Global Parkinson's Disease Drugs Market Size

Parkinson's Disease Drugs Market Analysis

The Global Parkinson's Disease Drugs Market size is estimated at USD 5.56 billion in 2024, and is expected to reach USD 6.63 billion by 2029, growing at a CAGR of 3.58% during the forecast period (2024-2029).

The Covid-19 pandemic has impacted the market significantly. The COVID-19 pandemic had few major effects on the global market for Parkinson's disease drugs market. The pandemic has directly affected the production and demand of parkinson's drugs; it has disrupted distribution channels, and it has had a financial impact on firms and financial markets. However, the clinical trials have increased, and numerous research has been conducted to find the impact of Covid-19 on PD patients. For instance, in the article 'Clinical Trials of Parkinson's Therapies Robust Despite COVID-19' published in August 2021 it is mentioned that despite the impact of COVID-19, investment and interest in clinical trials of potential new treatments for Parkinson's disease remained strong during the pandemic phase. Another research article was published in the same month titled 'Parkinson's Disease Drug Therapies in the Clinical Trial Pipeline: 2021 Update' and as per the article, there has been considerable activity in the clinical development of innovative and efficient drug-based therapies for the neurodegenerative condition of Parkinson's disease (PD) during the pandemic. Therefore, owing to the mentioned factors, the pandemic is expected to have a positive impact on the market studied.

Factors such as the rising geriatric population and burden of Parkinson's disease, growing awareness among the population, increasing research and development, and continuous drug approvals are expected to fuel the market growth.

For instance, the global prevalence of Parkinson's disease is estimated to be approximately 6.1 million globally, and the prevalence increases with age, reaching 1% to 3% in the population over 65 years of age, as per the research article 'Monoamine Oxidase-B Inhibitors for the Treatment of Parkinson's Disease: Past, Present, and Future' published in February 2022. In addition, the data updated by World Health Organization (WHO) in October 2021 shows that by 2030, 1 in 6 people in the world will be aged 60 years or over. Hence, the world is anticipated to witness a demographic shift with an increase in the geriatric population, globally. Owing to the increase of older adults, the prevalence and incidence of PD are expected to demand new therapeutics and drugs for treatment. Thereby, boosting the market growth over the analysis period.

Moreover, the recent developments and strategic activities by major or minor market players are increasing in both regional markets and global markets. This is another major factor anticipated to exponentially bolster the studied market. For instance, in December 2021, Israel-based Pharma Two B Ltd., declared its Phase III double-blind, active-controlled study of P2B001 in early Parkinson's disease successfully met its primary and key secondary endpoints in the Phase III study, P2B001 was superior to each of its individual components as measured by the change from baseline to week 12 in total Unified Parkinson's Disease Rating Scale. P2B001 was superior to the pramipexole component by 2.66 points (p=0.0018) and superior to the rasagiline component by 3.30 points (p=0.0001).

In addition, in January 2022, Iktos, a South Korea-based company specializing in artificial intelligence (AI) for novel drug design and Astrogen, a clinical and research-oriented biotech company focused on developing innovative new drugs for the treatment of intractable neurological diseases entered into a research collaboration agreement which is aimed at the discovery of innovative small molecule pre-clinical drug candidates for Parkinson's disease. Additionally, in March 2022, Vyant Bio, Inc. an innovative biotechnology company focused on reinventing drug discovery for complex neurodevelopmental and neurodegenerative disorders, and OrganoTherapeutics, a developer of proprietary patient-specific organoids that recapitulate Parkinson's Disease (PD) pathology, entered into a collaboration agreement to work toward accelerating the discovery of drugs for the treatment of Parkinson's Disease. Therefore, the continuous advancements in the Parkinson's disease drug segment are anticipated to fuel the market growth over the analysis period.

Therefore, owing to the factors above, the market studied is expected to witness growth over the forecast period. However, high costs associated with the research and development of drugs and therapies lead to the high cost of drugs and this is predicted to hinder market growth slightly.