Parkinson’s Disease Market Value Anticipated To Reach US$ 4,764.3 Mn By 2027: Acumen Research And Consulting

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Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Parkinson’s disease Market– Global Industry Analysis, Market Size, Opportunities and Forecast, 2020-2027”

LOS ANGELES, Feb. 03, 2021 (GLOBE NEWSWIRE) -- The Global Parkinson’s Disease Market is expected to grow at a CAGR of around 11.3% from 2020 to 2027 and reach the market value of over US$ 4,764.3 Mn by 2027.

North America will dominate the regional market of Parkinson’s disease. The factor that contributes to regional growth involves high prevalent groups suffering from Parkinson’s disease. Additionally, high prevalence observed in the ageing population fuel the growth of North America regional market. Nearly 1 million are living with Parkinson's disease in the US. This number is far greater than the combined number of people diagnosed with multiple sclerosis and muscular dystrophy according to the statistics released by the Parkinson's Foundation. The combined direct and indirect costs of Parkinson's involving treatment, social payment and lost income is predicted to be nearly US$ 52 Bn per year in the US alone.  Moreover, the Parkinson's Prevalence Project estimates that 930,000 people in the US are living with Parkinson’s disease (PD) from 2020. This number is projected to rise to 1.2 million by 2030.

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On the other hand, Asia Pacific regional market will grow stupendously in the coming years by recording largest CAGR for the Parkinson’s disease market. Surge in number of generic manufacturers and large market opportunities particularly in India, China, and Japan for Parkinson’s disease will ultimately spur the regional growth for APAC market.

In December 2018, drug maker Rusan Pharma announced launching of a drug to treat Parkinson's disease. The drug namely "Aposan" is used to monitor fluctuations in patients suffering from Parkinson’s disease that are not sufficiently controlled by oral medications that are currently available in the Indian market. 

Market Opportunities

Strong pipeline of drugs by the manufacturer will offer lucrative opportunities for the Parkinson’s disease market to grow

New product launches in the global market for treatment of Parkinson's disease will assist the market to grow to its fullest. In February 2018, Adamas Pharmaceuticals, Inc. announced subgroup analyses of Parkinson's disease patients taking amantadine immediate release (IR) who are still experiencing dyskinesia and enrolled into EASE LID 2, the long-term. Ongoing phase 3 open label study of GOCOVRI™ (amantadine) extended release capsules results show that there is around 35% improvements in motor applications. The safety and tolerability profile of this patient was observed to be consistent without any adverse effects. Additionally, most of the major players have a robust drug pipeline for the treatment of Parkinson's disease.

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Market Restraint

Availability of alternative medical treatment will have serious impact on the global Parkinson’s disease market. Alternative treatment options and substitute products will have intense tussle between the competitors manufacturing the same drug. This will have obstacle for the manufacturer to grow and launched new product in the market for the same form of disease.

Segmental Analysis

Parkinson’s disease market is segmented based on drug class and distribution channel, and patient care settings. By drug class, the market is segmented based on carbidopa/levodopa, dopamine receptor agonists, MAO-inhibitors, COMT-inhibitors, anticholinergics, and other drugs. Based on distribution channel, market is segmented as hospital pharmacies, retailer pharmacies, and online pharmacies. By patient care settings the market is bifurcated into hospitals and clinics.

Based on drug class, carbidopa/levodopa will record significant market share in the overall market. By distribution channel, hospital pharmacies will grow to its fullest in the coming years. Frequent visits of rising patient pool for consultation to doctors or physicians will positively influence the hospital pharmacies segment to grow to its fullest. Furthermore, by patient care settings, hospitals will continue its dominance till the forecast period with clinics recording second largest market share in the future. Hospitals segment will record largest market share under patient care setting segment. Also, clinics segment is gaining fast pace and is predicted to record second largest share of the global market for Parkinson’s disease.

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Competitive Analysis

Teva, Novartis AG, GSK, AbbVie, Merck, Boehringer Ingelheim, Impax Laboratories, Lundbeck, UCB, Valeant Pharmaceuticals, Acadia, and among others.

Some of the key observations regarding Parkinson’s disease industry include:

  • In June 2016, ACADIA Pharmaceuticals announced approval of NUPLAZID™ (pimavanserin) by the FDA. This is the first drug used for the treatment of hallucinations and delusions associated with Parkinson’s disease psychosis.
  • In June 2016, Sun Pharmaceuticals Ltd. announced a distribution agreement with Mitsubishi Tanabe Pharma Corporation (Japan) to distribute 14 prescription related products involving Parkinson's disease drug Parlodel in Japan.
  • In August 2020, Biogen announced collaboration with Denali on LRRK2 program for Parkinson’s disease and certain TV platform enabled programs for neurodegenerative disease.

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