Global Multiple Sclerosis Drugs Market Sales to Top US$ 41 Billion by 2033; CAGR of 3.8%
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As per Market.us, The global multiple sclerosis drugs market has been steadily growing over the years due to the increasing prevalence of MS, advances in drug development, and rising healthcare spending.
New York, May 12, 2023 (GLOBE NEWSWIRE) -- According to Market.us, the global Multiple Sclerosis Drugs Market is estimated to be valued at USD 41 Billion by 2032 and is expected to exhibit a CAGR of 3.8% during the forecast period 2023 to 2032. The global multiple sclerosis drugs market grew to USD 28.2 billion in 2022.
An immune-mediated chronic inflammatory disease known as multiple sclerosis (MS) destroys the nerve cells of the brain and spinal cord due to demyelination, neurodegeneration production, and axonal transection. Intravenous infusion therapies such as Alemtuzumab, Ocrelizumab, and Natalizumab & injectable therapy like Interferon-Beta and Glatiramer Acetate are used for the muscle to give the fast result. Common treatments such as oral, injectable, antidepressants, muscle relaxants, physical therapy, infused medicines, and others are used to treat multiple sclerosis. Oral drugs like Cladribine, Teriflunomide, and Dimethyl fumarate are used in multiple sclerosis treatment.
By type, the high demand for the Immunosuppressant segment will increase the Multiple Sclerosis Drugs Market over the forecast period 2023 to 2032.
By route of administration, the oral segment dominated the largest market share globally during the forecast period 2023 to 2032.
By distribution channel, the hospital pharmacy segment holds the largest share across the globe in the forecast period 2023 to 2032.
In 2022, North America dominated the market with the highest revenue share of 43.1%.
Europe held a 28% revenue share in 2022.
Asia-Pacific will grow at a high CAGR from 2023-2032.
The global multiple sclerosis drugs market has several treatments like stem cell therapy, plasma exchange, medications, and physical therapy & new drugs are being developed with advanced technology. Significant drugs type are immunomodulators, immunosuppressants, and interferons. Hence, there are several choices for patients with a very competitive market for drugs.
Factors affecting the growth of the Multiple Sclerosis Drugs industry
There are several factors that can affect the growth of the Multiple Sclerosis Drugs industry. Some of these factors include:
Increased investments in cutting-edge technologies: The development of new technology for the multiple sclerosis drugs market is increasing due to rising investment in the market.
Expansion in the new markets: The development of new technology can generate new market demand for that technology will further increase the multiple sclerosis drug market across the globe.
Awareness-raising campaigns of multiple sclerosis drugs’ importance: There is a rising awareness campaign of the importance of multiple sclerosis treatment, leading to an increase in the demand for multiple sclerosis drugs market.
Increasing R&D activities: An increase in the number of R&D activities is a major factor compelling the market's extension during the forecast period
Top Trends in Global Multiple Sclerosis Drugs Market
Classical MS treatments use injectable drugs even though they are widely used concerning therapeutic efficacy and adherence. A new oral drug approved for treating MS shows major improvement in therapy. The oral route of administration is more acceptable and easier for patients, raising therapeutic compliance. If there is a fear of needles, oral administration is also available for MS treatment which is taken once or twice daily. Oral medications need to maintain a regular dosing schedule, which is easy to self-administer.
Regional Analysis
Due to an increase in demand for multiple sclerosis therapeutics, North America held the dominance of the global market share for multiple sclerosis therapeutics, with a market share of 43.1% in 2022. Ease of access to multiple sclerosis medications and advanced government compensation policies for multiple sclerosis therapy are some factors that help the market growth for multiple sclerosis medicines in North America. Furthermore, the industry is rising since major companies such as Pfizer, Novartis, and Bayer are present in the region. Furthermore, it's been found that multiple sclerosis dominance is larger in areas distanced from the equator; hence, multiple sclerosis dominance in North America is very high.
The Asia Pacific market is the most lucrative due to several possible areas for future enlargement. Infrastructure extension and the high dominance of unsatisfied demands are anticipated to promote growth during the projection period. Key players are getting a collaboration with regional market medicine makers to take benefit of these rising potentials.
