Parkinson’s Disease Market Size is Expected to Reach at USD 6,705 Million by 2030, Registering a CAGR of 11.5%, Owing to Aging Of The Global Population
The Global Parkinson’s Disease Market Size is predicted to reach USD 6,705 Million by 2030 from USD 2,540 Million in 2021, at a CAGR of 11.5% between 2022 and 2030, as per the Acumen Research and Consulting
The Parkinson's disease market is evolving rapidly, with new treatments and therapies being developed to manage the disease and improve the quality of life for patients. Parkinson's disease is a progressive disorder of the central nervous system that affects movement. It is caused by the loss of neurons in the substantia nigra, a region of the brain that produces a neurotransmitter called dopamine. Parkinson's disease is characterized by tremors, muscle rigidity, and difficulty with movement. Some of the key trends in the Parkinson's disease market include the increasing adoption of deep brain stimulation, the development of gene therapies, and the growing use of wearable technology to monitor disease progression and track treatment effectiveness.
The Parkinson's disease market size is the collective term for the sales and distribution of products and services related to the diagnosis, treatment, and management of Parkinson's disease. This includes medications, surgical interventions, diagnostic tests, and assistive devices such as wearable technology. The Parkinson's disease market is a growing industry, with an increasing number of people being diagnosed with the disease globally. The market is driven by factors such as an aging population, increased awareness of Parkinson's disease, and the development of new treatments and therapies. In recent years, there has been significant progress in the understanding of Parkinson's disease, and this has led to the development of new and more effective treatments.
Parkinson’s Disease Market Statistics
- Global Parkinson’s disease market value was worth USD 2,540 Million in 2021, with a 11.5% CAGR from 2022 to 2030
- According to research, more than 10 million people worldwide suffer from Parkinson's disease
- North America Parkinson’s disease market share occupied around 35.2% in 2021
- Asia-Pacific Parkinson’s disease market growth is estimated to attain 12% CAGR from 2022 to 2030
- Development of new and more effective treatments, propel the Parkinson’s disease market revenue
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Parkinson’s Disease Market
Growing Aging Population Drives the Parkinson’s disease Market
The aging of the population is one of the main drivers of the Parkinson's disease market. Parkinson's disease is a chronic neurological condition that affects gestures and can involve stiffness, tremors, and trouble with coordination and balance. It is most commonly diagnosed in people over the age of 50, and the risk of developing the disease increases with age. As the population ages, the number of people with Parkinson's disease is expected to increase, which will drive demand for treatments and therapies for the disease. Additionally, the increasing awareness of Parkinson's disease and the availability of new treatments are also contributing to the growth of the Parkinson's disease market.
High Cost and Side Effects of Treatment May Limit the Market Growth
The cost of treatment and side effects can limit the Parkinson's disease market in a number of ways. The cost of treatment for Parkinson's disease can be significant, as it often involves a combination of medications and other therapies such as physical therapy and occupational therapy. In addition to the financial cost of treatment, the side effects of Parkinson's disease medications can also be a barrier to treatment for some patients. This can lead to patients either not taking their medications as prescribed, or stopping treatment altogether, which can limit the effectiveness of treatment and potentially worsen the disease.
Parkinson’s Disease Market Segmentation
Acumen Research and Consulting has segmented the global Parkinson’s disease market by drug class, patient care setting, and distribution channel.
- Based on the drug class, the market is categorized into MAO-inhibitors, carbidopa/levodopa, anticholinergics, dopamine receptor agonists, COMT-inhibitors, and other. According to the Parkinson’s disease market forecast, the MAO-inhibitors segment is estimated to grow significantly over the next several years.
- Based on the patient care setting, the industry is classified into clinics, and hospitals.
- Based on the distribution channel, the market is classified into online pharmacies, hospital pharmacies, and retailer pharmacies.
Parkinson’s Disease Market Regional Overview
Geographically, the global Parkinson’s disease market can be divided into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. According to a Parkinson's disease industry analysis, the market in North America is predicted to increase significantly in the coming years. A variety of factors contribute to North America's supremacy in the Parkinson's disease market. One factor is the region's high prevalence of Parkinson's disease. The United States has one of the highest incidences of Parkinson's disease in the world, with an estimated 7-10 million people suffering from the disease. Due to the high prevalence, there is a strong demand for Parkinson's disease treatments and therapies, which drives the market. Another aspect is the availability of advanced healthcare infrastructure in North America, as well as the high levels of healthcare expenditure.
Parkinson’s Disease Market Players
Some of the prominent Parkinson’s disease market companies are Merck, Teva, GSK, UCB, AbbVie, Boehringer Ingelheim, Lundbeck, Valeant Pharmaceuticals, Novartis AG, Impax Laboratories, and Acadia.
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