Yahoo Finance Levodopa Market to Reach $2.9 Billion Globally By 2032 at 6.1% CAGR: Allied Market Research
The increasing prevalence of Parkinson’s disease, rising healthcare expenditure, and technological advancements in drug delivery are projected to drive the global levodopa market’s growth during the forecast period. The North America region is predicted to witness prominent growth by 2032.
Wilmington, New Castle, Delaware, April 23, 2024 (GLOBE NEWSWIRE) -- Allied Market Research has recently published a report, titled, “Levodopa Market Size, Share, Competitive Landscape and Trend Analysis Report by Form, by Route of Administration, by Distribution Channels: Global Opportunity Analysis and Industry Forecast, 2023-2032.” According to the report, the global levodopa market generated $1.7 billion in 2022, and is anticipated to generate $2.9 billion by 2032, rising at a CAGR of 6.1% from 2023 to 2032.
Prime Determinants of Growth
The growing prevalence of Parkinson’s disease, the increasing demand for therapeutic Interventions, and the increasing healthcare expenditure are the factors expected to drive the growth of the global levodopa market in the forecast period from 2023 to 2032. However, the side effects and safety concerns associated with the levodopa may hamper the market growth in the coming future. On the contrary, the development of novel formulations and efficient drug delivery methods and technological advancements in drug delivery are expected to offer remunerative opportunities for the expansion of the levodopa market during the forecast period.
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Report Coverage & Details:
Report Coverage | Details |
Forecast Period | 2023–2032 |
Base Year | 2022 |
Market Size in 2022 | $1.7 billion |
Market Size in 2032 | $2.9 billion |
CAGR | 6.1% |
No. of Pages in Report | 300 |
Segments covered | Form, Route of Administration, Distribution Channels, and Region |
Drivers | Rising prevalence of Parkinson’s disease Rise in healthcare expenditure Growing demand for therapeutic Interventions |
Opportunities | Technological advancements in drug delivery Development of novel formulations and efficient drug delivery methods |
Restraints | Safety concerns and side effects |
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Form: Tablets Sub-segment to be the Most Dominant During the Forecast Period
The tablets sub-segment accounted for the largest global levodopa market share of 36.0% in 2022 and is expected to grow at the highest CAGR of 7.0% during the forecast period. Levodopa tablets are favored for their convenience, affordability, and widespread adoption among patients. Offering a simple and familiar mode of administration, tablets enhance patient adherence to treatment routines. Moreover, the availability of various tablet strengths allows for flexible dosing tailored to individual patient needs, optimizing therapeutic outcomes. Additionally, tablets are relatively cost-effective compared to alternative formulations, ensuring accessibility to a broader patient population.
Route of Administration: Oral Sub-segment to Flourish Immensely During the Forecast Period
The oral sub-segment accounted for the largest market share of 57.7% in 2022 and dominate in terms of market share by 2032. This dominance is majorly owing to the convenience, familiarity, and widespread adoption of oral administration among patients and healthcare providers. With various dosages available, patients can easily adhere to treatment regimens. Additionally, the accessibility and versatility of the oral route make it a preferred choice, especially in early to mid-stage Parkinson's disease.
Distribution Channels: Retail Pharmacies Sub-segment to Grow Prominently During the Forecast Period
The retail pharmacies sub-segment accounted for the largest market share of 34.1% in 2022 and is predicted to witness prominent growth by 2032. This is majorly because the widespread accessibility of retail pharmacies provides convenient access to levodopa for patients managing Parkinson’s disease. Additionally, the presence of trained pharmacists in retail settings offers personalized guidance and support to patients, enhancing treatment adherence and satisfaction. Furthermore, retail pharmacies often stock a variety of medications, including levodopa, allowing patients to fulfill their prescriptions conveniently.
Region: North America Market to Hold Major Share by 2032
The levodopa market in the North America region accounted for the largest share of 40.9% in 2022 and is predicted to continue to maintain its dominance in terms of market share during the forecast period. The robust healthcare infrastructure and advanced medical research facilities in North America foster innovation in Parkinson's disease management. This environment encourages the development of novel levodopa formulations and treatment approaches, driving market growth. Besides, the region’s high prevalence of Parkinson's disease, combined with an aging population, and supportive healthcare policies contributes to the growth of the levodopa market in North America.
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Leading Players in the Levodopa Market:
UCB SA
Mylan Nv
Eli Lilly and Company
Teva Pharmaceutical Industries Ltd.
Bristol-Myers Squibb Co.
Sun Pharmaceutical Industries Ltd.
Pfizer Inc.
Merck and Co. Inc.
Impax Laboratories Inc.
Novartis AG
The report provides a detailed analysis of the key players of the global levodopa market. These players have adopted different strategies, such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain their dominance in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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