June 22, 2024

Increasing R&D focus to boost the growth of Parkinson’s Disease Therapeutic Market

Parkinson’s Disease Therapeutic Market

The global Parkinson’s Disease Therapeutic Market is estimated to be valued at US$ 5.11 Bn 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 progressive disorder of the central nervous system that mainly affects the motor system. The main symptoms of Parkinson’s disease are shaking or tremor at rest, slow movement, stiffness of the arms and legs, and impaired balance and coordination. There is no cure for Parkinson’s disease, but medications and surgery can effectively control the symptoms of the disease. Common treatment options include L-DOPA, dopamine agonists, MAO-B inhibitors, anticholinergics, and other symptomatic therapies. These drugs are effective in improving motor symptoms of Parkinson’s disease and enhancing patients’ quality of life.

Market key trends:
One of the key trends in the Parkinson’s disease therapeutics market is the increasing research and development focused on developing novel disease-modifying therapies. Currently available drugs only manage the motor symptoms of the disease but do not stop or slow the progression of the disease. Several biotechnology and pharmaceutical companies are conducting clinical trials to evaluate therapies targeting disease pathways and mechanisms to potentially modify disease progression. Some potential disease-modifying targets under investigation include alpha-synuclein, LRRK2, GBA1, and glucocerebrosidase. Companies are advancing several candidates targeting these mechanisms through late-stage clinical trials with promising results. This growing pipeline of disease-modifying therapies is expected to transform the current Parkinson’s disease treatment landscape over the forecast period.
Porter’s Analysis
Threat of new entrants: The Parkinson’s disease therapeutic market has high entry barriers for new entrants due to capital intensive research and development required for drug discovery and treatment development.
Bargaining power of buyers: The bargaining power of buyers is low in this market as treatment options are limited and patients have inelastic demand.
Bargaining power of suppliers: A few multinational pharmaceutical companies dominate the supply market. Therefore, suppliers have significant bargaining power over buyers.
Threat of new substitutes: Currently, there are limited treatment alternatives available for Parkinson’s disease. Hence, threat from substitutes is low.
Competitive rivalry: The market witnesses intense competition among existing players due to their focus on research and development to develop new and improved treatment options.

Key Takeaways
The global Parkinsons Disease Therapeutic Market size is expected to witness high growth, exhibiting CAGR of 6.1% over the forecast period, due to increasing prevalence of Parkinson’s disease. The global Parkinson’s disease cases was estimated at over 8 million in 2020.

Regional analysis: North America dominated the global market and is expected to continue its dominance over the forecast period. Higher healthcare expenditure and growing R&D investment for drug development are major factors fueling the North America Parkinson’s disease therapeutics market. However, Asia Pacific region is anticipated to exhibit the fastest growth rate owing to increasing Parkinson’s disease incidence, improving healthcare infrastructure and rising medical tourism.

Key players: Key players operating in the Parkinsons Disease Therapeutic Market are Teva Pharmaceutical Industries Ltd., Novartis AG, GlaxoSmithKline Plc., AbbVie Inc., Merck & Co., Inc., Zydus Cadila, Dr. Reddyâ€TMs 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. These players are focusing on developing combination drug therapies and gene therapies to accelerate clinical development and tap growth opportunities.