July 16, 2024
Levodopa Market

Technology advancement projected to boost the growth of the global Levodopa Market

Market Overview:

Levodopa is the primary drug treatment for Parkinson’s disease. It works by replacing dopamine that is normally produced by the brain. Levodopa is converted to dopamine in the brain and helps control Parkinson’s disease symptoms like tremors, muscle stiffness, poor balance and coordination. Levodopa can be taken alone or in combination with carbidopa/benztropine to manage motor symptoms of Parkinson’s disease. It improves mobility and reduces shakes and muscle stiffness in people with Parkinson’s disease.

Market key trends:

Rise in prevalence of Parkinson’s disease is a key driver for levodopa market growth. According to Parkinson’s Foundation, over 60,000 Americans are diagnosed with Parkinson’s disease each year. Increasing technological advancements in drug delivery system is also propelling market growth. Novel gel and transdermal formulations of levodopa are being developed to improve its efficacy and safety. For instance, in 2023, Nevro Corp launched Senza SCS+DR system for treatment of chronic pain which delivers levodopa drug through spinal cord stimulation. R&D in gene therapy is another trend gaining traction in levodopa treatment landscape.

The Global Levodopa Market Demand is estimated to be valued at US$ 4.77 Bn in 2023 and is expected to exhibit a CAGR of 3.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is moderate as the R&D costs and regulatory requirements for new drugs are high in this market.
Bargaining power of buyers: The bargaining power of buyers is moderate as levodopa is the standard treatment available for Parkinson’s disease with no effective substitutes.
Bargaining power of suppliers: The bargaining power of suppliers is moderate due to the availability of generic versions and presence of both innovator and generic drug makers.
Threat of new substitutes: The threat of new substitutes is high as extensive research is being conducted to develop novel drugs for Parkinson’s disease.
Competitive rivalry: Fierce competition exists among existing players.

Key Takeaways

The global levodopa market is expected to witness high growth, exhibiting CAGR of 3.4% over the forecast period, due to increasing prevalence of Parkinson’s disease. The market size for 2023 is estimated to be US$ 4.77 Bn.

Regional analysis: North America is expected to dominate the global levodopa market over the forecast period owing to growing geriatric population in the US and Canada. However, Asia Pacific is anticipated to exhibit the fastest growth attributed to the rising incidence of Parkinson’s disease and improvements in healthcare facilities in emerging economies such as China and India.

Key players operating in the levodopa market are Abbott Laboratories, Sun Pharmaceutical Industries Ltd., Teva Pharmaceutical Industries Ltd., Hikma Pharmaceuticals PLC, Mylan N.V., Par Pharmaceutical, Inc., Apotex Inc., Sandoz AG, Dr. Reddy’s Laboratories Ltd., Accord Healthcare Ltd. Key players are focused on new drug launches and production expansion activities to strengthen their market position.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it