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 neurodegenerative disorder that affects the central nervous system. It mainly causes motor dysfunctions like tremors in limbs, slowness of movement, speech impediments, and impaired balance and coordination. The main cause of Parkinson's disease is believed to be impairment or loss of dopamine-producing neurons in the area of the brain called substantia nigra. Some key products in the market include carbidopa/levodopa combinations, MAO-B inhibitors, dopamine agonists, and other antiparkinson drugs.

Market Dynamics:
The Parkinson’s disease therapeutic market is witnessing high growth owing to increasing incidence and prevalence of Parkinson’s disease across the globe. As per Parkinson’s Foundation, it is estimated that around 60,000 Americans are diagnosed with Parkinson’s disease each year. Furthermore, growing geriatric population is another major factor fueling the market growth as risk of Parkinson’s disease increases with age. According to the United Nations, the share of global population aged 60 years and above is expected to nearly double from 12% to 22% between 2015 and 2050. Moreover, increase in RD activities focusing on development of advanced therapeutics and favorable government initiatives to create awareness about Parkinson’s disease management are some other growth stimulants for the market. For instance, National Parkinson Foundation is involved in funding research and education to develop new treatments.

SWOT Analysis

Strength: Parkinson's disease therapeutic market possesses a large patient pool suffering from the unmet needs of Parkinson's disease treatment. Several pipeline drugs with novel mechanisms of action are in late stages of clinical trials which can potentially capture significant market share. Growing adoption of advanced treatment options.

Weakness: High costs associated with RD of disease modifying therapies. Lack of approved disease modifying treatment options. Generic competition eroding profits of marketed drugs. High attrition rate during clinical development challenges sustainable long term growth.

Opportunity: Emergence of disease modifying therapies can drive robust growth of the market. Focus on technologies like gene therapy which hold promising prospects. Rising healthcare expenditure in developing countries boosts market access.

Threats: Stringent regulatory norms delaying drug approval timelines. Patent cliffs of blockbuster drugs impact revenues of companies. Changing reimbursement policies pose challenges.

Key Takeaways

The global Parkinson's disease therapeutic market is expected to witness high growth, exhibiting CAGR of 6.1% over the forecast period, due to increasing prevalence of Parkinson's disease. Rapid urbanization and aging population drives the market growth.

Regional analysis

North America is expected to dominate the global Parkinson's disease therapeutic market share throughout the forecast period owing to presence of major players, high incidence of Parkinson's disease and advanced healthcare facilities. Asia Pacific is anticipated to grow at fastest CAGR during 2023-2030 due to rising healthcare spending, large patient population and improving access to diagnostics and treatment.

Key players

Key players operating in the Parkinson's disease therapeutic market are Teva Pharmaceutical Industries Ltd., Novartis AG, GlaxoSmithKline Plc., AbbVie Inc., Merck Co., Inc., Zydus Cadila, Dr. Reddy’s 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.