Cognitive disorders, also known as neurocognitive disorders, are defined as any disorder that significantly impairs the cognitive function of an individual. It is a mental health disorder that primarily affects learning, memory, perception, and problem solving, and includes amnesia, dementia, and delirium. Some of the common cognitive disorders include motor skill disorders, dementia, substance-induced cognitive impairment, developmental disorders, and amnesia. Increase in incidence of cognitive disorders is the major factor boosting the growth of the global cognitive disorders treatment market.
According to the National Health Service in the U.K., roughly 20% of children were diagnosed with dyslexia in the U.K. in 2016. A Europe-based survey discovered that more than 20% in France and 15% in Germany suffered from dyslexia in the same year. According to a dyslexia center based in the U.S., one in five students of the entire student population was afflicted with the condition in the country, and more than 15% of the students suffered from dyslexia in Canada in 2016. Around 15 in 100 students per year are found to be dyslexic in India and 35 million to 40 million children suffered from dyslexia in India in 2016.
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Improvement in patient security policies, rise in prevalence of cognitive disorders, increase in domestic and international investments in research and development on cognitive disorders, and surge in awareness about these conditions fuel the growth of the global cognitive disorders treatment market. The global market has been witnessing strong growth; however, skepticism surrounding the social pressure and stigma often attached with cognitive disorders and their treatment is likely to restrain the market. The situation is more critical in case of less developed countries, where medical advancements are yet to penetrate into.
Furthermore, inadequate government initiatives could create bottlenecks for the market in underdeveloped countries, despite high unmet medical needs. Adoption of mental health software by hospitals and health care providers is expected to improve treatment and management for dealing with mental health issues. Additionally, growing adoption of tele-health that involves video conferencing that is helping the caregivers for coordinating with patients is propelling its adoption and likely to support growth of the global cognitive disorders market.
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The global cognitive disorders treatment market can be segmented based on disorder, treatment, end-user, and region. In terms of disorder, the market can be categorized into dementia, dyslexia, Alzheimer’s disease, schizophrenia, schizoaffective disorder, delirium, and other cognitive disorders. Based on treatment, the global cognitive disorders treatment market can be classified into drug therapy, medication, complementary & alternative medicine, and electroconvulsive therapy.
Research suggests that severe and complex mental health disorders require a combination of drugs and psychotherapy rather than a single method of treatment. Other types of therapies include hospitalization, case management, self-help plan, and art therapy. In terms of end-user, the global cognitive disorders treatment market can be divided into hospitals, specialty clinics, and others.
The global cognitive disorders treatment market can be segmented into five major regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is projected to dominate the global market during the forecast period owing to increase in patient population, better health care infrastructure, and presence of major players in the region. Europe is anticipated to account for the second largest market share from 2019 to 2027.
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Increase in investment, collaboration among research institutes and private players, and high awareness are expected to boost the growth of the market in the region during the forecast period. The cognitive disorders treatment market in Asia Pacific is likely to grow at a rapid pace owing to increase in population, high acceptance of new treatment methodologies, and improvement in health care infrastructure in countries such as India.
Key players in the global cognitive disorders treatment market include Netsmart Technologies, Pfizer, Inc., Forest Laboratories, Eli Lilly and Company, Accelerated Intelligence, Inc., AstraZeneca, Bristol-Myers Squibb Company, Wyeth, Teva Pharmaceutical Industries Ltd., and Biogen, Inc.
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