Parkinson's Disease Drugs Market to Reach $10.4 Bn, Globally, by 2031 at 6.2% CAGR: Allied Market Research

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Nov 17, 2022, 06:30 ET

Rise in the geriatric population and increase in demand for Parkinson's disease drugs drive the growth of the global Parkinson's disease drugs market.

PORTLAND, Ore., Nov. 17, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Parkinson's Disease Drugs Market by Drug Class (Decarboxylase Inhibitors, Dopamine Agonists, COMT Inhibitors, MAO-B Inhibitors, Others), by Route of Administration (Oral, Injection, Transdermal), by Age Group (50 or below 50, Above 50 years): Global Opportunity Analysis and Industry Forecast, 2021-2031." According to the report, the global Parkinson's disease drugs industry was estimated at $5.7 billion in 2021, and is anticipated to hit $10.4 billion by 2031, registering a CAGR of 6.2% from 2022 to 2031. The report offers an explicit analysis of the changing market trends, top segments, key investment pockets, value chains, competitive scenarios, and regional landscapes.

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Determinants of growth:

Rise in the geriatric population and increase in demand for Parkinson's disease drugs drive the growth of the global Parkinson's disease drugs market. On the other hand, certain side-effects associated with the drugs impede the growth to some extent. However, high growth potential in untapped emerging countries and increase in R&D pipeline products are expected to create lucrative opportunities in the industry.

Covid-19 scenario:

The disrupted supply chain, restricted sales operations, marketing efforts, and customer field support, hampered the shipping and delivery of products to customers, which impacted the global Parkinson's disease drugs market negatively.
However, since 2021, the market has again started to witness a stable growth.

The decarboxylase inhibitors segment to cite the fastest CAGR:

By drug class, the decarboxylase inhibitors segment contributed to more than two-fifths of the global Parkinson's disease drugs market share in 2021, and is expected to lead the trail by 2031, due to high adoption of decarboxylase inhibitor by population as it improves motor symptoms of Parkinson's disease. The COMT inhibitors segment, however, is expected to exhibit the fastest CAGR of 9.0% from 2022 to 2031, owing to the advantages of COMT inhibitors such as short duration time and long-lasting enzyme inhibition.

The oral segment to dominate by 2031:

By route of administration, the oral segment garnered around two-thirds of the global Parkinson's disease drugs market share in 2021, and is expected to retain its dominance by 2031. This is due to the advantages associated with oral routes such as more pre-determined doses, convenience, and patient self-administration The transdermal segment, on the other hand, would portray the fastest CAGR of 9.8% during the forecast period. Benefits such as ease of access with transdermal absorption fuel the segment growth.

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The above 50 years segment garnered the major share in 2021:

By end user, the above 50 years segment garnered around 90% of the global Parkinson's disease drugs market share in 2021, and is expected to retain its dominance by 2031. The same segment is also expected to exhibit the fastest CAGR of 6.3% from 2022 to 2031. This is due to the fact that people above 50 years are prone to the Parkinson's disease.

North America grabbed the highest share:

Based on region, North America held the major share in 2021, generating nearly half of the global Parkinson's disease drugs market, owing to presence of major key players in the countries such as the United States. The Asia-Pacific region, however, would cite the fastest CAGR of 8.8% throughout the forecast period. Growing healthcare infrastructure, low cost of treatments associated with the disease, and availability of various diagnosis services for Parkinson's disease patients drive the market growth.

Key players in the industry:

Amneal Pharmaceuticals Inc Cantata Bio
Biogen Inc.
Eli Lilly company
Glaxosmithkline Plc
Gentech Healthcare
Teva Pharmaceuticals
Intas Pharmaceuticals Limited
Orion Corporation
Novartis AG
Pfizer Inc.
Square group
AbbVie Inc.
Sun Pharmaceutical Industries Limited
Torrent Group
UCB pharma
Viatris Inc.
C.H. Boehringer Sohn Ko.KG

The report analyzes these key players in the global Parkinson's disease drugs market. These players have incorporated various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in assessing the operating segments, their business performance & product portfolio, and so on.

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