key Asian countries. Growth prospects over the forecast period will depend on how quickly supply chains are restored and raw material prices stabilize. Market players need to diversify sourcing, focus on inventory management and consider regional manufacturing facilities to minimize geopolitical risks from specific regions.
In terms of geographical concentration of market value, Europe currently dominates the Memantine Market Size and Trends space. This is attributed to rising prevalence of Alzheimer's disease and increasing acceptance of Memantine as an effective treatment option. Within Europe, Germany contributes the highest revenues due to favorable reimbursement policies and presence of major pharmaceutical companies. However, ongoing conflict may slow down growth prospects in the near future. Asia Pacific Memantine market is expected to witness the fastest value growth during the forecast period, expanding at over 7% CAGR. China and India are identified as high potential markets owing to growing aging populations, improved access to healthcare facilities and rising healthcare spends. Market players need to strengthen distribution channels and marketing initiatives across Asia to leverage lucrative opportunities.
The Middle East and Latin America present untapped opportunities for Memantine market participants. Strategic collaborations with regional pharmaceutical chains and investments in awareness programs can help boost sales volumes from these emerging regions over the coming years.
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