PARKINSONS DISEASE THERAPEUTICS MARKET ANALYSIS

The global Parkinsons disease therapeutics market is estimated to be valued at US$ 5.11 Billion in 2023 and is expected to exhibit a CAGR of 7.0% during the forecast period (2023-2030).

Analysts’ Views on Global Parkinsons Disease Therapeutics Market:

Parkinson’s disease is a brain disorder that mostly causes unintended or uncontrollable movements, such as shaking, stiffness, and difficulty with balance and coordination. Although there is no cure for the disease, market players are indulged in the production of innovative drugs that may reduce the symptoms of the Parkinsons disease therapeutics market. This is expected to increase the growth of the global Parkinsons disease therapeutics market, over the forecast period.

Figure 1. Global Parkinsons Disease Therapeutics Market Share (%), By Drug Class, 2023

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Global Parkinsons Disease Therapeutics Market– Drivers

• Increasing launches of drugs for Parkinson’s disease treatment: Market players are indulged in launching new drugs for the treatment of Parkinson’s Disease treatment. This is expected to drive the growth of the global Parkinsons disease therapeutics market over the forecast period. For instance, in the year 2021, Eisai Korea Inc., Eisai Co., Ltd. Eisai’s subsidiary in South Korea, launched the Parkinson’s disease treatment Equfina (safinamide mesilate, “safinamide”). This is the first launch of Equfina in the Asian region, excluding Japan.

• Robust pipeline of new drugs for Parkinsons disease: A robust pipeline of new drugs in development for Parkinson’s disease is expected to propel the global Parkinson’s disease therapeutic market growth over the forecast period. For instance, in October 2021, according to Vanderbilt University, drug candidate mGlu4 PAM AP-472 for Parkinson’s disease entered phase 1 clinical trials. The clinical trial was initiated by Appello Pharmaceuticals Inc., a clinical-stage therapeutics company focused on searching for innovative early-stage drug candidates for patients with Parkinson’s disease. The mGlu4 PAM AP-472 is designed to operate in conjunction with an existing Parkinson's disease medication, levodopa.

Figure 2. Global Parkinsons Disease Therapeutics Market Share (%), By Region, 2023

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Global Parkinsons Disease Therapeutics Market- Regional Analysis

Among regions, North America is estimated to hold a dominant position in the global Parkinsons disease therapeutics market over the forecast period. North America is estimated to hold 33.5% of the market share in 2022 The global Parkinsons disease therapeutics market is expected to witness significant growth in the coming years, driven by the increasing research and development activities for the production of parkinson’s disease drugs by market players in the region. For instance, in 2022, Denali Therapeutics Inc., a clinical-stage biopharmaceutical company, and Biogen Inc., a global biotechnology company, a uniquely different pharmaceutical company are conducting a clinical trial  to evaluate the efficacy and safety of BIIB122 (DNL151), as compared to placebo in approximately 640 participants with early-stage Parkinson’s disease. Biogen announced the initiation of dosing among the participants. The study is in Phase II, and the study is estimated to be completed by August 2025.

Global Parkinsons Disease Therapeutics Market– Impact of Coronavirus (COVID-19) Pandemic

The coronavirus (COVID-19) pandemic has had a devastating influence on the lives of many families across the world, as well as healthcare institutions and the global economy. During the COVID-19 epidemic, patients had trouble getting their regular Parkinson's disease therapeutics. For instance, in August 2020, according to the International Parkinson and Movement Disorder Society, the impact of COVID-19 on the quality of healthcare reported by Parkinson's disease patients found that COVID-19 reduced the quality of healthcare as well as worsened the symptoms and interrupted the access to medication for Parkinson’s disease patients. Access to PD medication was negatively impacted by closing the routine clinical space, faltering delivery systems, and the inability to access dispensaries or pay for medication.

Global Parkinsons Disease Therapeutics Market Segmentation:

The global Parkinsons disease therapeutics market report is segmented by drug class, by route of adminsitration, by distribution channel, and by region.

