Global Parkinsons Disease Therapeutics Market, by Drug Class (Levodopa, Dopamine agonists, MAO-B inhibitors, Anticholinergics, and Others (Catechol-O-methyl transferase [COMT] inhibitors and amantadine, among Others)), by Route of Administration (Oral, Injectable, Nasal, Transdermal, and Others (Rectal, Sublingual, among Others)), by Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and Online Pharmacies), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) is estimated to be valued at US$ 5.11 Billion in 2023 and is expected to exhibit a CAGR of 7.0% during the forecast period (2023-2030), as highlighted in a new report published by Coherent Market Insights.
Market players are engaged in conducting inorganic activities, such as collaborations, in order to develop new medicines, and this is expected to drive the global Parkinsons disease therapeutic market growth during the forecast period. For instance, in July 2020, GlaxoSmithKline Plc., global biopharma company, announced a four-year collaboration with 23andMe Inc., a consumer genetics and research company. The collaboration will focus on the research and development of innovative new medicines and potential cures, using human genetics as the basis for discovery.
Global Parkinsons Disease Therapeutics Market– Impact of Coronavirus (COVID-19) Pandemic
Governments are taking various initiatives to combat COVID-19. For instance, in May 2020, the Centers for Disease Control and Prevention started working with the All-of-Government and All-of-America Approach to increase testing capacity, improve case detection and contact tracing across all states in the U.S., and re-open the country.
Moreover, the Centers for Disease Control and Prevention (CDC) are working with all the states in the U.S. and local partners to define the circumstances where testing of asymptomatic people is likely to be helpful in controlling the pandemic, as well as the best application of surveillance serologic testing that can lead to a better diagnostic rate. Furthermore, the CDC is supporting the improvement of current data infrastructure and the development and integration of digital and technology solutions in various healthcare solutions in order to ensure timely and transparent communication with all citizens, inclusive of daily new cases, hospitalizations, use of intensive care units (ICU), and mortality rates by country and/or zip code.
Furthermore, the first case of COVID-19 in India was reported on January 30, 2020, and the number of cases continued to rise. On March 24, the Government of India announced that the entire country will go under lockdown, with localized lockdowns in containment zones extended to November 30 in the latest announcement. Prior to the announcement on March 24, numerous containment measures were already imposed, varying in intensity across the country, including travel restrictions, closing educational establishments, gyms, museums, and theaters, bans on mass gatherings, and encouraging firms to promote remote work.
Global Parkinsons Disease Therapeutics Market: Key Developments
In July 2021, GlaxoSmithKline Plc. announced a strategic collaboration with Alector, a clinical-stage biotechnology company, for the development and commercialization of two clinical-stage monoclonal antibodies (AL001 and AL101) designed to increase progranulin (PGRN) levels.
In June 2021, AbbVie Inc., an American pharmaceutical company, announced an exclusive collaboration and option agreement with Caraway Therapeutics, a biopharmaceutical company, to develop and commercialize Caraway’s TMEM175, a potassium ion channel critical to lysosomal function implicated in both Parkinson’s disease (PD) and other neurodegenerative disorders.
Browse 39 Market Data Tables and 23 Figures spread through 193 Pages and in-depth TOC on “Global Parkinsons Disease Therapeutics Market”- Forecast to 2030, Global Parkinsons Disease Therapeutics Market, by Drug Class (Levodopa, Dopamine agonists, MAO-B inhibitors, Anticholinergics, and Others (Catechol-O-methyl transferase [COMT] inhibitors and amantadine, among Others)), by Route of Administration (Oral, Injectable, Nasal, Transdermal, and Others (Rectal, Sublingual, among Others)), by Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and Online Pharmacies), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa).
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/parkinsons-disease-therapeutic-market-494
Key Takeaways of the Global Parkinsons Disease Therapeutics Market:
- The global Parkinsons disease therapeutic market is expected to exhibit a CAGR of 7.0% during the forecast period, owing to strong focus of key players on inorganic growth strategies such as product launches, acquisitions, mergers, collaborations, etc. to enhance market position, strengthen product portfolios, and increase product reach, which is expected to drive growth of the global market. For instance, in June 2021, Melior Pharmaceuticals, a mid-stage biopharmaceutical company signed a ‘letter of intent’ with Adhera Therapeutics, Inc., a specialty pharmaceutical company, to acquire the MLR-1019 (armesocarb) Parkinson’s disease (PD) candidate.
- Among drug class, levodopa segment is estimated to account for the largest market share in the global Parkinsons disease therapeutic market over the forecast period. Levodopa (also known as L-dopa) is the most widely prescribed medication for Parkinson's disease, and it has high potency against the disease. For instance, according to an article published in PLOS ONE a scientific journal, levodopa was the most frequently prescribed first-line medication with 70.1% in the U.S. and 29.0% in the U.K.
- Among regions, North America is estimated to hold a dominant position in the global Parkinsons disease therapeutic market over the forecast period, owing to the increasing regulatory approvals for PD treatment medicines in the region. For instance, in February 2021, Gocovri (Amantadine), an extended-release capsule, received approval from the U.S. Food and Drug Administration (FDA) for patients with Parkinson’s disease. It is approved as an adjunctive treatment to levodopa or carbidopa in patients with PD.
- Major players operating in the global Parkinsons disease therapeutic market 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.