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The fastest rate of rise in the market for drugs for Parkinson's disease is closely linked to the disease's rising incidence around the world. As people get older, this neurological disease is becoming more common. This makes it even more important to find effective ways to treat it.
Deep brain stimulation as a medical technique is becoming a bigger part of the business. With its ability to place electrodes in certain parts of the brain and its healing benefits for Parkinson's patients, DBS has a big effect on market trends and treatment choices.
The study of neurology and Parkinson's disease is a growing area that has a big effect on how markets work. Understanding how the disease works at its core helps doctors find new therapy targets and ways to treat it.
Parkinson's disease drugs are changing the way the market works in a way that favors patient-centered tactics. The main goal is to make treatment plans that are specific to each patient's needs and tastes. This has an impact on the development of personalized medicines.
Occupational therapy, speech therapy, physical therapy, and other treatments that don't involve drugs are part of how the market works. A complete approach to Parkinson's disease treatment changes the market and adds to ideas for all-around care.
Putting telemedicine and online tracking together is a trend that is getting better in technology. By letting healthcare workers watch Parkinson's patients from a distance, these changes improve care delivery and change the way markets work in a world where healthcare systems are changing. Projects that aim to make it easier for people with Parkinson's disease to get treatments affect how developing markets work. As people around the world work to make drugs and medicines cheaper and easier to get, they have an effect on the growth of the business.
Genetic study has made it easier to find possible targets for personalized treatments for Parkinson's disease. Genetic factors and methods to precision medicine are driving research and development, which has an effect on how the market works.
Two ways that patient support groups and efforts for more knowledge change the way the market works are by promoting early detection and by shaping healthcare laws. When patients know more about their care options, they are more likely to choose them.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Segment Outlook | Treatment Type, End-User and Region |
Parkinsons Disease Therapeutics Market Highlights:
Global Parkinson’s Disease Therapeutics Market Overview
Parkinson’s Disease Therapeutics Market Size was valued at USD 5.91 Billion in 2023. The Global Parkinson’s Disease Therapeutics industry is projected to grow from USD 6.37 Billion in 2024 to USD 11.61 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 8.80% during the forecast period (2024 - 2032).
Rising drugs approvals for treatment of Parkinson’s disease, and growing aging population and the associated increase in the prevalence of Parkinson’s disease are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Parkinson’s Disease Therapeutics Market Trends
- Rising aging population coupled with increasing prevalence of Parkinson’s disease to boost market growth
The aging population has been identified as a significant factor driving the market growth of Parkinson's Disease Therapeutics. Parkinson's Disease is a chronic and progressive neurological disorder that primarily affects older adults. As the global population ages, the prevalence of Parkinson's Disease is expected to increase, leading to a higher demand for therapeutics to manage the symptoms of the disease. Parkinson's Disease is more common among older adults, with the incidence of the disease increasing with age. As the population ages, the number of people diagnosed with Parkinson's Disease is expected to rise, leading to a higher demand for therapeutic options. There are currently 10 million Parkinson's patients living in the world. Elderly adults who have the condition face key clinical symptoms include slowness, stiffness, limb tremor, and postural instability among others as the disease advances. As a result, Parkinson's disease treatment concentrates on preserving the patient's level of activity and improving quality of life. Due to these characteristics, there is a significant need for treatments that are effective, which will drive up market revenue overall in the following years.
Additionally, UN research estimates that 727 million people worldwide would be 65 years of age or older in 2020. In addition, it is anticipated that by 2050, there will be twice as many individuals worldwide who are 80 years of age or older. Because of this, major pharmaceutical companies have been able to significantly expand their market share in this industry. For pharmaceutical companies, the availability of various dosage forms can enable product diversification, resulting in higher profitability. According to the Parkinson’s Foundation more than 10 million people globally suffer from Parkinson Disease (PD), and 60,000 Americans have a diagnosis from Parkinson disease every year.
