The levodopa market is primarily driven by the growing incidence of Parkinson’s disease worldwide. Levodopa, also known as L-DOPA, is the precursor of dopamine and is considered one of the most effective pharmaceutical treatments for Parkinson’s disease. Levodopa helps reduce shaking, stiffness, and slowness of movement in people suffering from Parkinson’s disease. It works by replacing dopamine levels in the brain depleted by the disease’s symptoms.
The global levodopa market size is estimated to be valued at US$ 5.5 Bn in 2024 and is expected to exhibit a CAGR of 9.6% over the forecast period from 2024 to 2031.
Key Takeaways
Key players: Key players operating in the Levodopa Market Demand are Laboratory Corporation of America Holdings (Covance), IQVIA, Paraxel International Corporation, Syneos Health, PRA Health Sciences, Charles River Laboratoires International Inc. (CRL), Pharmaceutical Product Development (PPD), ICON Public Limited Corporation, Wuxi Apptec, Medpace Holdings, Inc, Medidata Solutions, Inc., Theorem Clinical Research, Pharmaron, Envigo, and Clinipace.
Key opportunities: Rising geriatric population and prevalence of Parkinson’s disease across major markets is expected to drive significant opportunities for key players in the levodopa market. Moreover, development of novel drug delivery systems for levodopa is also anticipated to present lucrative prospects over the forecast period.
Technological advancements: Key players are increasingly investing in development of advanced drug delivery systems such as levodopa patches and pumps to improve treatment outcomes of Parkinson’s disease. Continuous-release levodopa medications are also being developed to provide more consistent dopamine levels and reduce motor fluctuations associated with traditional oral medications.
Market Drivers
Growing geriatric population worldwide: According to the United Nations, the number of people aged over 60 years is projected to reach nearly 2.1 billion by 2050 from 900 million globally in 2015. Risk of Parkinson’s disease increases with age and rising geriatric population is expected to drive the levodopa market growth.
Increasing prevalence of Parkinson’s disease: As per the Parkinson’s Foundation, over 10 million people worldwide suffer from Parkinson’s disease currently. Moreover, prevalence of this neurological disorder is anticipated to witness steady rise in the upcoming years, thereby boosting adoption of levodopa formulations.
Current challenges in the Levodopa Market
The Levodopa market is facing challenges in maintaining steady supply of raw materials needed to manufacture Levodopa. The supply chain disruptions caused due to COVID 19 pandemic have affected the procurement of necessary ingredients and chemicals from various countries. Another challenge is rising costs of goods sold due to inflationary pressures. Increase in transportation costs, labour costs and prices of raw materials have squeezed the margins of players in this industry. Significant capital investment is needed to set up large scale manufacturing facilities for Levodopa. This poses challenges for new entrants to establish themselves in this market.
SWOT Analysis
Strength: Levodopa is the most effective treatment available for Parkinson’s disease. It has been used widely for over 50 years.
Weakness: Long term use of Levodopa can cause motor complications like involuntary movements. Its effectiveness reduces with prolonged use as Parkinson’s disease progresses.
Opportunity: Rising incidence of Parkinson’s disease globally due to aging population presents scope for market expansion. Several new drug delivery methods are being developed to overcome challenges with Levodopa therapy.
Threats: Intense competition exists from therapeutic alternatives and new treatment options for Parkinson’s disease that are in the pipeline. Patents expiry of some levodopa products allows generic competition.
North America accounts for the largest share of the levodopa market in terms of value owing to high diagnosis and treatment rates of Parkinson’s disease. According to estimates, around 60,000 new cases of Parkinson’s disease are diagnosed in the US each year. The Asia Pacific region offers high growth prospects for levodopa market attributed to rising healthcare awareness, increasing healthcare spending and aging demographics in countries like China and India. It is projected to be the fastest growing regional market during the forecast period.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research.
2. We have leveraged AI tools to mine information and compile it.
