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Parkinson's Disease Therapeutics Market revenue to hit USD 12.32 Billion by 2033, Says We Market Research
NEW YORK, Dec. 6, 2023 /PRNewswire/ -- As per the most recent analysis conducted by We Market Research, the Parkinson's Disease Therapeutics Market is on track to reach a value of $12.32 billion by the end of 2033. Looking ahead, the market's prospects appear even more impressive, with projections suggesting a significant increase to $5.21 million in 2023. This remarkable growth trajectory is underpinned by a strong compound annual growth rate (CAGR) of 8% expected between 2023 and 2033.
Increasing incidence of Parkinson's disease
Parkinson's disease (PD) is a progressive neurodegenerative condition affecting the dopamine-producing cells in the substantia nigra region of the brain. It manifests through various motor and non-motor symptoms, including tremors, rigidity, cognitive impairment, and sleep disturbances. The global prevalence of PD is on the rise, reaching an estimated 10 million individuals in 2020 and projected to reach 12 million by 2030 and 14 million by 2040. This increase is primarily attributed to factors like enhanced life expectancy, aging populations, and improved diagnostic methods.
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Several driving forces contribute to the escalating prevalence of Parkinson's disease:
Aging Population: With the global population aging, the risk of PD rises, aligning with the increased prevalence of the disease as the number of older adults grows.
Improved Diagnosis: Advances in diagnostic techniques have facilitated earlier and more accurate PD diagnoses, contributing to the overall rise in reported cases.
Environmental Factors: Certain environmental exposures, such as pesticides and solvents, are linked to an increased risk of PD, potentially influencing the upward trend in prevalence.
Genetic Predisposition: The genetic component of PD means individuals with a family history face an elevated risk. As more individuals with PD have the opportunity to reproduce, the genetic predisposition contributes to the condition's growing prevalence.
The expanding prevalence of Parkinson's disease presents a significant challenge for global healthcare systems due to its associated management costs and profound impact on affected individuals and their families. Research endeavors focused on understanding the causes and advancing treatment options are imperative to address this escalating public health concern.
Parkinson's Disease Therapeutics Market Report Scope:
Market Size in 2022
USD 4.31 Billion
Market Forecast in 2033
USD 12.32 Billion
CAGR % 2023-2033
Production, Consumption, company share, company heatmap, company production capacity, growth factors and more
By Drug Class, By Route of Administration, By Distribution Channel and By Region
North America, Europe, APAC, South America and Middle East and Africa
U.S.; Canada; U.K.; Germany; France; Italy; Spain; Benelux; Nordic Countries; Russia; China; India; Japan; South Korea; Australia; Indonesia; Thailand; Mexico; Brazil; Argentina; Saudi Arabia; UAE; Egypt; South Africa; Nigeria
Levodopa continues to be a crucial element in the treatment of Parkinson's disease, given its exceptional ability to alleviate symptoms
Levodopa, a precursor to dopamine, remains a cornerstone in the treatment arsenal for Parkinson's disease owing to its remarkable efficacy in alleviating symptoms. Parkinson's, a neurodegenerative disorder characterized by dopamine deficiency, manifests in debilitating motor symptoms like tremors, rigidity, and bradykinesia. Levodopa is a precursor that converts to dopamine in the brain, compensating for the neurotransmitter deficit and significantly improving motor function.
The exceptional symptom-relieving properties of Levodopa make it indispensable in managing the quality of life for individuals with Parkinson's. By replenishing dopamine levels, Levodopa effectively addresses the root cause of motor dysfunction, providing relief and restoring a degree of normalcy in movement. Despite advancements in alternative treatments, Levodopa's effectiveness and widespread use persist due to its unparalleled ability to ameliorate symptoms and enhance daily functioning.
However, long-term Levodopa use may be associated with motor fluctuations and dyskinesias. To optimize its benefits, clinicians often tailor dosages and explore combination therapies. The enduring significance of Levodopa underscores its pivotal role in enhancing the lives of Parkinson's patients, emphasizing the need for ongoing research to refine its usage and explore complementary therapeutic strategies.
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Some of the major companies operating within the Parkinson's Disease Therapeutics Market are: Zydus Cadila, Novartis AG, GlaxoSmithKline Plc., AbbVie Inc., Merck & Co., Inc., Dr. Reddy's Laboratories, Teva Pharmaceutical Industries Ltd., Sun Pharmaceutical Industries Ltd., Cipla Inc., Denali Therapeutics Inc., Boehringer Ingelheim International GmbH, Biogen Inc., Prevail Therapeutics, Voyager Therapeutics, Eli Lilly and Company and others.
In August 2020, Kyowa Kirin Co., Ltd., a Japan-based pharmaceutical company, announced that the U.S. Food and Drug Administration (FDA) had approved NOURIANZ (istradefylline) as an add-on treatment to levodopa or carbidopa in adult patients with Parkinson's disease (PD) experiencing 'OFF' episodes. 'Off' episodes are incapacitating periods of partial or total immobility that patients with advanced Parkinson's disease experience.
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About We Market Research:
WE MARKET RESEARCH is an established market analytics and research firm with a domain experience sprawling across different industries. We have been working on multi-county market studies right from our inception. Over the time, from our existence, we have gained laurels for our deep rooted market studies and insightful analysis of different markets.
SOURCE We Market Research