Increasing drug approvals for the treatment of Parkinson's disease are anticipated to stimulate market expansion during the anticipated time frame. For instance, the Japanese pharmaceutical and biotechnology company Kyowa Kirin Co., Ltd. reported in August 2019 that the NOURIANZ medication has received FDA approval in the United States (istradefylline). It is used as an additional therapy to levodopa/carbidopa in adult patients with Parkinson's disease who are having 'OFF' episodes (PD). When a patient's medications are not functioning effectively, it can lead to an increase in Parkinson's disease (PD) symptoms like tremor and walking difficulties, which is known as a "off episode." In the US, NOURIANZ (istradefylline), an antagonist of the adenosine A2A receptor, is prescribed for Parkinson's disease. The medication offers patients with Parkinson's disease a brand-new non-dopaminergic once-daily oral therapeutic alternative.
Parkinson’s Disease Therapeutics Market Segment Insights
Parkinson’s Disease Therapeutics Treatment Type Insights
The Parkinson’s Disease Therapeutics Market segmentation, based on treatment Type, includes Medication, Surgical Therapy, and Carbidopa/Levodopa Enteral Suspension. The medication segment held the majority share in 2022 contribution to around ~65-67% in respect to the Parkinson’s Disease Therapeutics Market revenue. This is primarily owing to the rising prevalence of parkinson’s disease, rising research and development for the parkinson’s disease drug development that anticipated to support the market growth during forecast period.
In November 2019, Biogen announced the initiation of a Phase 2 clinical trial of its experimental drug BIIB094, which is being developed as a treatment for Parkinson's Disease and other neurological disorders.
In February 2020, Neurocrine Biosciences announced positive results from a Phase 2 clinical trial of its experimental drug NBI-827104, which is being developed as a treatment for Parkinson's Disease.
Parkinson’s Disease Therapeutics End-User Insights
The Parkinson’s Disease Therapeutics Market segmentation, based on end-user, includes Hospitals & Clinics, Academic & Industrial Research. The Hospitals & Clinics segment dominated the market in 2022 and is projected to be the faster-growing segment during the forecast period, 2024-2032. This is due to the rising prevalence of Parkinson's disease, the need for comprehensive care, advancements in treatment options, complex disease management, and access to specialized care is anticipated to support the market growth. Hence, rising demand in hospitals & clinics implants for parkinson’s disease therapeutics positively impacts the market growth.
In May 2020, The Cleveland Clinic announced the launch of a new telemedicine program for Parkinson's Disease patients. The program enables patients to access remote consultations with Parkinson's Disease specialists, regardless of their location.
In February 2021, The Penn Medicine Neuroscience Center in Philadelphia announced plans to launch a new Parkinson's Disease center, which will offer a range of clinical services and research programs.
Figure 1: Parkinson’s Disease Therapeutics Market, by End User, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Parkinson’s Disease Therapeutics Regional Insights
By Region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. North America Parkinson’s Disease Therapeutics market accounted for USD 1.95 billion in 2022 and is expected to exhibit a significant CAGR growth during the study period. With a maximum sales share of 35%-39% in 2021, North America dominated the sector globally. Its dominance can be attributable to the presence of top competitors in the area, including Sunovion Pharmaceuticals Inc., Amneal Pharmaceuticals LLC, Merck & Co. Inc., and AbbVie Inc. By launching novel PD symptom treatment products, these players promote growth. For instance, Sunovion Pharmaceuticals Inc.'s Kynmobi was approved by the U.S. FDA in May 2020 to treat off-episodes in PD patients. Furthermore, it is projected that the region's extensive PD research will positively influence market expansion.
Further, the major countries studied in the market report are: The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: PARKINSON’S DISEASE THERAPEUTICS MARKET SHARE BY REGION 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe parkinson’s disease therapeutics market accounts for the second-largest market share due to the availability of cutting-edge treatment facilities, government backing for the growth of the healthcare industry, an ageing population, and an increase in prevenances of parkinson’s disease. Further, the Germany parkinson’s disease therapeutics market held the largest market share, and the UK parkinson’s disease therapeutics market was the fastest growing market in the European region
The Asia-Pacific Parkinson’s Disease Therapeutics Market is expected to grow at the fastest CAGR from 2024 to 2032. This is due to rising number of generic medicine makers and the world's ageing population and rising investment in healthcare sector is anticipated to support the market’s growth is the region. Moreover, China parkinson’s disease therapeutics market held the largest market share, and the India parkinson’s disease therapeutics market was the fastest growing market in the Asia-Pacific region
Parkinson’s Disease Therapeutics Key Market Players & Competitive Insights
Major market players are spending a lot of money on R&D to increase their product lines, which will help the parkinson’s disease therapeutics market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the parkinson’s disease therapeutics industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.
