The global Parkinson’s disease drugs market is likely to grow in the coming years due to the growing emphasis on the treatment of Parkinson’s disease. According to a report published by Fortune Business Insights, titled “Parkinson’s Disease Drugs: Global Market Analysis, Insights and Forecast, 2019-2026,” the market was valued at US$ 4,500.0 Mn in 2018. Fortune Business Insights states that the market will reach US$ 8,383.2 Mn by 2026, thereby exhibiting a CAGR of 8.1%.
FDA Approves Two New Drugs for Treatment of Parkinson’s Disease
Increasing usage approvals are contributing to the growth of the global Parkinson’s disease drugs market. The Food and Drug Administration recently cleared two new drugs for the treatment of Parkinson’s disease. The drug approvals for Rytary and Duopa will emerge as breakthroughs in the healthcare industry.
“FDA Clears ‘Rytary’ capsule”
In 2015, Impax Pharmaceuticals announced that it has received approval from the FDA for the clinical use of Rytary. This drug was a formulation of carbidopa and levodopa and has recorded excellent clinical results for the treatment of Parkinson’s disease. The company announced that it has manufactured oral capsules with the combination of carbidopa and levodopa.
The company states that the Rytary capsule can help reduce the time needed for the treatment of Parkinson’s disease. The oral form of drug delivery eliminates the need for an invasive method. This, in turn, is likely to affect the demand for Rytary capsules in a positive manner. Increasing demand for Rytary will have a positive impact on the global market and is likely to favor growth of the market in the coming years.
Top players in the Parkinson’s disease drugs market include:
• Pfizer, Inc.
• F. Hoffmann-La Roche Ltd
• Merck & Co., Inc.
• Novartis AG
• Orion Pharma
• UCB S.A
• Teva Pharmaceutical Industries Ltd.
• Vertical Pharmaceuticals, LLC
• ACADIA Pharmaceuticals Inc.
• Impax Laboratories, Inc.
• H. Lundbeck A/S
AbbVie gets FDA Nod for Orphan Drug ‘Duopa’
The report includes an in-depth analysis of various drug approvals and their effect on the global market. In addition to the clearance for Rytary, the FDA approved another drug in the same year which was also associated with the treatment of Parkinson’s disease. ‘AbbVie’, a pharmaceutical company, announced that it had received approval for the commercialization of its ‘Duopa’.
The duopa can be used for treating fluctuations in patients diagnosed with advanced Parkinson’s disease. The Duopa was classified as an orphan drug as it is used to treat a rare disease that is affecting fewer than 200,000 people in the United States.
Fortune Business Insights has predicted that the aforementioned drug approvals may have a direct impact on the vendor scale. Competitors are likely to be encouraged by the approvals for Parkinson’s disease drugs. This, in turn, is likely to favor growth of the Parkinson’s disease drugs market in the coming years.
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Parkinson’s disease drugs market Segmentations:
By Distribution Channels
• Hospital Pharmacy
• Retail Pharmacy
• Online Pharmacy
• North America (USA and Canada)
• Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
• Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
• Latin America (Brazil, Mexico and Rest of Latin America)
• Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)