Parkinson's Disease Market is segmented By Type (Juvenile Parkinson Disease, Young-Onset Parkinson’s Disease, Idiopathic Parkinson Disease), By Age (Adult, Pediatric), By Diagnosis(CT Scan, MRI Scan, DaTSCAN-SPECT scan, PET Scan), By Drug Class (Carbidopa-Levodopa, Carbidopa-Levodopa Infusion, Dopamine Agonists, Monoamine Oxidase B Inhibitors, Catechol O-Methyltransferase Inhibitors, Anticholinergics, Amantadine), By Region (North America, Latin America, Europe, Asia Pacific, Middle East, And Africa) – Share, Size, Outlook, And Opportunity Analysis, 2023-2030.
Parkinson's Disease Market Overview (2023 to 2030)
The global Parkinson's disease market is expected to be worth US$ 5.41 Billion in the fiscal year 2023, which rose up from US$ 4.82 Billion in the fiscal year 2022. From 2023 to 2030, the global market is expected to grow at a steady 12.2% CAGR, reaching a value of US$ 17.12 Billion by the end of 2030.
Parkinson's disease is a neurological illness that causes the loss of nerve cells in a specific area of the brain. It affects a person in a variety of ways, including stiffness, depression, memory problems, coordination and balance concerns, blood pressure, and thinking. Although the disease cannot be cured, there are various treatment options available, including surgery, medicines, and other therapies.
Levodopa is the most often used Parkinson's therapy. To address the medicine carbidopa's various side effects, such as nausea, vomiting, reduced blood pressure, and restlessness, levodopa is commonly combined with it. The market for Parkinson's disease therapies is growing as a result of changing environmental factors and hereditary predisposition.
The high incidence of Parkinson's condition (PD) in Western countries, the expanding senior population, all of whom are at high risk of developing the condition, and the rich pipeline of disease-modifying drugs are all projected to be important commercial drivers. According to the International Parkinson and Movement Disorder Society, 9.4 million individuals worldwide will have Parkinson's disease by 2020. Furthermore, PD affects roughly 1% of persons over the age of 60, and that figure rises to 5% for people over the age of 85.
Furthermore, recent developments and strategic activities by major and minor market participants are increasing in both domestic and foreign markets. This is yet another significant characteristic that will benefit the sector under consideration. For example, in December 2021, Israel-based Pharma Two B Ltd. stated that its Phase III double-blind, active-controlled research of P2B001 in early Parkinson's disease had fulfilled its primary and crucial secondary goals. P2B001 outperformed each of its constituent components in terms of the change in the overall Unified Parkinson's Disease Rating Scale from baseline to week 12, which was the primary endpoint of the trial. P2B001 outscored the components pramipexole and rasagiline by 2.66 and 3.30 points, respectively (p=0.0018 and p=0.0001).
Parkinson's Disease Market Demand Analysis Vs Forecast (2023 to 2030)
According to Pharmanucleus, a market research and competitive intelligence service, the global Parkinson's disease market increased at a CAGR of 6.8% between 2018 and 2022. The Pandemic Covid-19 has had a huge impact on the market. The pandemic of COVID-19 has had minimal influence on the global market for Parkinson's disease treatments. The epidemic has had a direct impact on Parkinson's medicine supply and demand, as well as commercial and financial sectors. It has also caused havoc with the distribution system.
The continuous rise in Parkinson's disease prevalence has allowed large pharmaceutical corporations to pursue considerable market development in this area. The availability of many dosage forms for pharmaceutical companies may enable product diversity, resulting in increased profitability. NeuroDerm is developing ND0612 for the treatment of persons with moderate-to-severe Parkinson's disease for whom oral medications are no longer effective.
Such factors are expected to boost the global sales of Parkinson's disease solutions. As a result, the global Parkinson's disease market is expected to forecast a CAGR of over 12% from 2023-2030.
