Introduction of novel therapeutics by significant market players to propel the global Parkinson's disease drugs market growth

calendar_today 06 October, 2022 person_outline Growth Plus Reports

According to the deep-dive market assessment study by Growth+ Reports, the global Parkinson's disease drug market was valued at ~US$ 5.51 billion in 2021. The market is expected to witness a CAGR of ~7.80 % from 2020 to 2030. 

The increased prevalence of Parkinson's disease (PD) in the geriatric population is the primary factor propelling the market's growth. Furthermore, the introduction of numerous new medications by major market participants, a significant influx of funding, and rising public awareness further drive the global Parkinson's disease market. However, stringent government regulations for the approval of drugs and the risk of late-stage failure of candidates may hinder the growth of the global Parkinson's disease drugs market. 

Parkinson's disease is a disorder that affects the central nervous system. This condition results in unintentional or uncontrollable movements like trembling, stiffness, and issues with balance and coordination. Typically, symptoms start mildly and get worse over time. People could experience difficulties speaking and walking as the disease aggravates. Age is the critical risk factor, as adults over fifty are most likely to develop Parkinson's disease. According to the WHO (World Health Organization) report of 2022, over 8.5 million people worldwide are estimated to have Parkinson's disease in 2019. The global prevalence has doubled in the previous 25 years. More people are becoming disabled and dying from Parkinson's than any other neurological condition. 

Introducing new medications and approaches by major market participants is a key factor in increasing the global Parkinson's disease drug market. Medications help to manage walking, mobility, and tremor activities. These drugs boost dopamine levels or function as a dopamine replacement. Dopamine levels in the brain are low in patients with Parkinson's disease. Dopamine, however, cannot be administered directly since it cannot penetrate the brain. Several innovative approaches, such as antibody therapies, vaccinations, and immune-mediated therapies that attempt to eliminate aberrant proteins, have emerged as prospective treatments for Parkinson's disease. The most recent medication approved for Parkinson's disease is safinamide (Xadago). It is an additional therapy when levodopa/carbidopa (Sinemet and other brands) alone cannot control Parkinson's disease symptoms.

Based on region, the global Parkinson's disease drugs market has been segmented into North America, Europe, Asia Pacific, and the rest of the world. Europe leads the global Parkinson's disease drug market. The growth is owing to the increasing prevalence of Parkinson's disease, increased R&D activities related to the disease, and government support and approval for new medications. Over 1.2 million people in Europe have Parkinson's disease, according to EPDA, which takes the initiative for their needs and rights. The EPDA has the most extensive online library in Europe for information, research, and resources for Parkinson's disease that has been endorsed by professionals regarding information distribution during research and development. North America's market is characterized by high demand for effective treatments, increased government fundings for disease treatments, and the presence of government bodies working on disease research. The Asia Pacific region is expected to witness rapid growth in the forecast period due to the large geriatric population pool in the region, increasing healthcare spending, and growing prevalence of the disease in the area. 

Some of the prominent players operating in the Parkinson's disease drugs market are Pfizer, Inc., Novartis AG, Orion Pharma Ltd., Teva Pharmaceutical Industries Ltd., Merck & Co., Inc., F. Hoffman-La Roche Ltd., Impax Laboratories, Inc., UCB S.A., Vertical Pharmaceutical, LLC, ACADIA Pharmaceuticals Inc., AbbVie Inc., Boehringer Ingelheim International GmbH, H. Lundbeck A/S, among others.

This report entails a thorough quantitative analysis of the trends from 2022 to 2030 in the Parkinson's disease drug market. The global Parkinson's disease drug market has been analyzed from three perspectives: drug class, route of administration, and end user. The drug class segment is divided into decarboxylase inhibitors, dopamine agonists, monoamine oxidase type B inhibitors, and catechol-O-methyltransferase inhibitors. The route of administration segment is further grouped into oral, transdermal, and injection. By end user, it is grouped into hospital pharmacy, retail pharmacy, and online pharmacy. 

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