Noradrenergic Drug Market Trends
Growth Drivers
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Growing Prevalence of Autism – On account of the growing awareness and screening of autism spectrum disorder, the market is expected to expand more in the upcoming years. According to the World Health Organization (WHO), one in 100 children globally suffers from autism.
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Rising Geriatric Population – Elderly population is more prone to dementia and the rising number of elderly populations across the globe is estimated to drive market growth. In 2020, there were more people over the age of 60 than children under five, and by 2050, it is predicted that 80% of the world's old people will live in low- and middle-income countries.
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Surging Incidences of Hypertension – According to the most recent data, more than 40% with uncontrolled hypertension have a blood pressure of 140/90 mmHg or higher.
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Increasing Diseases such as Obesity and Diabetes – It is expected that patients with obesity or diabetes are likely to be more susceptible to heart disease, diabetes, and high blood pressure, which is anticipated to drive the market growth. It was discovered that over 30 million Americans, suffered from diabetes in 2019.
Challenges
- Lack of Awareness regarding Mental Health - The increasing concern amongst individuals for the lack of knowledge about mental health is one of the major factors predicted to slow down the market growth. For instance, people may not recognize the symptoms as indicators of mental disease, therefore, they are less likely to seek professional care.
- Exorbitant Initial Expenditure
- Side Effects of Noradrenergic Drugs
Noradrenergic Drug Market: Key Insights
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
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Base Year |
2024 |
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Forecast Year |
2025-2037 |
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CAGR |
2.9% |
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Base Year Market Size (2024) |
USD 17.03 billion |
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Forecast Year Market Size (2037) |
USD 24.7 billion |
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Regional Scope |
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