Prominent Growth Drivers Influencing Parkinson's Disease Market(2023 to 2030)
Continuous technological advances and research in this domain to boost the demand
It is expected that continuous discoveries in the Parkinson's disease medicine category will fuel market expansion throughout the course of the analysis period. In January 2022, Iktos, a South Korean company that specialises in artificial intelligence (AI) for novel therapeutic design, and Astrogen, a medical and research-oriented biotech company focused on developing new and innovative medications for the treatment of intractable neurodegenerative disorders, signed a research collaboration agreement aimed at the discovery of novel biomolecular pre-clinical drug candidates for Parkinson's disease.
Furthermore, in March 2022, OrganoTherapeutics, a developer of patented technology patient-specific organoids that mimic Parkinson's Disease (PD) pathology, and Vyant Bio, Inc., an innovative biotechnology company focused on reinventing drug development for complex neurodevelopmental and neurodegenerative abnormalities, announced a joint collaboration to accelerate drug discovery. Such factors are certain to boost the Parkinson's disease market throughout the projected period.
The manufacturer's robust pipeline of pharmaceuticals will provide attractive prospects for the Parkinson's disease industry to flourish
New product debuts in the global Parkinson's disease therapy market will assist the sector in reaching its full potential. In February 2018, Adamas Pharmaceuticals, Inc. published subgroup analyses of Parkinson's disease patients taking amantadine immediate release (IR) who still have dyskinesia and are enrolled in the long-term EASE LID 2 study.
The present phase 3 open-label research of GOCOVRITM (amantadine) extended-release capsule data demonstrates that motor applications increase by around 35%. This patient's tolerance and safety profile were constant, with no adverse effects. Furthermore, the bulk of the large corporations have a robust pharmaceutical pipeline for Parkinson's disease therapy. Such innovations are projected to boost demand for Parkinson's disease throughout the projection period.
What Could Possibly Hinder Parkinson's Disease Market Demand?
Discovery of various alternative treatments to impede the global market
Alternative medical remedies will have a huge impact on the international Parkinson's disease business. Alternative therapeutic techniques and commodities will face severe competition from firms manufacturing the same medicine. This will make it difficult for the manufacturer to expand and provide alternative goods on the market for the same sort of disease.
Region-wise Analysis(2023 to 2030)
What is the outlook of the North American Parkinson's disease market?
High prevalence among the aging population to boost the regional demand
North America is expected to have a 41% revenue share in 2023 and to be the fastest-growing market for Parkinson's disease, with a leading 12.5% CAGR from 2023 to 2030.
The elements that contribute to regional growth include very prevalent Parkinson's disease groupings. Furthermore, the high prevalence seen in the ageing population promotes the growth of the Parkinson's disease market in North America. Parkinson's disease affects almost 1 billion individuals in the United States. According to Parkinson's Foundation data, this figure is much higher than the total number of people diagnosed with multiple sclerosis and muscular dystrophy.
The total direct and indirect costs of Parkinson's disease, including treatment, social payments, and lost income, are projected to be over US$ 52 billion per year in the United States alone. Furthermore, the Parkinson's Prevalence Project forecasts that 930,000 people in the United States will develop Parkinson's disease (PD) by 2020. This figure is expected to reach 1.2 billion by 2030. As a result, there would be a lot of room for North American manufacturers to grow in this market throughout the projection period.
What can be expected from the APAC market for Parkinson's disease?
Large patient pool and more research and awareness programs to propel the sales
During the projected period, the APAC Parkinson's disease market is predicted to grow at a steady CAGR of 12%. However, this market is now capturing 31% of the worldwide Parkinson's disease market.
The advent of a higher number of generic manufacturers, as well as significant market possibilities for Parkinson's disease, particularly in China, India, and Japan, will eventually drive the Asia-Pacific Parkinson's disease market's geographical expansion.
The area is also expanding due to increased product penetration, unexplored potential, and the growing prevalence of Parkinson's disease in developing countries. For example, in July 2022, UCB S.A. received an Import Drug Licence (IDL) from the China Food and Drug Administration (CFDA) to supply and distribute Neupro in China. Neupro may be used alone or in combination with levodopa to treat persons with early-stage idiopathic Parkinson's disease. Such advancements are likely to boost market growth from 2023 to 2030.
Category-wise Insights(2023 to 2030)
Which drug class type segment is expected to gain traction from 2023 to 2030?
