Market Overview

Parkinson’s Disease Therapeutics Market Size is projected to achieve a value of USD 5.21 Billion in 2023, with a linear behavior in the market growth it is forecasted to achieve a value of USD 12.32 Billion by 2033 with a CAGR of 8.8% during the forecast period 2024-2033.

Parkinson's disease is a neurological condition that impairs movement. Tremors, stiffness, delayed mobility, and poor balance are some of its symptoms. It is caused by the death of dopamine-producing brain cells, which interferes with the brain's ability to communicate with the muscles, making control and coordination difficult. The specific origin is still unknown, but with time, symptoms get worse. In order to enhance the quality of life for people who are impacted, treatment attempts to manage symptoms with medicine, counseling, and occasionally surgery.

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The market for Parkinson's disease therapeutics is driven by an aging population and ongoing scientific developments. Important motivators include the development of novel therapeutics like gene therapy and stem cell transplantation, as well as technological advancements in drug delivery methods. Moreover, rising healthcare costs and awareness both support market expansion. All of these things work together to improve patient outcomes, expand the market, and increase treatment alternatives, all of which promote a more all-encompassing approach to managing Parkinson's disease.

Market Scope

Parkinson’s Disease Therapeutics Industry:  Dynamics & Restrains

Market Drivers

• Growing prevalence of Parkinson's disease - The Parkinson’s Disease Therapeutics Market is significantly influenced by the disease's rising prevalence. The demand for effective therapies is increasing due to the rising frequency of this neurodegenerative condition caused by an aging worldwide population. This rising incidence not only makes improved treatment options more urgently needed, but it also fuels efforts in research and development to create cutting-edge medications and therapies. The market for disease-specific treatments is thus expected to grow as a result of pharmaceutical companies and healthcare institutions being encouraged to invest more in the search for cutting-edge solutions that aim to alleviate symptoms and improve quality of life for Parkinson's sufferers.
• Development of new and more effective treatments - The Parkinson’s Disease Therapeutics Market is expected to rise mostly due to the development of more sophisticated and effective therapies. Novel drugs and state-of-the-art remedies like deep brain stimulation are developed as a result of research breakthroughs. These novel therapies provide better symptom control, which may impede the course of the illness and boost patient outcomes. These solutions raise patient expectations, encourage investment, and increase market competitiveness among pharmaceutical companies as they show potential in meeting unmet needs. In the end, the search for new therapies elevates the field of Parkinson's therapeutics overall by growing the market and stoking hope for improved disease management.

Market Restrains

• Limited awareness and understanding of the disease - The market expansion of Parkinson's disease is severely limited by a lack of knowledge and comprehension of the condition. Inadequate public awareness of the early signs frequently causes a delay in diagnosis and treatment. This ignorance hinders patients' access to clinical trials and accessible treatments, which delays the uptake of treatments. Misconceptions regarding the illness can also result in stigmatization and a decline in support for research projects. Timely referrals and suitable care techniques are further hampered by healthcare workers' lack of thorough understanding. To improve disease care, increase patient participation, and create a more favorable environment for Parkinson's therapy developments, it is imperative to close these awareness gaps.

Research Report Following Segments

Market- By Drug Class Analysis

By Drug Class, the Parkinson’s Disease Therapeutics Market is Categories into Levodopa, Dopamine agonists, MAO-B inhibitors, Anticholinergics, Others. The Levodopa segment accounts for the largest share of around 32% in 2022.

Levodopa remains an important component of Parkinson's disease treatment due to its remarkable symptom-relieving properties. It is still commonly used today because it increases dopamine levels in the brain.

The following segments are part of an in-depth analysis of the global market for Parkinson's disease therapies:

Market Regional Analysis

North America dominate the Parkinson’s Disease Therapeutics Market with the highest revenue generating market with share of more than 46%. North America is home to a sophisticated healthcare system with a large number of hospitals and clinics. This makes it easier for patients to receive therapy for Parkinson's disease. Among the leading pharmaceutical companies in the world with North American headquarters are AbbVie, Pfizer, and Novartis. These companies are investing large sums of money in the research and development of innovative treatments for Parkinson's disease.

Europe is the second-largest market for Parkinson’s Disease Therapeutics market. Due to Parkinson’s disease affects an estimated 1.2 million people in Europe, making it a very common condition. Europe's governments are investing a large amount of money in the search for new Parkinson's disease treatments.

Asia Pacific is expected to be the fastest-growing market for Parkinson’s Disease Therapeutics during the forecast period. The aging population in this region is the biggest and fastest-growing worldwide. As a result, there are more persons suffering from Parkinson's disease. People in the area are finding it more affordable to have Parkinson's disease therapy as their disposable income rises. In the area, there is a rising awareness of Parkinson's disease, which is encouraging more people to seek treatment.

Competitive Analysis

The Parkinson’s Disease Therapeutics Market is dominated by a few large companies, such as

·         Zydus Cadila

·         Novartis AG

·         GlaxoSmithKline Plc.

·         AbbVie Inc.

·         Merck & Co., Inc.

·         Dr. Reddy’s Laboratories

·         Teva Pharmaceutical Industries Ltd.

·         Sun Pharmaceutical Industries Ltd.

·         Cipla Inc.

·         Denali Therapeutics Inc.

·         Boehringer Ingelheim International GmbH

·         Biogen Inc.

·         Prevail Therapeutics

·         Voyager Therapeutics

·         Eli Lilly and Company

Recent Development

• In February 2021, Adamas Pharmaceuticals, Inc., a company dedicated to developing and delivering medicines to people affected by neurological diseases, announced that it had received marketing authorization from the U.S. Food and Drug Administration (FDA) for a supplemental new drug application for GOCOVRI (amantadine) extended release capsules, gaining a second indication for the product as an adjunctive treatment to levodopa/carbidopa in Parkinson's disease patients.

• August 2020, Kyowa Kirin Co., Ltd., a Japan-based pharmaceutical company, announced that the U.S. Food and Drug Administration (FDA) had approved NOURIANZ (istradefylline) as an add-on treatment to levodopa or carbidopa in adult patients with Parkinson’s disease (PD) experiencing ‘OFF’ episodes. ‘Off’ episodes are incapacitating periods of partial or total immobility that patients with advanced Parkinson's disease experience.