Rivastigmine Market Poised for Growth Due to Rising Adoption of Novel Drug Delivery Systems
Rivastigmine is primarily used in the treatment of mild to moderate Alzheimer's disease and Parkinson's disease dementia symptoms. It helps in improving the symptoms of mental decline by inhibiting the breakdown of acetylcholine, a chemical messenger important for thinking, learning, and memory. The drug is administered orally through capsules or transdermal patches for continuous delivery into the bloodstream. Oral administration faces challenges like gastrointestinal side effects and poor patient compliance due to complex dosing schedules. However, recent advancements in drug delivery technologies have enabled development of novel delivery systems like microinjectables and implants that allow continuous drug release over several months at the targeted sites of action.
The Global Rivastigmine Market is estimated to be valued at US$ 594.78 Mn in 2024 and is expected to exhibit a CAGR of 10.% over the forecast period 2024 to 2031.
Key Takeaways
Key players: Key players operating in the Rivastigmine market are Allergan, Inc.,Galderma SA,Merz Pharma GmbH & Co.,KGaA, Suneva Medical Inc.,Specialty European Pharma,Sinclair Pharma,Valeant Pharmaceuticals International Inc.,LifeCell Corporation,Dr. Korman Laboratories Ltd.,ForeverInject International Holdings Co. Limited.
Key opportunities: Rising geriatric population suffering from neurological disorders and increasing demand for non-invasive drug delivery systems present lucrative growth opportunities.
Technological advancements: Novel drug delivery technologies like transdermal patches, long-acting microinjectables and implants enabling sustained drug release are driving the market growth.
Market Drivers
Growing prevalence of Alzheimer's and Parkinson's diseases worldwide is a key factor fueling the rivastigmine market growth. As per WHO estimates, over 50 million people globally are living with dementia with nearly 10 million new cases every year. Favorable reimbursement policies and introduction of generic drugs are also boosting the market revenues.
Rivastigmine Market: Current Challenges
The Rivastigmine Market Size is facing various challenges including increasing prevalence of generic drugs and drug recalls. The patents of major brand drugs are expiring which is boosting the entry of generic versions. This is pricing pressure on leading manufacturers. Further, drug recalls due to safety and quality issues poses regulatory challenges. For example, in 2019, Dr. Reddy's Laboratories conducted voluntary nationwide recall of Rivastigmine transdermal system due to confirmed particulate matter in product lots. Strict regulatory norms and time-consuming approval process also act as a hurdle for new product launches.
SWOT Analysis
Strength: Used for treatment of mild to moderate Alzheimer's disease and Parkinson's disease; Once-daily oral formulation offers convenience to patients
Weakness: Common side effects include nausea, vomiting, diarrhea etc.; Requires frequent dose adjustments; Not preferred for severe dementia patients
Opportunity: Growing geriatric population prone to neurodegenerative disorders widens market potential; New formulations and drug delivery methods can boost product appeal
Threats: Intense competition from generic drugs; Risk of drug failure in late stages of clinical trials
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