The Carbidopa-levodopa drug class segment will gain the dominant market share
During the forecast period, the Carbidopa-levodopa segment by medication class is expected to have a large proportion of the worldwide Parkinson's disease market. With a 32% sales share in 2023, this sector is expected to dominate.
The high prevalence of these drugs' prescriptions was assumed to be the source of this increase. According to the US Drug Use Statistics, 183,670 Parkinson's patients are predicted to obtain 527,540 prescriptions for carbidopa-levodopa in 2021.
Carbidopa and levodopa combinations are used to treat Parkinson's disease (PD) symptoms. It is the most effective medicine for Parkinson's disease and is routinely used as a second-line treatment. It is generally administered orally, as immediate-release pills, controlled-release tablets, enteral solution, or extended-release capsules.
Furthermore, the presence of pipeline candidates such as LY03003 and a rise in the market for dopamine agonists are factors that are expected to positively contribute to segmental growth. Such variables are predicted to boost Parkinson's disease growth prospects from 2023 to 2030.
What would be the outlook of the age segment?
The adult segment will become more significant from 2023 to 2030
The other major sector by age type is the adult segment, which is predicted to have a global market share of 21% from 2023 to 2030.
According to the journal article "Monoamine Oxidase-B Inhibitors for the Treatment of Parkinson's Disease: Past, Present, and Future" published in February 2022, an estimated 6.1 billion individuals worldwide have Parkinson's disease. The incidence increases with age, reaching 1% to 3% in adults over the age of 65.
According to UN predictions, 727 billion people worldwide will be 65 or older in 2020. Furthermore, it is predicted that by 2050, there will be twice as many persons in the globe who are 80 or older.
Furthermore, according to World Health Organisation (WHO) data issued in October 2021, one in every six people globally would be 60 or older by 2030. As a result, as the world's geriatric population grows, it is expected that there will be a demographic shift. Over the research period, the increase in older individuals is expected to boost market growth.
Competitive Landscape
Some of the prominent players in the global market for Parkinson's disease are:
- Sunovion Pharmaceuticals
- Adamas Pharmaceuticals
- Neurocrine Biosciences
- Supernus Pharmaceuticals
- Kyowa Kirin
- AbbVie
- Integrative Research Laboratories AB
- Rusan Pharma
- Annovis Bio Inc.
- Cerevel Therapeutics
- AMneal Pharmaceuticals
Some of the prominent developments of the key players in the market are:
In December 2018, Rusan Pharma made an announcement regarding the introduction of a treatment for Parkinson's disease. The medication called "Aposan" is intended for Parkinson's disease patients who are not adequately managed by the currently available oral treatments in the Indian market.
In August 2020, Biogen and Denali entered into a partnership in the field of Parkinson's disease. As part of this collaboration, they agreed to jointly work on the development and commercialization of Denali's small-molecule inhibitors of leucine-rich repetitive kinase 2 (LRRK2) for Parkinson's disease. Additionally, Biogen gained the option to participate in two projects and secured the first right of refusal for two more studies. These initiatives will focus on neurodegenerative disorders and will utilize Denali's Transport Vehicle (TV) software company to overcome the blood-brain barrier.
What is Parkinson's Disease Market Report about?
This report discusses the commercial and clinical activity, providing insights on the total size of the potential opportunity, key segments driving growth, key challenges faced, and a thorough analysis of market competition by product, geography, indication, and forecasts through 2030. Detailed coverage of the approved therapies, including regulatory approvals, pricing, reimbursement, and market penetration.
So, a new investor can potentially gain information about competitors, their key products, their core strategy, key trends in the market, and more.
This report is essential for all stakeholders including research companies, manufacturing companies, distribution companies, government agencies, and others to:
- Capitalize on rapidly emerging trends.
- Optimize decision-making.
- Reduce company risk.
- Approach partners/investors for collaboration or funding.
- Implement an informed and advantageous business strategy in 2023.
- Detailed coverage of the approved products, including regulatory approvals, pricing, reimbursement, and market penetration.
- Profiles of leading & upcoming competitors composing the global marketplace.