Parkinson’s Disease Therapeutic Market size is set to surpass USD 8 billion by 2027, according to a new research report by Global Market Insights Inc.
Growing number of drug approvals will significantly boost the market growth. Biopharmaceutical companies are engaged in production of new and improved Parkinson’s disease therapeutics. Therefore, several firms across the globe have a healthy drug pipeline for the treatment of Parkinson’s disease and are anticipated to launch several drugs in the near future. This is owing to the rise in number of regulatory drug approvals that will contribute to the uptake of Parkinson’s disease. The drug approvals will emerge as breakthroughs for Duopa and Rytary in the healthcare industry. Safinamide (Xadago) is the newest drug approved for the treatment of Parkinson’s disease. In addition, the U.S. Food and Drug Administration (USFDA) approved Nourianz drug in 2019.
Growing awareness among the population will stimulate the Parkinson’s disease therapeutic industry expansion in the coming years. Parkinson’s Disease.net engages the Parkinson’s disease (PD) community to raise awareness of Parkinson’s disease each year in April. Public awareness campaigns including World Parkinson’s Day is organized to enhance public awareness. Parkinson’s Foundation joins the global campaign to raise awareness about the progress and benefits of brain research, including research into the causes of Parkinson’s disease and how to treat it. These educational campaigns are increasing public awareness about PD symptoms and treatment that will create the demand and production of Parkinson’s disease therapeutics.
Growing preference for Levodopa/Carbidopa therapeutics will spur the market value
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Levodopa/Carbidopa segment revenue was around USD 2.64 billion in 2020. The preference for uptake of this drug is high as Levodopa in combination with Carbidopa is considered the standard treatment for symptomatic treatment of Parkinson’s disease. Levodopa is the most efficacious, best-tolerated drug and can be administered with other drugs to treat Parkinson’s disease patients.
Browse key industry insights spread across 150 pages with 180 market data tables & 15 figures & charts from the report, “Parkinson’s Disease Therapeutic Market Size By Drug Class (Levodopa/Carbidopa, Dopamine Agonists, Adenosine A2A Antagonist, COMT Inhibitors, MAO-B Inhibitors, Glutamate Antagonist), By Route of Administration (Oral, Subcutaneous, Transdermal), By Patient (Adult, Pediatric), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
Rising preference for transdermal route of administration will augment the market revenue
Transdermal segment is projected witness 6.8% growth rate till 2027. Transdermal route of administration is widely adopted as it is potentially effective replacement to existing therapies, minimally invasive and simple to use. Transdermal delivery of Parkinson’s disease therapeutics is extensively preferred due to several factors including constant rate of drug delivery, easy to use and non-invasive property. Recent advancements in skin permeation techniques further contributes to its increased adoption.
High prevalence of Parkinson’s disorder in children will increase the demand for Parkinson’s disease therapeutics
Pediatric patient segment exceeded USD 829 million in 2020 led by the growing incidences of Parkinson’s disease in pediatric population. In rare cases, Parkinson’s disease (PD) can affect children below 6 years of age. This form of the disorder is often associated with high-PD risk genetic mutations called juvenile Parkinsonism. Therefore, the continuous rise in pediatric population is leading to increase in demand for effective Parkinson’s disease therapeutics.
Rising healthcare expenditure in the China will create lucrative growth opportunity for market
China Parkinson’s disease therapeutic market size was USD 273 million in 2020 on account of the growing number of healthcare organizations, growing prevalence of Parkinson’s disease coupled with increasing geriatric population. According to a published report, China will have approximately half of the Parkinson’s disease population worldwide in 2030 and the health burden of Parkinson’s disease is expected to increase rapidly. As a result, there is a rise in number of research and development labs in the country to develop effective Parkinson’s disease therapeutics.
Key players are adopting several business strategies to capture significant market share
Some of the major companies operating in the market include Orion Corporation, Roche, AbbVie Inc., Acadia Pharmaceuticals, Amneal Pharmaceuticals, UCB, Teva Pharmaceutical among others. These major industry leaders are engaged in research and development in order to develop novel Parkinson’s disease therapeutics that will provide significant growth opportunities.