(PharmaNewsWire.Com, May 12, 2020 ) The Parkinson’s disease treatment market was valued at USD 3.99 billion in 2016 and expected to grow at a CAGR of 6.1% from 2017 to 2022 to reach USD 5.69 billion in 2022. The carbidopa/levodopa drug class is projected to register highest CAGR during forecast period. The major driving factors for this market include ageing population and government funding for research, growing healthcare awareness. The base year considered for the study is 2016, and the forecast has been provided for the period between 2018 and 2023.
Market Dynamics
Drivers
+ Growth in ageing population and the associated increase in the prevalence of parkinson’s disease
+ Government funding for research
Restraint
+ Availability of alternative treatments
Opportunities
+ Patent expiry of branded drugs
+ Strong pipeline
The Parkinson’s disease treatment market is segmented on the basis of drug class, distribution channel, patient care setting, and region. On the basis of drug class, the market is segmented into carbidopa/levodopa, dopamine receptor agonists, MAO-inhibitors, COMT-inhibitors, anticholinergics and other drugs. The carbidopa/levodopa segment is expected to account for the largest share of the market in 2017. The growth in this segment is primarily attributed to the potency of the drug.
Currently, a wide range of treatments is available for alleviating the symptoms of Parkinson’s disease. Medication is the first line therapy for treating the disease; however, they are not effective in all stages of the disease. In the severe stages, medications do not show pharmacological action in relieving disease symptoms. Neurologists perform thalamotomy, pallidotomy, or implant deep brain stimulation (DBS) devices in order to ease symptoms.
Moreover, the focus on gene therapy research has increased. According to the Parkinson’s Disease Clinic and Research Center, University of California, US, gene therapy for Parkinson’s disease has shown promising results in phase I studies. Phase II and III studies are currently under progress. Surgical treatments, restriction on the use of medications in severe stages of the disease, and the increased focus on gene therapy research are expected to restrain the demand for therapeutic drugs used in Parkinson’s disease.
Major Market Developments
+ In 2016, ACADIA Pharmaceuticals, Inc. (U.S.) received FDA approval for its NUPLAZID drug
+ In 2016, Sun Pharmaceutical Industries Ltd. (India) entered distribution agreement with Mitsubishi Tanabe Pharma Corporation (Japan) to distribute 14 prescription brands that include Parkinson’s disease drug Parlodel in Japan
Critical questions the report answers:
+ How the market developments of key players impact the overall industry?
+ What are the restraining factors for this market?
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