SAN FRANCISCO, July 25, 2016 /PRNewswire/ -- The global epilepsy drugs market is expected to reach over USD 5,474.14 million by 2024, according to a new report by Grand View Research, Inc. The rising government funding for the development of new and effective drugs for the treatment of seizures is a high impact rendering driver for the epilepsy drugs market growth. The American Epilepsy Society (AES) in alliance with other organizations, such as American Academy of Neurology, the Epilepsy Foundation, and the Grass Foundation, provide funding for R&D activities and offer treatment line awareness training to the physicians through different programs.
Furthermore, various awareness programs conducted by organizations, such as the Epilepsy Foundation, the American Epilepsy Society, Epilepsy Association of Central Florida, CURE Epilepsy, and the Anita Kaufmann Foundation, further accelerate the diagnosis and treatment rates. This is expected to propel the market growth over the forecast period.
The second generation anti-epileptic drug class is estimated to have over 30% market share in 2015 owing to the high prescription rates, improved tolerability, and increased efficacy due to the novel mechanisms of action of these drugs
The third generation anti-epileptic drug class is expected to witness the fastest growth with a CAGR of over 4% over the forecast period. The major factors responsible for the growth of this segment include the launch of high efficacy drugs with improved mechanism of action and fewer side effects, and the awaited launch of new pipeline drugs.
The growing need to improve the efficacy of the existent drugs and the need to develop new and enhanced anti-epileptic drugs to minimize the associated side-effects, such as dizziness, fatigue, weight gain, and depression are the propelling factors expected to drive the market growth over the forecast period.
North America dominated the market in terms of revenue with over USD 2,000 million in 2015 owing to the presence of well-established healthcare infrastructure, favorable government initiatives directed at the betterment of the healthcare system, and the presence of extensive research and development activities
Global Epilepsy Drug market (Revenue, USD Million, 2013 – 2024)
First generation anti-epileptic drug
Second generation anti-epileptic drug
Third generation anti-epileptic drug
Epilepsy Drugs Regional Outlook (Revenue, USD Million, 2013 – 2024)
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services.