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Growing prevalence of Parkinson's disease is driving growth of the Parkinson's disease therapeutic market

Market Overview:

Parkinson's disease is a type of nervous system disorder that impairs movement control. It occur when nerve cells (neurons) in the substantia nigra (SN) portion of the brain become damaged or die.

Competitive Landscape:

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., and Boehringer Ingelheim International GmbH.

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Key Market Drivers:

Increasing number of drug approval for launch in market is driving growth of the Parkinson's disease therapeutics market. For instance, in August 2019, Kyowa Kirin Co., Ltd. a Japanese pharmaceutical and Biotechnology Company announced the U.S. Food and Drug Administration (FDA) approval for medicine NOURIANZ (istradefylline). It is used as adjunctive therapeutic to levodopa/carbidopa in adult patients experiencing 'OFF' episodes with Parkinson's disease (PD).

Growing research &development activities is again driving growth of the market. For instance, in October 2021, according to Vanderbilt University, drug candidate mGlu4 PAM AP-472 for Parkinson's disease entered phase 1 clinical trials. The clinical trial was initiated by Appello Pharmaceuticals Inc., a clinical-stage therapeutics company focused on searching innovative early-stage drug candidates for patients with Parkinson's disease. The mGlu4 PAM AP-472 is designed to operate in conjunction with an existing Parkinson's disease medication, levodopa.

Covid-19 Impact Analysis

The coronavirus (COVID-19) pandemic has a devastating influence on the lives of many families across the world, as well as healthcare institutions and the global economy. During the COVID-19 epidemic, patients had trouble in getting their regular Parkinson's disease therapeutics. For instance, in August 2020, according to International Parkinson and Movement Disorder Society, the impact of COVID-19 on the quality of healthcare reported by Parkinson's disease patients found that COVID-19 reduced the quality of healthcare as well as worsened the symptoms and interrupted the access to medication access for Parkinson's disease patients. Access to PD medication were negatively impacted by closing the routine clinical space, faltering delivery systems, and the inability to access dispensaries or pay for medication.

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Key Takeaways:

1. The Parkinson's disease therapeutics market is expected to exhibit a CAGR of 6.3% over the forecast period owing to the growing technological advancement in the field of medical.

2. North America is expected to gain significant growth over the forecast period owing to the growing prevalence of Parkinson's disease. According to the Parkinson's Foundation, nearly one million people in the U.S. are living with Parkinson's disease (PD), which is more than the combined number of people diagnosed with multiple sclerosis, muscular dystrophy and Lou Gehrig's disease (or Amyotrophic Lateral Sclerosis). This is expected to rise to 1.2 million by 2030.

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This release was published on openPR.