The Parkinson's Disease Therapeutic Market is estimated to be valued at US$ 5.11 Bn in 2023 and is expected to exhibit a CAGR of 6.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
The Parkinson's Disease Therapeutic Market size is mostly focused on developing novel therapeutics to improve the treatment outcomes for patients suffering from Parkinson's disease. Parkinson's disease is a progressive neurological disorder that affects the motor system. The exact cause of Parkinson's disease is unknown, but it is believed that both genetic and environmental factors may play a role. Symptoms usually develop slowly over years and can get progressively worse. The main motor symptoms of Parkinson's disease are tremors or shaking, slowed movement, stiff or inflexible muscles, and impaired balance and coordination.
Market Overview: Parkinson's disease therapeutics are used for symptom management and slowing disease progression. The major classes of drugs available are dopamine replacement therapy, anticholinergics, monoamine oxidase inhibitors, and glutamate antagonists. Drugs such as levodopa, dopamine agonists, COMT inhibitors are used for symptomatic relief, while MAO-B inhibitors and amantadine are used as adjunct therapy along with levodopa. Surgical therapies such as deep brain stimulation are also used in some severe cases.
Market key trends: One of the major trends in the Parkinson's disease therapeutics market is the increased focus on developing disease-modifying therapies. Currently available drugs only manage symptoms and do not slow progression. Research is ongoing to develop drugs that can protect and regenerate dopaminergic neurons and slow neurodegeneration in Parkinson's disease. Some therapies under research include gene therapies, neurotrophic factors, stem cell therapies, alpha-synuclein inhibitors and other novel targets. If successful, disease-modifying drugs can significantly increase treatment outcomes and quality of life for Parkinson's patients.
Porter’s Analysis
Threat of new entrants: The high capital requirement for R&D and drug manufacturing poses a barrier for new players. The lengthy clinical trials and regulatory approvals further increase barriers.
Bargaining power of buyers: The large buyers like hospitals and pharmacy chains can negotiate lower prices from drug makers due to their high purchase volumes. However, the acute nature of the disease limits their bargaining power to an extent.
Bargaining power of suppliers: The suppliers of raw materials used in drugs have moderate bargaining power given the niche nature of inputs used by Parkinson's drug manufacturers.
Threat of new substitutes: There are limited treatment alternatives available currently, giving existing drugs protection from substitutes. However, intensive research is on for developing new therapies.
Competitive rivalry: Fierce competition exists among major players to develop improved therapies and gain higher market share.
SWOT Analysis
Strength: Strong product pipeline and robust R&D capabilities of key players. Increasing prevalence of Parkinson's globally.
Weakness: High costs involved in development and regulatory approvals. Uncertainty associated with clinical trials. Lack of complete cure.
Opportunity: Emerging economies with large untreated patient population. New drug delivery methods and therapeutic approaches being explored.
Threats: Patent expiries of blockbuster drugs. Stringent regulatory norms. Side effects associated with existing medications.
Key Takeaways
The global Parkinsons Disease Therapeutic Market is expected to witness high growth, exhibiting CAGR of 6.1% over the forecast period, due to increasing prevalence of Parkinson's disease globally. As per estimates, around 10 million people worldwide suffer from Parkinson's currently and the number is projected to double by 2040.
Regionally, North America currently dominates the Parkinson's therapeutics market owing to high awareness, advanced healthcare infrastructure and presence of major players. However, Asia Pacific is poised to be the fastest growing market during the forecast period supported by vast untapped populations, rising healthcare spending and improving access to diagnosis and treatment in major countries like China and India.
Key players operating in the Parkinsons Disease Therapeutic Market include Teva Pharmaceutical Industries Ltd., Novartis AG, GlaxoSmithKline Plc., AbbVie Inc., Merck & Co., Inc., Zydus Cadila, Dr. Reddyâ€TMs Laboratories, Sun Pharmaceutical Industries Ltd., Cipla Inc., Boehringer Ingelheim International GmbH, Denali Therapeutics Inc., Biogen Inc., Prevail Therapeutics, Eli Lilly and Company and Voyager Therapeutics. Major players are focused on developing advanced pipeline assets and expanding into high growth emerging markets through collaborations.
