COVID-19 Impact on Parkinsons Disease Treatment Market: Increasing Prevalence
Posted by Ritika Tyagi on December 16th, 2020
Parkinson’s disease treatment is used to treat the symptoms of Parkinson’s disease, generally, medication is the first line treatment for this disease. Currently, a wide range of treatments is available for alleviating the symptoms of Parkinson’s disease.
The global parkinsons disease treatment market is expected to reach USD 5.69 billion by 2022 from USD 4.24 billion in 2017, at a CAGR of 6.1%.
Medication is the first line therapy for treating the disease; however, they are not effective in all stages of the disease. In the severe stages, medications do not show pharmacological action in relieving disease symptoms. Neurologists perform thalamotomy, pallidotomy, or implant deep brain stimulation (DBS) devices in order to ease symptoms.
Moreover, the focus on gene therapy research has increased. According to the Parkinson’s Disease Clinic and Research Center, University of California, US, gene therapy for Parkinson’s disease has shown promising results in phase I studies. Phase II and III studies are currently under progress.
Surgical treatments, restriction on the use of medications in severe stages of the disease, and the increased focus on gene therapy research are expected to restrain the demand for therapeutic drugs used in Parkinson’s disease.
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Rising geriatric population and government funding for research on Parkinson’s disease are the driving factors for this market. The Parkinson’s disease treatment market is segmented on the basis of drug class, distribution channel, patient care setting, and region. On the basis of drug class, the market is segmented into carbidopa/levodopa, dopamine receptor agonists, MAO-inhibitors, COMT-inhibitors, anticholinergics and other drugs. The carbidopa/levodopa segment is expected to account for the largest share of the market in 2017. The growth in this segment is primarily attributed to the potency of the drug.
Hospitals segment is estimated to account for the largest share of the Parkinsons disease treatment market in 2017. This segment includes large, medium-sized, and small hospitals as well as critical care centers. Growth in this market can largely be attributed to the patient visits to hospitals are very high owing to the availability of diagnostic laboratories for diagnosing diseases; and presence of skilled professionals.
Clinics, also known as outpatient clinics or ambulatory care clinics, are healthcare facilities where outpatients are treated. In comparison with hospitals, clinics are expected to hold a smaller share of the overall market in the coming years mainly due to the shortage of neurologists in these facilities. In addition, most clinics do not have in-house diagnostic laboratories, owing to which most patients prefer hospitals.
Parkinson’s disease treatment market is segmented into North America, Europe, Asia, and the Rest of the World (RoW). The market is dominated by Europe, followed by North America, however, the Asian region is expected to witness the highest growth during the forecast period. Asia is expected to witness the highest CAGR, with the growth in this market centered at Japan, China, and India. The increasing number of generic drug manufacturers and rising aging populaion across are key factors driving the market in Asia. However, availability of alternative treatments is going to restrain this market.
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Teva (Israel), AbbVie (US), Boehringer Ingelheim (Germany) Lundbeck (Denmark), Acadia (US), Sun Pharma (India), US WorldMeds (US), Dr. Reddy’s (India), are the top players in this market. These companies have a broad product portfolio with comprehensive features and a strong geographical presence.
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About the AuthorRitika Tyagi
Joined: June 12th, 2019
Articles Posted: 670
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