• By drug class, the market is segmented into levodopa, dopamine agonists, MAO-B inhibitors, anticholinergics, and Others (Catechol-O-methyl transferase [COMT] inhibitors and amantadine, among Others). Out of which, levadopa is expected to dominate the market over the forecast period, as Levodopa is the most important first-line drug for the management of Parkinson's disease. Thus, levodopa plays a crucial role in treating Parkinson's disease and, thereby, drives the growth of the segment. For instance, according to an article published in PLOS ONE in 2019, levodopa was the most frequently prescribed first-line medication, with 70.1% in the U.S. and 29.0% in the UK during the period 2012-2017.
• By route of administration, the market is segmented into oral, injectable, nasal, Transdermal, and Others (Rectal, Sublingual, among Others). Out of which, oral is expected to dominate the market over the forecast period, as majority of antiparkinsonian drugs are available in oral dosage forms such as tablets, capsules, and others.
• By distribution channel, the market is segmented into hospital pharmacies, retail pharmacies, and online pharmacies. Out of which, hospital pharmacies is expected to dominate the market over the forecast period, as hospital pharmacies are the primary distribution channel for both generic and branded anti-Parkinson’s drugs. The ease of availability of various types of dosage forms at hospital pharmacies and the surge in the number of patients with Parkinson’s disease (PD) are the factors anticipated to drive the growth of the segment. Among all the segmentation, the drug class segment is expected to dominate the market over the forecast period, and this is attributed to increasing prevalence of Parkinsons disease among the population.

Global Parkinsons Disease Therapeutics Market- Cross Sectional Analysis:

Key players are producing drugs specific for the treatment of Parkinsons disease with advanced technology in the emerging economies and this is expected to boost demand Parkinsons disease therapeutics market in North America region. For instance, in May 2021, Zynex Inc., the manufacturer and marketer of medical devices headquatered in U.S., launched NeuroMove, neurological re-learning tool that promotes neuroplasticity & teaches healthy parts of the brain how to take over lost functionality. MeuroMove is a U.S. Food and Drug Administration-cleared for stroke rehabilitation, and its use has dramatically ameliorated functional impairments in stroke survivors in many clinical studies and in clinical practices.

Global Parkinsons Disease Therapeutics Market: Key Developments

• In February 2021, Adamas Pharmaceuticals, Inc., a company dedicated to developing and delivering medicines to people affected by neurological diseases, announced that it had received marketing authorization from the U.S. Food and Drug Administration (FDA) for a supplemental new drug application for GOCOVRI (amantadine) extended release capsules, gaining a second indication for the product as an adjunctive treatment to levodopa/carbidopa in Parkinson's disease patients.
• In August 2020, Kyowa Kirin Co., Ltd., a Japan-based pharmaceutical company, announced that the U.S. Food and Drug Administration (FDA) had approved NOURIANZ (istradefylline) as an add-on treatment to levodopa or carbidopa in adult patients with Parkinson’s disease (PD) experiencing ‘OFF’ episodes. ‘Off’ episodes are incapacitating periods of partial or total immobility that patients with advanced Parkinson's disease experience.

Global Parkinsons Disease Therapeutics Market: Key Trends

• Collaboration Agreement signed by market players: The strong demand for medications for the treatment of Parkinson’s disease is having a significant impact on the global Parkinsons disease therapeutic market. The companies manufacturing drugs for the treatment of Parkinson’s disease are focused on expanding their global presence and product portfolio by using strategies such as agreements and collaborations with other market players. For instance, in 2021, Ipsen, a global mid-sized biopharmaceutical company, announced the signing of a licensing agreement with IRLAB, a Sweden-based research and development company. Under this agreement, Ipsen will have exclusive worldwide development and commercial rights to mesdopetam, a novel dopamine D3-receptor antagonist that is a potential treatment option for people with Parkinson's disease (PD) who have levodopa-induced dyskinesia (LID).

Global Parkinsons Disease Therapeutics Market: Restraint

• Decline in drug approval by the regulatory authorities: There has been an increase in the number of cases and a decline in the number of product approvals from the regulatory authorities, and this is expected to hamper the growth of the global Parkinsons disease therapeutics market over the forecast period. For instance, on July 3, 2023, the U.S. Food and Drug Administration (FDA) declined to approve the  drug designed by Amneal Pharmaceuticals, a publicly traded generics and specialty pharmaceutical company, in order to help control symptoms in Parkinson's disease patients for a longer duration, citing inadequate safety data. The regulatory authority has issued more data with regards to the safety of one of the ingredients, carbidopa, used in the drug, even though some studies have demonstrated the safety of the other component, levodopa. The agency has not identified efficacy or manufacturing issues with the treatment. The decision will likely delay the launch until at least the first half of 2024.

Global Parkinsons Disease Therapeutics Market - Key Players

Major players operating in the global Parkinsons disease therapeutics market include 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.