USD 4.28 billion
Report ID: SQSG35I2024 | Region: Global | Published Date: April, 2023 | Pages: 165 | Tables: 91 | Figures: 76
Global Parkinson's Disease Drug Market size was valued at USD 4.28 billion in 2021 and is poised to grow from USD 4.61 billion in 2022 to USD 11.98 billion by 2030, growing at a CAGR of 12.1% in the forecast period (2023-2030).
Parkinson's disease is a neurological condition that primarily affects the areas of the brain that regulate movement, making it challenging to carry out daily tasks. Currently, more than 10 million people in the world are suffering from Parkinson's disease. It is caused by a decline in dopamine production and frequently causes tremors, stiffness, trouble walking, and other symptoms. The increasing prevalence of the disease and the long time period required to control its symptoms are expected to fuel the growth of the Parkinson’s disease drug market over the forecast period. The rise in demand for combination therapies that support neural transplantation, the prolonged action of drugs that continuously stimulate dopaminergic neurons, gene therapy, and government funding initiatives all contribute to the market expansion for Parkinson's disease.
Additionally, the market for Parkinson's disease is positively impacted by the rising population, a better healthcare system, research and development efforts, and higher healthcare costs. Moreover, the Parkinson's disease market players are expected to benefit from lucrative prospects throughout the projected period due to the patent expiration of branded pharmaceuticals and a robust drug pipeline.
US Parkinson's Disease Drug Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 4.28 billion
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The Global Parkinson's Disease Drug Market is segmented based on drug type, route of administration, distribution channel, and region. Based on Drug Type, Parkinson's Disease Drug Market is categorized into Decarboxylase Inhibitors (Levodopa/Carbidopa), Dopamine Agonists, Monoamine Oxidase Type B (MAO-B) Inhibitor, Catechol-O-Methyltransferase (COMT) Inhibitors. Based on Route of Administration, Parkinson's Disease Drug Market is categorized into Oral, Injection, and Transdermal. Based on Distribution Channel, Parkinson's Disease Drug Market is categorized into Hospital Pharmacy, Retail Pharmacy, and Online Pharmacy. Based on region, Parkinson's Disease Drug Market is categorized into North America, Europe, Asia Pacific, The Middle East and Africa, and Latin America.
Parkinson's Disease Drug Market Analysis by Drug Type
On the basis of drug type, the decarboxylase inhibitors segment, particularly Levodopa/Carbidopa, currently dominates the Parkinson's disease drug market. The dominance of levodopa over other Parkinson's disease medications has increased as a result of greater preference for the drug.
Additionally, COMT inhibitors are expected to grow significantly, over the forecast period, due to the high efficiency of catechol-O-methyltransferase (COMT) inhibitors in reducing the motor symptoms of Parkinson's disease. Levodopa (LD) therapy has shown to benefit from the addition of COMT inhibitors since they enhanced LD bioavailability and prolonged LD elimination in Parkinson's disease patients.
Parkinson's Disease Drug Market Analysis by Route of Administration
On the basis of application, the oral route of administration is currently dominating the global Parkinson's disease drug market, due factors including patient compliance, convenience of swallowing, pain avoidance, and adaptability to various drug classes. In order to improve clinical outcomes, a number of dopamine agonists are given orally, including ropinirole and pramipexole. As a result, these variables are increasing the demand for oral administration, which is projected to fuel the market growth.
Parkinson's Disease Drug Market Analysis by Distribution Channel
On the basis of distribution channel, the hospital segment is currently dominating the global Parkinson's disease drug market, owing to its largest market share. Due to the increasing number of patient visits to hospitals as a result of the availability of diagnostic laboratories and the presence of qualified neurologists, hospital pharmacies are anticipated to experience the highest CAGR over the forecast period.
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Based on the region, the European region currently dominates the Parkinson's disease drug market with respect to market share. Due to the rising prevalence of Parkinson's disease and active government assistance through government-assisted pharmacies, Europe commands the worldwide Parkinson's disease market. However, North America is predicted to hold the largest market share for Parkinson's disease medications due to increased research & development spending and the anticipated approval and launch of new pipeline drug candidates, over the forecast period.
Additionally, the market in Asia Pacific is expected to experience the highest CAGR during the forecast period, due to the rising healthcare spending, and enhanced distribution systems in pharma developing countries.
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Parkinson's Disease Drug Market Drivers
Parkinson's Disease Drug Market Restraints
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The market for medications for Parkinson's disease is getting increasingly competitive. The market is becoming more active as a result of recent product launches and the large number of medicines in the product pipelines of multinational pharmaceutical companies. A number of new products are expected to be released, which could significantly alter the market shares of pharmaceutical companies that are currently engaged in the market, over the forecast period.
Parkinson's Disease Drug Market Top Players Company Profiles
Parkinson's Disease Drug Market Recent Developments
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According to the analysis, the global Parkinson's disease drug market is currently led by countries in the European region, due to the rising prevalence of Parkinson's disease and active government-assisted pharmacies in this region. Along with this, the oral route of administration of Parkinson's disease drugs holds the largest market share owing to its advantages such as convenience of swallowing, and pain avoidance among others, over the forecast period.
|Market size value in 2021||USD 4.28 billion|
|Market size value in 2030||USD 4.61 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
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For the Global Parkinson's Disease Drug Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Parkinson's Disease Drug Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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