Market Trends of Central Nervous System Therapeutics Industry
Parkinson's Disease Under Degenerative Disease Segment is Expected to Have Major Market Share Over the Forecast Period
Parkinson's disease is a degenerative disease that affects the nervous system and body parts controlled by the nerves. The degenerative disease occurs when nerve cells in the brain and peripheral nervous systems lose their function and die. The Parkinson's disease segment is expected to have a significant market share over the forecast period attributed to the increasing prevalence of Parkinson's disease and increasing research and developments on new therapeutics for this disease.
According to the report by Parkinson's Foundation published in December 2022, nearly 90,000 people in the United States are diagnosed with Parkinson's disease (PD) each year, representing a 50% increase from the previous estimate of 60,000 diagnosed yearly. In addition, as per the source mentioned above, the number of people living with Parkinson's is expected to rise to 1.2 million by 2030 in the United States. This data shows the increasing burden of Parkinson's disease, which increase the demand for therapeutics that likely propel the market over the forecast period.
Moreover, the new product approvals and launches in this segment increase the widespread distribution of products in various regions and increase the availability of products which is expected to boost the segment's growth. For instance, in February 2021, Eisai Co., Ltd launched the Parkinson's disease treatment Equfina (safinamide mesylate) in the Asian region, excluding Japan. Such product approvals and launches are expected to drive the segment's growth over the forecast period.
Thus, all the factors mentioned above, such as the increasing burden of Parkinson's disease and new product developments, along with approvals and launches, are expected to boost the market's growth over the forecast period.
North America is Expected to Have a Significant Share in the Market Over the Forecast Period
North America is expected to have a significant share in the market over the forecast period owing to the growth of technology in the pharmaceutical sector that helps in new drug developments, increasing product launches, the rising burden of central nervous system diseases, and the rising level of research and developments in the countries like the United States and Canada.
According to the Alzheimer's Disease Facts and Figures 2023 published by Alzheimer's Association, an estimated 6.7 million Americans age 65 and older will be living with Alzheimer's dementia in 2023, and the number is expected to increase due to the rising geriatric population in the region. Similarly, the high prevalence of CNS diseases increases the demand for therapeutics. For instance, in a Statistics Canada study published in 2021, about one in five Canadians aged 12 and older said they required some help with their mental health. Furthermore, the prevalence of neurological diseases is expanding, which boosts funding and support for research projects that develop novel treatments and may increase the market's growth. For instance, in August 2022, the National Multiple Sclerosis Society committed USD 19 million to launch 40 new multi-year research awards to drive progress toward stopping multiple sclerosis. Hence, the latest initiative in the region is expected to grow the market over the forecast period.
Furthermore, the new developments and acceptance of regulatory approval for various products likely increase the widespread applications and are expected to grow significantly in the market. For instance, in August 2022, Paladin Labs Inc received acceptance from Health Canada for a New Drug Submission (NDS) application for carbamate as an adjunctive therapy for the management of partial-onset seizures in adults with epilepsy who are not satisfactorily controlled with conventional treatment.
Thus, the rising CNS disease burden, new research funding for product development, and increasing regulatory approvals in the region increase the demand for various CNS drugs and are expected to boost the market over the forecast period.
