Australia Alzheimer’s Disease Drug Market Analysis

Australia Alzheimer’s Disease Drug Market Executive Analysis

The Australia Alzheimer’s disease drug market is at around 174.09K in 2022 and is projected to reach 222.94K in 2030, exhibiting a CAGR of 2.8% during the forecast period. A total of $105.8 Bn, or 16.8% of total government expenditures in Australia, is projected to be spent on health in 2022–2023. Realistically, it is anticipated that overall spending will fall by 8.3% between 2021–22 and 2022–23 and by 4.4% between 2022–23 and 2025–26, principally as a result of the termination of COVID–19-related payments. The government is lowering the cost of medications for Australian families. The $42.50 maximum co-payment will be reduced to $30 as of January 1, 2023. The Australian Government's Pharmaceutical Benefits Scheme (PBS) medicine subsidies will account for the majority of the $17.2 Bn, or 16.3%, in pharmaceutical benefits and services.

The National Institute of Neurological Disorders and Stroke describes Alzheimer's Disease (AD) as a progressive neurodegenerative condition that results from the death of brain nerve cells. Some of the signs of the condition include impaired memory, thinking, and behavior, confusion, restlessness, language deterioration, impaired thought processes involving visual and spatial awareness, and emotional apathy. The most common form of dementia is Alzheimer's disease. Australian research has played a significant role in advancing international efforts to better understand Alzheimer's disease and create technologies and approaches that will result in more effective cures and treatments. According to Dementia Australia, there are currently an estimated 459,000 Australians living with dementia, and by 2058, there are expected to be more than 1.1 Mn. For all Australians, dementia is the second most common cause of death, and it kills more women than any other disease. In 2016, it was anticipated that providing care for Australians with dementia cost $14.25 Bn.

AD currently has no proven treatment, but there are four drugs available through the Pharmaceutical Benefits Scheme (PBS) and the Repatriation Pharmaceutical Benefits Scheme (RPBS). Only those with an Alzheimer's disease diagnosis are currently eligible for these drug subsidies in Australia. For the treatment of mild to severe AD, Australia has approved the use of donepezil, galantamine, and rivastigmine. Australia might get a new Alzheimer's drug called Lecanemab next year. It is a monoclonal antibody that targets amyloid beta, a protein that accumulates in the brains of people with Alzheimer's disease and forms clumps or plaques. Lecanemab is made to bind to and remove these plaques, possibly reducing the disease's course. However, it is yet to be approved by Therapeutic Drugs Administration, Australia.

Market Dynamics

Market Growth Drivers

One of the main factors driving the expansion of the Australia Alzheimer's market is the rise in Alzheimer's cases. Governments and non-governmental organizations are investing heavily in the development of diagnostics and treatments for the condition as a result of the increased prevalence of Alzheimer's disease in Australia, which could spur market growth. The Australia Alzheimer's disease market is witnessing an increase in R&D investments and collaborations as a result of new treatment technologies.

Market Restraints

The development of the Australia market for Alzheimer's disease is anticipated to be hampered by the absence of methods for diagnosing Alzheimer's disease. The diagnosis of AD is difficult since there is no conclusive blood test, brain scan, or physical exam, and so many illnesses can cause symptoms like dementia, which is the main clinical symptom of AD. AD cannot be properly and promptly diagnosed, which limits the Australia Alzheimer's disease market expansion.

Competitive Landscape

Key Players

• Key Pharmaceuticals (AUS)
• Folarix Pharmaceutical (AUS)
• Xenexus Pharmaceutical (AUS)
• Mediland Pharm (AUS)
• Merz Pharma
• H. Lundbeck A/S Biogen
• AstraZeneca
• Eli Lilly
• Teva Pharmaceutical
• Ono Pharmaceutical

Healthcare Policies and Regulatory Landscape

Alzheimer's disease and other types of dementia are categorized as chronic diseases in Australia and are therefore covered by Medicare, the national public health insurance program. This covers all visits to the doctor, diagnostic exams, and hospital care required to identify, treat, and manage the problem. Depending on the drug and the patient's circumstances, Medicare may also pay for some medications used to treat Alzheimer's disease.

The Commonwealth Government's Therapeutic Goods Administration oversees the control of pharmaceuticals and medical equipment. The Australian Register of Therapeutic Goods lists prescription drugs and over-the-counter medications that adhere to Australian criteria for quality, safety, and efficacy. Drugs may be listed or registered. Acetylcholinesterase inhibitors including donepezil, galantamine, and rivastigmine, as well as the NMDA receptor antagonist memantine, have been licensed by the TGA for the treatment of Alzheimer's disease. In addition to these approved pharmaceuticals, there are research drugs being explored for the treatment of Alzheimer's disease, such as monoclonal antibodies that target amyloid beta, such as Lecanemab.