Acumen Research and Consulting recently published report titled “Parkinson’s Disease Market Share, Analysis Report and Region Forecast, 2022 – 2030”
LOS ANGELES, Sept. 05, 2022 (GLOBE NEWSWIRE) — LOS ANGELES, September 05, 2022 (GLOBE NEWSWIRE) – The Global Parkinson’s Disease Market is expected to grow at a CAGR of around 11.5% from 2022 to 2030 and expected to reach the market value of around USD 6,705 Million by 2030.
Parkinson’s Disease Market Report Key Highlights
• Global Parkinson’s disease market size was USD 2,540 million in 2021 and is expected to grow at CAGR of 11.5% from 2022 to 2030
• North America Parkinson’s disease market is expected to lead with more than 35% market share
• According to the National Institute of Health (NIH) estimates, there will be over 1.2 million people suffering from Parkinson’s in the US by 2030
• Asia-Pacific Parkinson’s disease market is expected to grow with fastest CAGR during the forecast period from 2022 to 2030
• Among drug classes, carbidopa/levodopa occupied more than 30% of the total market share
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|Market||Parkinson’s Disease Market|
|Size 2021||USD 2,540 Million|
|Parkinson’s Disease Market Forecast 2030||USD 6,705 Million|
|Parkinson’s Disease Market CAGR During 2022 – 2030||11.5%|
|Parkinson’s Disease Market Analysis Period||2018 – 2030|
|Parkinson’s Disease Market Base Year||2021|
|Parkinson’s Disease Market Forecast Data||2022 – 2030|
|Segments Covered||By Drug Class , By Distribution Channel , By Patient Care Setting And By Geography|
|Parkinson’s Disease Market Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Key Companies Profiled||Teva, Novartis AG, GSK, AbbVie, Merck, Boehringer Ingelheim, Impax Laboratories, Lundbeck, UCB, Valeant Pharmaceuticals, Acadia, and among others.|
|Report Coverage||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis|
Parkinson’s disease is a chronic and progressive disease that impairs the capacity to conduct daily tasks. It is a movement illness distinguished by its most prevalent motor-related symptoms, which include tremors (a type of rhythmic shaking), muscle stiffness or rigidity, and slowness of movement (called bradykinesia). The growing elderly population is the primary reason driving the global Parkinson’s disease market revenue. According to our Parkinson’s disease industry analysis, the increasing drug approval for these disorders is fueling the market demand. In addition, a robust pipeline of new drug development is a significant Parkinson’s disease market trend that is strengthening the industry’s growth. Furthermore, government funding for research is expected to drive the Parkinson’s disease market growth.
COVID-19 Impact on the Global Parkinson’s Disease Market Revenue
The coronavirus (COVID-19) pandemic has had a terrible impact on many families around the world, as well as healthcare organizations and the world economy. Patients have difficulty acquiring their normal Parkinson’s disease treatments during the COVID-19 epidemic. For example, according to the International Parkinson and Movement Disorder Society, the influence of COVID-19 on the quality of healthcare identified by Parkinson’s disease patients in August 2020 discovered that COVID-19 reduced the quality of healthcare, worsened symptoms, and interrupted access to medication for Parkinson’s disease patients.
Parkinson’s Disease Market Dynamics and Opportunities
A strong pipeline of drugs by the manufacturer will offer lucrative opportunities for the Parkinson’s disease market to grow
New product launches in the global market for the treatment of Parkinson’s disease will assist the market to grow to its fullest. In February 2018, Adamas Pharmaceuticals, Inc. announced subgroup analyses of Parkinson’s disease patients taking amantadine immediate release (IR) who are still experiencing dyskinesia and enrolled into EASE LID 2, the long-term. The ongoing phase 3 open-label study of GOCOVRI™ (amantadine) extended-release capsule results shows that there are around 35% improvements in motor applications. The safety and tolerability profile of this patient was observed to be consistent without any adverse effects. Additionally, most of the major players have a robust drug pipeline for the treatment of Parkinson’s disease.
The availability of alternative medical treatments will have a serious impact on the global Parkinson’s disease market. Alternative treatment options and substitute products will have intense tussle between the competitors manufacturing the same drug. This will have an obstacle for the manufacturer to grow and launch new products in the market for the same form of the disease.
