Global Parkinson’s Disease Drugs Market - Segmented by Mechanism of Action and Geography - Growth, Trends, and Forecast (2018 - 2023)
The Parkinson’s disease drugs market is expected to witness a CAGR of 6.2% during the forecast period, 2018-2023. The global Parkinson’s disease drug market has witnessed a remarkable growth in the recent years, due to a large patient pool and increased diagnosis rates.
Recent Drug Approvals
Researchers are working to develop new and improved therapies for people with Parkinson's disease (PD). There have been many drugs that have been approved to treat Parkinson disease. In January 2015, the US FDA approved an extended release formulation of levodopa/carbidopa. Recently in January 2018, Adamas Pharmaceuticals Inc. has launched Gocovri (amantadine extended-release capsules) for the treatment of dyskinesia in people with Parkinson's, who are taking levodopa. This is the first drug indicated specifically for dyskinesia, which is developed with the long-term usage of levodopa. These newly-approved drugs, with different formulations, are addressing different unmet needs and are expected to drive the Parkinson disease drug market.
The other factors, which are also driving the market, include increasing demand due to the higher prevalence of the disease, new entrants expected to balance generic intrusion, and increasing use of the MAO-B inhibitor.
Generic Competition to Key Therapies
In the coming years, many of the Parkinson’s disease branded drugs are expected to lose their patent. For instance, these patent expirations include Azilect (rasagiline mesylate), Stalevo (levodopa, carbidopa, entacapone) and Comtan (entacapone). After expiration, the already-approved generic alternatives to these drugs can be marketed at a low price, resulting in competition. According to Novartis, annual report of 2016, the Parkinson’s disease drug business for the United States and Europe were majorly being affected by the availability of generic drugs, such as Exelon (rivastigmine tartrate), in the market. The release of the premium product is expected to face intense competition against the generic alternatives present in the market, which will restrain the global market.
The other restraining factor is the high cost of treatment and absence of revolutionary products in the near future.
Europe Holds the Largest Share of the Market
Geographically, Europe is expected to hold the largest share of the market in 2017 followed by North America, Asia-Pacific and the rest of the world. Europe is also expected to command the Parkinson's disease treatment market. A large share of the European market in this segment can be attributed to the growing aging population, presence of key players, and increasing healthcare expenditure in the region. Asia is expected to grow at the highest CAGR, during the forecast period.
Key Developments in the Market