Multiple Sclerosis Drug Market Scope Report

Global Multiple Sclerosis Drug Market Highlights Over 2023 - 2033

The global multiple sclerosis drug market is estimated to garner a revenue of ~USD 28,000 million by the end of 2033 by growing at a CAGR of ~4% over the forecast period, i.e., 2023 – 2033. Further, the market generated a revenue of ~USD 23,000 million in the year 2022. The market is primarily driven by the rising cases of multiple sclerosis worldwide. All over the world, nearly 3 million people are living with multiple sclerosis. Therefore, higher count of patient suffering with sclerosis is likely to surge the demand of drugs and treatment.

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Efficacy of the medicines and surging development in the treatment of multiple sclerosis is expected to boost the market growth. In June 2021, Bristol Myer Sqiubb released the progressive result of the early Zepsosia treatment, nearly, 80% of patients with high thalamic volume were benefitted from the drug. Furthermore, proactive government efforts for multiple sclerosis’ patients is expected to propel the growth of global multiple sclerosis market. In the India, the government proposed to add multiple sclerosis in the Ayushman Bharat Scheme, a Nation Health Protection Mission, this initiavte is to reduce the cost of the treatment in the country. Moreover, in the China as well, the government added multiple sclerosis in the list of rare diseases to improve the treatment outcomes of patient.

Global Multiple Sclerosis Drug Market: Growth Drivers and Challenges

Growth Drivers

• Higher Number of People Suffering from Multiple Sclerosis

The prevalence of multiple sclerosis has increased worldwide. According to National Library of Medicine, the prevalence of sclerosis is 35.9 per 100,000 people and 2.8million people are suffering from multiple sclerosis in 2020.

• Government Support for the Sclerosis’ Patient

With rising number of sclerosis’ patient, government has come forward to aid the treatment of the patients. Under the Anuyatra project launched by the Kerala government, India, the government has sanctioned nearly USD 116 thousand for the treatment of sclerosis. Moreover, in 2021, the 4 nation of the United Kingdom launched a Rare Disease Action Plan to address the all the rare disease including multiple sclerosis.

• Rapid Growth of the Healthcare Sector

Healthcare sector was always a booming sector and it has been further loaded after the onset of COVID-19. The exigency of good healthcare facilities has aided to its growth. According to the World Economic Forum, in 2021, USD 44 billion of funds was raised for the health innovation.

• Increasing Prevalence of Multiple Sclerosis Among Women

Women are more prone to multiple sclerosis. More women are diagnosed with sclerosis then men. The ratio of men and women with multiple sclerosis is 1:4.

Challenges

• Expensive Treatment and Drugs of Multiple Sclerosis

• Shortage of Skilled Professionals & Lack of Healthcare Infrastructure

• Difficulty in Developing Drugs Due to Unidentified Etiology of the Disease

The cost of treatment and drugs is a big hindrance in the market growth. Despite of government’s proactive actions for the progress of multiple sclerosis’ treatment. The high price of medicines fails to suffice the needs of the market.

The multiple sclerosis drug market is segmented and analyzed for demand and supply by medication type into oral and injection. The oral segment is expected to hold the largest market size by the end of 2033. It is to grow at a significant CAGR over the forecast period. The growing acceptance towards oral medication is to likely to propel the oral segment growth. For instance, Cipla Inc. received approval from United States Food and Drug Administration for the Tecfidera (dimethyl fumarate DR capsules), an oral drug to treat the relapsing forms of multiple sclerosis.

Global Multiple Sclerosis Drug Market Regional Synopsis

Regionally, the global multiple sclerosis drug market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in North America is projected to hold the largest market share by the end of 2033.  Growing prevalence of multiple sclerosis among population followed by rising risk of women to get the disease are few factors likely to propel the growth of market in the North America. In the United States, every week, around 200 new cases are added to the list of multiple sclerosis’ patients. Moreover, in 2019, nearly 400,000 people were affected by it. In the North America, there are around 140 cases per 100,000 populations and out of them about 70% patients are women, further, in the past 30 years, the ratio of women to men has jumped from 2:1 to 3:1. Furthermore, the rise in healthcare sector in the North America is to push the growth of the market in the region. At the end 2019, the total expenditure on health facilities in U.S. was worth of nearly 18% of U.S. gross domestic product (GDP), and it is expected to totaled to USD 6 trillion annually by 2028.

Market Segmentation

Our in-depth analysis of the global multiple sclerosis drug market includes the following segments:

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Key Companies Dominating the Global Multiple Sclerosis Drug Market

Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global multiple sclerosis drug market that are included in our report are Biogen, Pfizer Inc., F. Hoffmann-La Roche Ltd., Novartis AG, Sanofi, Teva Pharmaceutical Industries Ltd., Merck KGaA., Janssen Pharmaceuticals Companies of Johnson & Johnson, Bristol-Myers Squibb Company, Cipla Inc., and others.

Global Multiple Sclerosis Drug Market: Latest Developments

• March, 2021: Janssen Pharmaceutical Companies announced the approval of PONVORY by U.S. Food and Drug Administration. Ponvory is an oral medication used for treating adults with relapsing multiple Sclerosis.

• January, 2018: Biogen collaborated with Eisai Co., Ltd., for the co-promotion of multiple sclerosis treatments including Tecfidera, Tysabri, and Avonex in Japan.

Key Reasons to Buy Our Report

• The report covers detailed analysis comprising market share attained by each market segment and its sub-segments.

• It covers market dynamics including growth drivers, trends, potential opportunities, price trend analysis and challenges that impact the market growth.

• The report includes detailed company profiles of the major players dominating the market.

• We use effective research methodologies to calculate the market numbers and provide value-added assessment for overall growth.

• We provide customized reports as per the clients’ requirement helping them to see possible and unexpected challenges and unforeseen opportunities in order to help them reach their goal.  

Geography Analysis:

The report further discusses the market opportunity, compound annual growth rate (CAGR) growth rate, competition, new technology innovations, market players analysis, government guidelines, export and import (EXIM) analysis, historical revenues, future forecasts etc. in the following regions and/or countries:

• North America (U.S. & Canada) Market Size, Y-O-Y Growth, Market Players Analysis & Opportunity Outlook
• Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC(Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market Size, Y-O-Y Growth Market Players Analys  & Opportunity Outlook
• Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Middle East and Africa  (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market Size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook

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