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Parkinson's Disease Therapeutic Market Study Analysis with Forecast to 2031
According to the latest research by InsightAce Analytic, the Global Parkinson's Disease Therapeutic Market is valued at US$ 4.22 Bn in 2023, and it is expected to reach US$ 6.51 Bn by 2031, with a CAGR of 5.7% during the forecast period of 2024-2031.
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Parkinson's disease (PD) is a chronic and significant neurological condition that progresses and predominantly impacts movement. Therapeutic strategies emphasize the management of symptoms and the enhancement of quality of life.
The rise in awareness and early diagnosis of Parkinson's disease is contributing to market expansion. Improved diagnostic techniques, including advanced imaging technologies and biomarkers, enable earlier intervention, enhancing treatment efficacy and patient outcomes. Increased investment in research as well as development by pharmaceutical companies and governmental bodies is fostering innovation. Partnerships between biotech firms and research institutions are accelerating the efforts in the discovery of new drugs and therapies. The adoption of digital health technologies, including wearable devices and telemedicine, is improving disease management and patient adherence to treatment regimens, further propelling the market forward.
List of Prominent Players in the Parkinson's Disease Therapeutic Market:
• Teva Pharmaceutical Industries Ltd.,
• Novartis AG
• GlaxoSmithKline Plc.
• AbbVie Inc.
• Merck & Co. Inc.,
• Zydus Cadila
• Dr. Reddy's
• Sun Pharmaceutical Industries Ltd.
• Cipla Inc.
• Boehringer Ingelheim International GmbH
• Denali Therapeutics Inc.
• Biogen Inc.
• Prevail Therapeutics
• Eli Lilly and Company
• Voyager Therapeutics.
• Intas Pharmaceuticals Ltd.
• Torrent Pharmaceuticals Ltd.
• Amneal Pharmaceuticals
• Aurobindo Pharma Limited
• Accord Healthcare Ltd.
Market Dynamics:
Drivers-
A significant driver is the increasing prevalence of Parkinson's disease (PD) globally. With rising awareness and better diagnostic tools, more cases are being identified at earlier stages, prompting higher demand for therapeutic interventions. A notable driver is the diversification of treatment options. The varied treatment modalities cater to different stages and severities of the disease, enhancing patient outcomes and expanding the market. The market is further boosted by the expanding role of artificial intelligence (AI) & machine learning in drug discovery and development. AI algorithms can analyze vast datasets to identify potential drug candidates, predict clinical trial outcomes, and streamline regulatory approval processes. This technological advancement accelerates the availability of new treatments and reduces development costs, thereby enhancing market growth.
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Challenges:
The decline in drug approvals by regulatory authorities poses a significant challenge to the Parkinson's disease therapeutic market. This decline hampers the introduction of new and innovative treatments, limiting options for patients and healthcare providers. It can lead to a stagnation in treatment advancements, impacting the quality of care and outcomes for individuals with Parkinson's disease. The need for newly approved drugs may also hinder competition, potentially resulting in higher costs for existing treatments. Overall, the slowdown in drug approvals presents a barrier to progress in addressing the complex needs of Parkinson's disease patients.
Regional Trends:
North America dominates the Parkinson's disease therapeutic market. The factors that lead to regional expansion involve very prevalent Parkinson's disease groups. The high prevalence found in the ageing population fuels the growth of the Parkinson's disease market in the United States. Europe had a significant market share due to its developed economy and increasing product uptake as a result of new strategies used by the leading players in the Parkinson's disease treatment industry. Furthermore, the presence of important market players, as well as increased collaboration among major companies for market penetration in the region, creates opportunities for growth in the global Parkinson's disease therapeutic market.
Recent Developments:
• In March 2024, Sanofi and Cipla have formed an exclusive collaboration to distribute and promote Sanofi India's Central Nervous System (CNS) product range in India. Under this collaboration, Cipla will assume the responsibility of distributing Sanofi India's six CNS brands, which includes Frisium®, a prominent brand in the anti-epileptic drug field.
• In Oct 2022, Biogen and Denali Therapeutics commenced the Phase 3 LIGHTHOUSE Study in Parkinson's Disease linked to LRRK2 Pathogenic Mutations. The main objective of the LIGHTHOUSE trial was to measure the duration until proven deterioration, evaluated using the Movement Disorder Society-Sponsored Revision of the Unified Parkinson's Disease Rating Scale (MDS-UPDRS), during the treatment term of up to 180 weeks.
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Segmentation of Parkinson's Disease Therapeutic Market-
By Drugs
• Carbidopa-levodopa
• Dopamine agonists
• Mao-b inhibitors
• COMT inhibitors
• Anticholinergics
• Others
By Distribution Channel-
• Hospital pharmacy
• Retail pharmacy
• Online pharmacy
By Brand
• Branded
• Generics
By Route of Administration
• Oral,
• Injectable,
• Intestinal Infusion,
• Subcutaneous
• Others
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of Middle East and Africa
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InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain a competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets, and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.https://www.insightaceanalytic.com/images_data/148861653.JPG
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