Technavio analysts forecast the Global Parkinson's disease (PD) drugs marketto grow at a CAGR of almost 4% during the forecast period, according to their latest report.
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Technavio has published a new report on the global Parkinson's disease (PD) drugs market from 2017-2021. (Graphic: Business Wire)
The research study covers the present scenario and growth prospects of the global PD drugsmarketfor 2017-2021. The market is segmented based ondrug class (dopamine agonist, MOA inhibitors, AChE inhibitors, and glutamate inhibitors) and geography (the Americas, EMEA, and APAC).
Coverage of PD under the International Classification of Diseases (ICD) codes ensure quality care for individuals. ICD is a standard tool used for diagnostic and analytical purposes. These codes can be used to emphasize the need for individual visits to medical centers. Further, these codes can be used by insurance companies to understand the frequency of medical visits recommended for the individuals. Thus, these codes can be used for reimbursement purposes by private agencies or government insurers. PD is covered under the ICD-10-CM code G20. Thus, the coverage of disease under this code will help people to opt for the treatment.
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Technavio healthcare and life sciences research analysts highlight the following three factors that are contributing to the growth of the global PD drugs market:
- Strong pipeline
- Rise in geriatric population
- Lack of DMDs
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Strong pipeline
The global PD drugs market represents a significant unmet medical need due to the lack of disease modifying drug (DMD). At present, the drug therapies for PD are mainly focused on providing symptomatic relief but fail to treat the underlying cause. Neuroprotective activity has been documented for some of the anti-Parkinson's drugs, but the level of this activity is not sufficient to check the disease progression in a clinically significant manner.
Sapna Jha, a lead central nervous systems research analyst at Technavio, says, "As the pathogenesis of PD remains largely unknown and being complex in nature, several institutions, as well as pharmaceutical companies, are sponsoring the research efforts toward the advent of DMDs for PD. For instance, a few DMDs are currently under clinical trials such as Glutathione from the University of Florida, US, is in Phase II and Inosine from Massachusetts General Hospitals, US, is in Phase III for the treatment of PD. Such extensive R&D efforts both from industry and academia will lead to the successful launch of DMDs, thereby driving the market growth."
Rise in geriatric population
PD is a neurological disorder, often characterized by a decline in motor functions, cognitive, and memory impairments. The cognitive impairment associated with PD may include symptoms such as memory loss, difficulty in understanding words, inability to carry out voluntary activities, failure to identify objects, and others. The risk of developing PD increases with age and is more common among older people.
"As per the CDC, the projected demographic changes in the US and increasing geriatric population demand better understanding of the pathogenesis of various neurological diseases, including dementia, among older population and is a growing public health concern. As per the CDC, the decline in birth rate and an increase in average life span among the US adults are expected to increase the proportion of geriatric population aged 65 years or older in the US to almost 20% by 2030," adds Sapna.
Lack of DMDs
The therapeutic approach for the treatment of PD is currently dominated by therapies that are mainly focused on providing symptomatic relief. These drugs are indicated for the treatment of several types of neurodegenerative disorder and only provides symptomatic relief to individuals, leaving the underlying cause of the disease untreated.
The lack of DMDs will unnecessarily prolong the treatment schedule for PD, which, in turn, increases healthcare costs. The launch of a safe and effective DMDs that could modify the progression of the disease is expected to change the treatment strategies followed currently and will further increase the revenue generated by the global PD drugs market.
Top vendors:
- Boehringer Ingelheim
- GlaxoSmithKline
- Novartis
- Teva Pharmaceutical Industries
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