Global Parkinson's Disease Drugs Market Grows Steadily at a CAGR of 4.13%

Introduction

Parkinson's disease is a nervous system disorder that impairs movement control. In the substantia nigra (SN) portion of the brain, nerve cells (neurons) die or are destroyed, which results in Parkinson's disease. The issue frequently arises gradually and worsens with time. There are only a few symptoms of Parkinson's disease, such as trembling, tight muscles, difficulty walking, keeping balance, and lack of coordination. Rising pharmaceutical approvals for treating Parkinson's disease will promote market increase during the predicted time range.

Market Dynamics

Rising Geriatric Population and Burden of Parkinson's Disease Drives the Global Market

Adults over the age of 65 are becoming more and more prevalent. According to World Population Prospects, by 2050, one in six people will be over 65, an increase from one in eleven. By 2050, one in four individuals in North America and Europe may be 65 or older. In 2018, seniors 65 and over surpassed children under five worldwide for the first time. The number of persons who are 80 or older is projected to increase from 143 million to 426 million by 2050. 

Additionally, Biology explains aging as the accumulation of various cell types and cell damage over time. Physical and mental health steadily decline as a result. Parkinson's disease (PD) is known as the "old person's illness" since it most frequently affects persons over 60. Only 4% of cases are found in individuals under 50. Of people over 60, 1% have Parkinson's disease (PD). This increases to 5% of those over 85, according to statistics issued by Health Union LLC in 2019. Age is, therefore, the main risk factor for the emergence of PD.

Growing Awareness among the Population Creates Tremendous Opportunities 

ParkinsonsDisease.net collaborates with the Parkinson's disease (PD) community each April to raise awareness of the illness. As April is recognized as Parkinson's Disease Awareness Month, the already active Parkinson's disease community intensifies its efforts to spread knowledge about the condition. Communities have been supporting persons who suffer from this condition more and more over the past few years. A new public service announcement from the American Parkinson's Disease Association implores viewers to learn more about Parkinson's disease. This program was advertised on broadcast television and social media. To raise public awareness of this issue worldwide, funding agencies, research teams, and nonprofit groups collaborate with consumers in various ways. The educational programs are also crucial for educating patients and their families about the disease, especially in low- and middle-income countries where other serious illnesses are given priority by the government and healthcare facilities. Parkinson's disease is one of these other serious illnesses.

Regional Analysis 

Europe is the most significant revenue contributor and is expected to grow at a CAGR of 4.36% during the forecast period. Since one in three French people will likely have PD by the year 2050, and one in five are over 60, it has been found that the disease primarily affects older adults. Numerous new treatments on the market are helping drive demand among French consumers. Parkinson's UK worked with UCL on a ground-breaking Phase II clinical trial for the drug ondansetron and planned to invest GBP 1 million. The effectiveness and safety of ondansetron as a therapy will be evaluated in this trial. Researchers at the University of Cambridge are testing azathioprine in a Phase II clinical trial on people who have just been diagnosed with Parkinson's disease to see if it will slow the condition's progression. The market has benefited from the continually increasing amount of research.

Asia-Pacific is expected to grow at a CAGR of 4.64%during the forecast period. In association with Bengaluru's Vikram Hospital, Britannia Pharmaceuticals, a specialist pharmaceutical company with U.K. headquarters, launched apomorphine in India. Parkinson's disease has been commonly treated in the West with apomorphine injections and infusion pumps for over 15 years. Additionally, most Indian groups aim to increase P.D. awareness among the local population. For instance, the PDMDS (Parkinson's Disease and Movement Disorder Society), an all-India-recognized charitable organization, observes World Parkinson's Day. This indicates that the market is expected to grow throughout the projected period due to increasing product approvals and raising public awareness.

Key Highlights

• The global parkinson's disease drugs market size was valued at USD 4,785.2 million in 2022. It is projected to reach USD 7,469.08 million by 2031, growing at a CAGR of 4.13% during the forecast period (2023-2031). 
• Based on mechanism of action, the global parkinson's disease drugs market is bifurcated into dopamine agonists, anticholinergic, MAO-B inhibitors, amantadine, carbidopa-levodopa, COMT inhibitors, and other mechanisms of action. The carbidopa-levodopa segment is the highest contributor to the market and is estimated to grow at a CAGR of 7.42% during the forecast period.
• Europe is the most significant revenue contributor and is expected to grow at a CAGR of 4.36% during the forecast period.

Competitive Players

1. AbbVie Inc.
2. Orion Corporation
3. Amneal Pharmaceuticals Inc.
4. Boehringer Ingelheim GmbH
5. Supernus Pharmaceuticals Inc.
6. GlaxoSmithKline PLC
7. Teva Pharmaceutical Industries Ltd
8. Pfizer Inc.
9. F Hoffmann-La Roche AG
10. Takeda Pharmaceutical Company Ltd.

Recent Developments

• May 2022- AbbVie submitted a new drug application to U.S. FDA for Investigational ABBV-951 (Foscarbidopa/Foslevodopa) to treat advanced Parkinson's Disease.
• October 2022- Merck announced Positive Top-line Results from the pivotal Phase 3 STELLAR trial evaluating sotatercept for treating adults with Pulmonary Arterial Hypertension (PAH).

Segmentation

1. By Mechanism of Action
   1. Dopamine Agonists
   2. Anticholinergic
   3. MAO-B inhibitors
   4. Amantadine
   5. Carbidopa-levodopa
   6. COMT Inhibitors
   7. Other Mechanisms of Action