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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.
Market Overview:
Parkinson’s disease is a progressive neurological disorder that affects millions of people globally. The disease is caused by the loss of dopamine-producing brain cells. Current treatment options aim to manage the symptoms of the disease and improve the patient’s quality of life, however, there is no cure available. Gene therapies have emerged as a promising treatment approach that aims to deliver healthy copies of genes to replace missing or mutated genes in patients. Several gene therapy candidates that deliver genes to produce dopamine or neurotrophic factors are under clinical trials.
Market Dynamics:
The growing geriatric population is one of the key drivers of the Parkinson’s disease therapeutics market. As age is the strongest risk factor for Parkinson’s disease, with most cases occurring after 60 years of age. Rising prevalence of Parkinson’s disease due to aging population will spur the demand for treatment options. Secondly, robust pipeline of gene therapies provides lucrative growth opportunities. Over 30 gene therapy candidates for Parkinson’s disease are under clinical/pre-clinical development including gene delivery, cell therapies and gene editing approaches. These next-gen therapies offer hope of a cure and slowing disease progression presenting bright future prospects for the Parkinson’s disease therapeutics market.
Segment Analysis
The Parkinson’s disease therapeutic market can be segmented based on drug class into carbidopa/levodopa, dopamine receptor agonists, MAO-B inhibitors, COMT inhibitors, anticholinergics, and others. Among these, the carbidopa/levodopa segment dominates the market and accounts for the largest revenue share. This is because carbidopa/levodopa drugs remain the most reliable and effective treatment option for reducing Parkinson’s symptoms, especially during the earlier stages of the disease.
PEST Analysis
Political: Governments across various countries have undertaken initiatives to spread awareness about Parkinson’s disease and provide support to patients. For instance, the government of India launched the Rashtriya Vayoshri Yojana pension scheme for senior citizens including Parkinson’s patients.
Economic: The rising healthcare expenditure on chronic diseases coupled with high preference for branded drugs are fueling the Parkinson’s disease therapeutics market growth. Furthermore, recent patent expirations have led to availability of affordable generic medication options.
Social: Increased social awareness about Parkinson’s symptoms and available treatment options through patient advocacy groups and social media influence has prompted more patients to seek medical help and therapy management.
Technological: Researchers are conducting extensive R&D focused on developing new drug formulations, stem cell therapies, wearable technologies for symptom monitoring and gene therapies to modify disease progression.
Key Takeaways
The global Parkinson’s disease therapeutic market is expected to witness high growth, exhibiting CAGR of 6.1% over the forecast period 2023 to 2030, due to increasing geriatric population globally that are more prone to Parkinson’s disease. The market size for 2023 is US$ 5.11 Bn.
On a regional basis, North America is projected to dominate the Parkinson’s disease therapeutics market during the forecast period. This is attributed to rising prevalence of Parkinson’s disease coupled with availability of advanced treatment options in the region. Europe also holds a significant market share due to growing neurological disorders, rising healthcare spending per person and presence of major pharmaceutical companies.
Key players operating in the Parkinson’s disease therapeutics market growth are 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 therapeutics such as gene therapies and stem cell therapies to modify disease progression.