The multiple sclerosis drugs market is enlarging mostly because of disorders increasing incidence. Multiple sclerosis has four forms: secondary-progressive, primary-progressive, relapsing-remitting, and progressive-relapsing. The market dynamics will be affected by these types of high dominance of growth rates during the forecast period,
The rising expenditure on healthcare brings the advancement of the multiple sclerosis market, and it is a significant element to determine its growth during the forecast period. The multiple sclerosis market will grow as a lot of public and private groups launch awareness-increasing campaigns with rising market penetration. Hence, the multiple sclerosis market will rise as an outcome of increasing disposable income & finding such as novel monoclonal antibodies, immunosuppressants, immunomodulators, and interferons. Furthermore, a rising elderly individual and a stable, evolving life will speed up the growth of the sclerosis drugs market.
Market Restraints
The costly treatment for multiple sclerosis may restrain the market expansion in the forecast period. The multiple sclerosis market will see difficulties such as qualified worker shortages and healthcare system shortages in developing nations. Furthermore, a reduction in patient visits due to the COVID-19 epidemic and public awareness reduction may restrain the market's growth during the forecast period.
Market Opportunities
An increase in the number of R&D activities is a significant factor pressed for the market's expansion during the forecast period. This is expected to benefit the multiple sclerosis market expansion. Moreover, an increase in drug clearances and releases will speed up the market's expansion. During the projected period, increased investments in the creation of cutting-edge technologies and an expansion in the number of new markets will also present several opportunities for multiple sclerosis market expansion.
Report Segmentation of the Global Multiple Sclerosis Drugs Market
Types Insight
Immunosuppressants dominated the market with the largest market share because they aid patients with relapsing-remitting multiple sclerosis (RRMS) by dwindling the immune system, which suppresses the body's autoimmune assault and avoids relapses. The global multiple sclerosis drugs market is based on types segmented into immunosuppressant, immunomodulatory, interferons, and others. Furthermore, it is anticipated that a rise in approvals for MS medicines products will stimulate market extension on a world scale. Nowadays, immunosuppressants like alemtuzumab, dimethyl fumarate, natalizumab, ocrelizumab, glatiramer Acetate, interferon beta preparations, fingolimod, and teriflunomide are authorized exclusively to use in relapse MS forms.
Route of Administration Insight
The oral segment dominated the largest market share and will dominate in the forecast period because the delivery of oral mode increased therapeutic treatment and achieved patient’s parental care. The market is anticipated to advance as an outcome of major therapeutic development in the new oral medications authorized for MS therapeutics. Regulating bodies approved Dimethyl Fumarate, Fingolimod, and Teriflunomide as three medications of the oral segment for multiple sclerosis treatment. The global multiple sclerosis drugs market is based on the route of administration analysis segmented into Oral, injectable, and Intravenous. The efficiency, mechanisms, and safety of medications supported by the encouraging findings during phase III clinical trials are crucial factors in the global expansion of the market.
Distribution Channel Insight
Hospital pharmacies dominated the largest share due to advantageous health compensation and rising government initiatives to improve the government’s hospital pharmacies. The global multiple sclerosis drugs market is based on distribution channel analysis segmented into hospital, retail, and online pharmacies. Furthermore, by increasing the selling of online portals’ prescribed medications across the globe, the online pharmacy market will likely grow profitably. Moreover, during the COVID-19 pandemic, lockdown restrictions were implemented across the globe to curb the virus's propagation. As a result, home delivery was in greater need of medication, which stimulated the segment's extension.
Market players have intense competition from the top key market players, mainly those with strong brands and high distribution channel networks, such as Pfizer Inc., Novartis, and Bayer. To stay as the main key players, companies are trying several expansion strategies like partnerships & product launches, such as Tecfidera was launched by Biogen Idec.
The competitive landscape of the market has also been examined in this report. Some of the major players include
Recent Development of the Global Multiple Sclerosis Drugs Market
On June 22, 2022, Biogen and Happify Health announced a partnership to support patients of multiple sclerosis on the online platform. Both companies hope to aid multiple sclerosis patients' treatment and care, promote health objectives, give professional advice, and build a supportive network.
On July 25, 2022, The U.S. FDA approved natalizumab, a biosimilar drug manufactured by Polypharma Biologics. The drug is granted for numerous conditions such as relapse-remit multiple sclerosis and relapsing multiple sclerosis. The European Medicines Agency (EMA) has also granted the marketing authorization application (MAA) for this prospective biosimilar.
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