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Parkinson’s Disease Market Segmentation
Parkinson’s disease market is segmented based on drug class and distribution channel, patient care settings, and regions. By drug class, the market is segmented based on carbidopa/levodopa, dopamine receptor agonists, MAO inhibitors, COMT-inhibitors, anticholinergics, and other drugs. Based on distribution channels, the market is segmented as hospital pharmacies, retailer pharmacies, and online pharmacies. In inpatient care settings the market is bifurcated into hospitals and clinics.
According to Parkinson’s disease market forecast, the carbidopa/levodopa drug class will record a significant market share in the overall market. By distribution channel, hospital pharmacies will grow to their fullest in the coming years. Frequent visits to the rising patient pool for a consultation with doctors or physicians will positively influence the hospital pharmacies segment to grow to its fullest. Furthermore, in inpatient care settings, hospitals will continue their dominance till the forecast period with clinics recording the second largest market share in the future. The hospital segment will record the largest market share under the patient care setting segment. Also, the clinics segment is gaining fast pace and is predicted to record the second largest share of the global market for Parkinson’s disease.
Parkinson’s Disease Market Regional Outlook
North America, Europe, Latin America, Asia-Pacific, and the Middle East & Africa are the regional categorizations of the Parkinson’s disease market industry.
North America will dominate the regional market for Parkinson’s disease. The factor that contributes to regional growth involves highly prevalent groups suffering from Parkinson’s disease. Additionally, the high prevalence observed in the aging population fuel the growth of the North America Parkinson’s disease market. Nearly 1 million are living with Parkinson’s disease in the US. This number is far greater than the combined number of people diagnosed with multiple sclerosis and muscular dystrophy according to the statistics released by the Parkinson’s Foundation. The combined direct and indirect costs of Parkinson’s involving treatment, social payment, and lost income is predicted to be nearly US$ 52 Bn per year in the US alone. Moreover, the Parkinson’s Prevalence Project estimates that 930,000 people in the US are living with Parkinson’s disease (PD) by 2020. This number is projected to rise to 1.2 million by 2030.
On the other hand, Asia-Pacific regional market will grow stupendously in the coming years by recording the largest CAGR for the Parkinson’s disease market. The surge in the number of generic manufacturers and large market opportunities particularly in India, China, and Japan for Parkinson’s disease will ultimately spur the regional growth of the Asia-Pacific Parkinson’s disease market.
In December 2018, drug maker Rusan Pharma announced the launching of a drug to treat Parkinson’s disease. The drug namely “Aposan” is used to monitor fluctuations in patients suffering from Parkinson’s disease that are not sufficiently controlled by oral medications that are currently available in the Indian market.
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Parkinson’s disease Market Players
Some of the key Parkinson’s disease treatment companies include Teva, Novartis AG, GSK, AbbVie, Merck, Boehringer Ingelheim, Impax Laboratories, Lundbeck, UCB, Valeant Pharmaceuticals, Acadia, and others.
Some of the key observations regarding the Parkinson’s disease industry include:
• In August 2020, Biogen announced collaboration with Denali on the LRRK2 program for Parkinson’s disease and certain TV platform-enabled programs for neurodegenerative disease.
• In June 2016, ACADIA Pharmaceuticals announced the approval of NUPLAZID™ (pimavanserin) by the FDA. This is the first drug used for the treatment of hallucinations and delusions associated with Parkinson’s disease psychosis.
• In June 2016, Sun Pharmaceuticals Ltd. announced a distribution agreement with Mitsubishi Tanabe Pharma Corporation (Japan) to distribute 14 prescription-related products involving Parkinson’s disease drug Parlodel in Japan.
Questions Answered By This Report
- What was the market size of Parkinson’s Disease Market in 2021?
- What will be the CAGR of Parkinson’s Disease Market during the forecast period from 2022 to 2030?
- Who are the major players in Global Parkinson’s Disease Market?
- Which region held the largest share in Parkinson’s Disease Market in 2021?
- What are the key market drivers of Parkinson’s Disease Market?
- Who is the largest end user Parkinson’s Disease Market?
- What will be the Parkinson’s Disease Market value in 2030?
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Acumen Research and Consulting
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