Globally the market for Parkinson’s disease therapeutics is increasing rapidly.
Moreover, the risk of Parkinson’s disease increases with age, and the disease mainly affects a person over 50 years of age.
The global Parkinson’s disease therapeutics market by treatment type is segmented into medication and surgical therapy.
Medication segment is segmented further into dopamine precursors, peripheral decarboxylase inhibitors, COMT inhibitors, MAO inhibitors, and others.
Surgery therapy is further segmented into deep brain stimulation (DBS) and carbidopa/levodopa enteral suspension.On the basis of end-user, the market is categorized into hospitals & clinics, academic & industrial research, and others.On the basis of region, the global Parkinson’s disease therapeutics market is segmented into the Americas, Europe, Asia Pacific, and the Middle East and Africa.The Americas is sub-segmented into North America and South America.
The Asia Pacific region is sub-segmented into Japan, China, India, Australia, the Republic of Korea, and the rest of Asia Pacific.
Global Parkinson’s Disease Treatment Market is expected to reach USD 6.48 Billion by 2024 from USD 4.02 Billion in 2016 at CAGR of 6.15% (Detailed analysis of the market CAGR is provided in the report).Parkinson’s Disease is the combination of progressive, degenerative neurological motor disorder, primarily affecting the dopaminergic cells of the brain.
Drug Class segment is sub-segmented as levodopa/carbidopa, dopamine receptor agonists, Mao-inhibitors and others.
The market on the basis of geography is segmented by North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America.For More Information Visit https://www.maximizemarketresearch.com/market-report/global-parkinsons-disease-treatment-market/6655/ Increasing prevalence and rise in incidences of Parkinson’s disease across the developed countries are trending the overall Global Parkinson’s Disease Treatment Market.
The increasing number of generic drug manufacturers and rising aging population in this region will fuel the Parkinson’s Disease Treatment Market in the APAC region.Key Highlights:• Assessment of market definition along with the identification of key players and an analysis of their strategies to determine the competitive outlook of the market, opportunities, drivers, restraints, and challenges for this market during the forecast period• Complete quantitative analysis of the industry from 2016 to 2024 to enable the stakeholders to capitalize on the prevailing market opportunities• In-depth analysis of the industry on the basis of market segments, market dynamics, market size, competition & companies involved value chain• Global Parkinson’s Disease Treatment Market analysis and comprehensive segmentation with respect to the drug class, patient care setting, distribution channel, and geography to assist in strategic business planning• Global Parkinson’s Disease Treatment Market analysis and forecast for five major geographies North America, Europe, Asia Pacific, Middle East & Africa, Latin America, and their key regionsResearch Methodology:The research methodology used in this report contains various secondary sources including Bloomberg, Hoovers, and Factiva.
Experts from top manufacturing companies along with other stakeholders have been considered.
Data triangulation techniques along with other comparative analysis are also used to calculate the exact size of the Global Parkinson’s Disease Treatment Market globally.Key Players in the Global Parkinson’s Disease Treatment Market Are:• GSK• Novartis• UCB• F. Hoffmann-La Roche AG• STADA Arzneimittel AG• Acadia• Wockhardt• Sun Pharma• Lundbeck• Valeant Pharmaceuticals• Abbvie• Impax• Boehringer Ingelheim• Teva• MerckKey Target Audience:• Research and Consulting Firms as well as Venture capitalists, private equity firms, and startup companies• Academic institutions• Parkinson’s disease treatment dealers and suppliers• Parkinson’s disease treatment product manufacturers• Parkinson’s disease associations• Human identification service providers• Contract research organizations (CROs)• Government BodiesScope of the Report: Research report categorizes the Global Parkinson’s Disease Treatment Market based on drug class, patient care setting, distribution channel, and geography (region wise).
