Genetic Therapies is fastest growing segment fueling the growth of Parkinson's Disease Therapeutic Market

 

The global Parkinson's Disease Therapeutic Market is estimated to be valued at US$ 5.11 Bn or billion 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 nervous system disorder that affects movement. It occurs when dopamine-producing neurons in the brain die or become impaired. The market products include Carbidopa/Levodopa, Dopamine Agonists, MAO-B Inhibitors, COMT Inhibitors, Anticholinergics and other drugs that help control symptoms but don't slow, stop or reverse progression of the disease.

Market key trends:
One of the major trend in the Parkinson's disease therapeutic market is the growing emphasis on research and development activities to develop novel therapies for neurodegenerative conditions like Parkinson's disease. Pharmaceutical companies and research institutes are investing heavily in R&D to develop advanced therapies such as gene therapies, stem cell therapies, and disease-modifying therapies. For instance, companies like Voyager Therapeutics and Denali Therapeutics are developing novel gene therapies for Parkinson's disease using viral vectors to deliver genes to the brain cells. These advanced therapies hold promise to slow or stop progression of neurodegeneration in Parkinson's disease.
Segment Analysis
The global Parkinson's disease therapeutic market is segmented based on drug class, distribution channel and region. Based on drug class, the market is segmented into levodopa/carbidopa, dopamine receptor agonists, MAO-B inhibitors, anticholinergics, COMT inhibitors and others. Among these, levodopa/carbidopa occupies the largest market share as it is the most effective medication for controlling motor symptoms of Parkinson's disease. Based on distribution channel, the market is divided into hospital pharmacies, retail pharmacies and online pharmacies. Hospital pharmacies dominate the market due to the availability of wide range of Parkinson's disease therapeutics and physicians recommendation for critical patients.

Key Takeaways
The global Parkinson's disease therapeutic market is expected to witness high growth, exhibiting CAGR of 6.1% over the forecast period, due to increasing prevalence of Parkinson's disease.

Regional analysis:
North America holds the largest share in the global Parkinson's disease therapeutic market due to availability of advanced healthcare facilities and presence of key market players in the region. Asia Pacific is expected to witness the fastest growth rate during the forecast period owing to rising awareness regarding Parkinson's disease and increasing healthcare expenditure in emerging economies like India and China.

Key players:
Key players operating in the Parkinson's disease therapeutic market size 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.