The global Parkinsons Disease Therapeutic Market is estimated to be valued at US$ 5.11 Bn or Mn in 2023 and is expected to exhibit a CAGR of 6.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Parkinson’s disease is a neurological disorder that leads to tremors, muscle rigidity, slow movement, and difficulties with balance and coordination. The main treatments available are medications and surgery. Dopamine replacement medications are the standard first-line treatment for managing motor symptoms.
Market key trends:
One of the major trends in the Parkinson’s disease therapeutics market is increasing research and development for disease-modifying therapies. Currently available therapies only manage motor symptoms but do not alter the progression of the disease. Researchers are exploring various approaches for neuroprotective and disease-modifying therapies, including stem cell therapy, gene therapy, neurotrophic factors, and anti-inflammatory agents. Some therapies in the pipeline aim to slow or stop neurodegeneration in Parkinson’s disease by directly targeting the pathological mechanisms involved in the disease process.
Market key trends:
Telemedicine and remote monitoring are becoming indispensable parts of Parkinson’s disease care. Remote patient monitoring allows specialists to track symptoms and changes in a patient’s condition between visits via tools like wearable sensors. This offers more timely interventions and clinical oversight without requiring frequent in-person visits. Additionally, advances in gene therapy hold promise for potentially slowing or reversing the progression of the disease in the future through one-time treatments targeting the underlying causes of Parkinson’s.
SWOT Analysis
Strength: Growing geriatric population globally which is leading to rising prevalence of Parkinson’s disease.
Weakness: High rate of attrition of drug candidates during clinical development due to limited understanding of disease pathology and risk of side effects.
Opportunity: Emerging technologies like wearable sensors and digital biomarkers can help better monitor the condition and aid drug development process.
Threats: Stringent regulations for drug approval and high costs associated with clinical trials. Emergence of alternative treatment options.
Key Takeaways
The global Parkinson’s disease therapeutics market is expected to witness high growth, exhibiting CAGR of 6.1% over the forecast period, due to increasing research funding and development of novel drugs.
Regional analysis: North America dominated the Parkinson’s disease therapeutics market in 2023 and is expected to retain its dominance over the forecast period. This is attributed to presence of major market players and rising prevalence of Parkinson’s disease in the region. Asia Pacific is anticipated to exhibit fastest growth over the forecast period backed by increasing healthcare spending and presence of large patient pool.
Key players operating in the Parkinson’s disease therapeutics market share 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.
