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Levodopa Market is Estimated To Witness Significant Growth Owing To Rising Geriatric Population

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Purvaja
Levodopa Market is Estimated To Witness Significant Growth Owing To Rising Geriatric Population

Market Overview:


Levodopa is an amino acid, which is used in the treatment of Parkinson's disease. It works by increasing the levels of dopamine in the brain. Levodopa helps to control tremors, rigidity, slow movements and impaired balance and coordination that occur due to Parkinson's disease. The prevalence of Parkinson's disease is rising globally, particularly in the elderly population. Thus, the demand for levodopa drugs is expected rise significantly during the forecast period.


Market key trends:


One of the key trends in the levodopa market is rising geriatric population globally. Parkinson's disease is more prevalent in the elderly population as the risk of developing Parkinson's increases with age. According to World Health Organization (WHO), the population aged 60 years and above is expected to reach 2 billion by 2050 from 900 million in 2015. The number of people aged 80 years or older is projected to triple between 2020 and 2050. This rising geriatric population is increasing the risk of developing Parkinson's disease, thereby driving the demand for levodopa drugs over the forecast period.

The Global Levodopa Market Demand is estimated to be valued at US$ 4.77 Bn in 2023 and is expected to exhibit a CAGR of 3.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.


Porter’s Analysis


Threat of new entrants: The established brands and regulatory barriers pose high entry barriers for new players. Bargaining power of buyers: The presence of branded as well as generic manufacturers provides options to buyers, increasing their bargaining power. Bargaining power of suppliers: Key raw material suppliers wield influence over industry due to their strong distribution network and supply capabilities. Threat of new substitutes: Emergence of alternate treatment options pose threat to levodopa market. Competitive rivalry: Intense competition among existing players to capture greater market share.


SWOT Analysis


Strengths: Extensive R&D capabilities and strong brand reputation of key players. Weaknesses: High manufacturing and logistical costs.

Opportunities: Rising geriatric population globally and increasing incidence of Parkinson's disease.

Threats: Stringent regulations and safety concerns regarding long-term usage.


Key Takeaways


The global levodopa market is expected to witness high growth, exhibiting CAGR of 3.4% over the forecast period, due to increasing prevalence of Parkinson's disease globally.


Regional analysis: North America leads the global levodopa market and is expected to dominate further owing to rising Parkinson prevalence coupled with availability of advanced healthcare facilities in the region. Asia Pacific exhibits lucrative opportunities due to rapid growth of healthcare infrastructure and high geriatric population.


Key players operating in the levodopa market are Abbott Laboratories, Sun Pharmaceutical Industries Ltd., Teva Pharmaceutical Industries Ltd., Hikma Pharmaceuticals PLC, Mylan N.V., Par Pharmaceutical, Inc., Apotex Inc., Sandoz AG, Dr. Reddy's Laboratories Ltd., Accord Healthcare Ltd. These players primarily focus on strengthening their product portfolios and global footprint through frequent new launches and partnerships.


For more insights, Read-

https://www.insightprobing.com/levodopa-market-growth-demand-and-overview/

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