March 15, 2018
WELLESLEY, Mass., March 15, 2018 – A rise in national and state government investment is driving growth in the global market for anti-Parkinson’s drugs. In a new report, Anti-Parkinson's Drugs: Global Markets to 2022, BCC Research estimates this market to reach $5.7 billion by 2022, up from $4.2 billion in 2017, indicating a compound annual growth rate (CAGR) of 6.1%.
National and state governments are offering political support by funding drug research and development and offering tax waivers and subsidies. These growth factors in tandem with an aging population, growing public awareness, and more health insurance reforms are pushing solid market growth. Other key market movers include technological advances such as biomarkers, 3-D printed drugs, mobile applications, and wearable technologies used to monitor and treat patients diagnosed with Parkinson’s disease.
A few large players such as AbbVie, GlaxoSmithKline, Mylan Labs, Novartis, Valeant Pharmaceuticals, and Zambon Pharmaceuticals dominate the market. North America, the largest regional market, accounted for 30% of the global market followed by Western Europe and Asia Pacific. During the forecast period, North America is expected to achieve the highest growth rate among region (7.0% CAGR), followed by the Middle East (6.6% CAGR).
“Technology is having a great impact on the market for Parkinson’s treatments,” said Robert G. Hunter, BCC Research senior editor, healthcare. “For instance, the Parkinson’s KinetiGraph System, which is a wearable device worn over a period of seven days, can create data-driven reports that help clinicians customize treatments based on the observable impact of the disease. Low drug discovery costs and the more accurate results generated from such technologies are expected to drive the anti-Parkinson’s drugs market throughout the forecast period.”
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Anti-Parkinson's Drugs: Global Markets to 2022( PHM193A )
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