One of the primary business strategies adopted by manufacturers in the global parkinson’s disease therapeutics industry to benefit clients and expand the market sector is to manufacture locally to reduce operating costs. In recent years, parkinson’s disease therapeutics industry has provided medicine and therapy with some of the most significant benefits. The parkinson’s disease therapeutics market major player such as GlaxoSmithKline Plc, Novartis AG, Orion Corporation and others are working to expand the market demand by investing in research and development activities.
GlaxoSmithKline plc (GSK) is a British multinational pharmaceutical company headquartered in London, UK. It was formed in 2000 through the merger of Glaxo Wellcome and SmithKline Beecham. GSK is one of the largest pharmaceutical companies in the world, with operations in over 150 countries. GSK's main focus areas are pharmaceuticals, vaccines, and consumer healthcare. The company produces a range of prescription medicines, including treatments for respiratory diseases, cancer, and infectious diseases. GSK is also a leading producer of vaccines, with products targeting diseases such as influenza, meningitis, and shingles. In addition, the company produces consumer healthcare products, such as over-the-counter medicines, oral care products, and nutritional supplements. In May 2019, GSK announced a collaboration with the Michael J. Fox Foundation for Parkinson's Research to support the development of new therapeutic strategies for Parkinson's Disease.
Novartis AG is a Swiss multinational pharmaceutical company headquartered in Basel, Switzerland. It was founded in 1996 through a merger of Ciba-Geigy and Sandoz, two large pharmaceutical companies with a long history of drug development and innovation. Novartis is one of the largest pharmaceutical companies in the world, with operations in more than 150 countries. The company has a diverse portfolio of products, including prescription medicines, generics, biosimilars, and over-the-counter products. Novartis' main focus areas include cardiovascular and metabolic diseases, oncology, neuroscience, and ophthalmology. In August 2019, Novartis AG announced positive results from a Phase 2 clinical trial of its experimental drug, ABBV-951. The drug is being developed in collaboration with AbbVie and is a treatment for advanced Parkinson's Disease.
Key Companies in the parkinson’s disease therapeutics market includes
- Salix Pharmaceuticals
- GlaxoSmithKline Plc
- Impax Laboratories LLC
- Teva Pharmaceutical Industries Ltd
- Novartis AG
- Orion Corporation
- Mylan N.V.
- Par Pharmaceutical
- Cipla Inc.
- Daiichi Sankyo, among others
Parkinson’s Disease Therapeutics Industry Developments
In June 2019, Biogen Inc. announced plans to acquire Nightstar Therapeutics, a gene therapy company focused on the development of treatments for inherited retinal diseases. Biogen's acquisition of Nightstar also included its Parkinson's Disease gene therapy program, which is in preclinical development.
In October 2019, Adamas Pharmaceuticals launched a new product, Gocovri, for the treatment of dyskinesia in Parkinson's Disease patients who are on levodopa-based therapy. Gocovri is the first and only FDA-approved medication for this indication.
In February 2020, Neurocrine Biosciences announced positive results from a phase 2 clinical trial of its Parkinson's Disease drug, NBI-827104. The drug showed significant improvement in motor function in patients with Parkinson's Disease, and the company plans to move forward with phase 3 trials.
Parkinson’s Disease Therapeutics Market Segmentation
Parkinson’s Disease Therapeutics Treatment Type Outlook
- Medication
- Surgical Therapy
- Carbidopa/Levodopa Enteral Suspension
Parkinson’s Disease Therapeutics End-User Outlook
- Hospitals & Clinics
- Academic & Industrial Research
Parkinson’s Disease Therapeutics Regional Outlook
-
North America
- US
- Canada
-
Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
-
Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
-
Rest of the World
-
Middle East
-
Africa
-
Latin America
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