The multiple sclerosis therapeutics market is valued at US$ 27.38 billion in 2020 and is anticipated to reach US$ 43.61 billion by 2028; growing at a CAGR of 7.5% during the forecast period, i.e., 2021 – 2028.
Multiple sclerosis is a degenerative medical condition that affects the brain, optic nerves & spinal cord which gives rise to several body deformities. In multiple sclerosis, the immune system mistakenly attacks the myelin sheath, which results in the interruption of the nerve signals sent from the brain to other body parts. Multiple sclerosis causes malfunctioning of the nervous system that affects communication skills, physical activities, and mental health. Some of the symptoms include slurred speech, muscle weakness, double vision, blindness in one eye, trouble with sensation, complete or partial vision loss, lack of coordination, and other behavioral issues. Current-day treatment of multiple sclerosis is dependent on injectables and intravenous formulations like Avonex, Copaxone, and Tysabri.
However, the introduction of drug therapies would revolutionize the global market as drugs are more accurate, efficient, cost-effective, and show fewer side effects. Multiple sclerosis mostly affects young adults of age 20–40 and is more frequent in women than in men. In 2016, around 1 million people suffered from this disease globally, and 450,000 patients were from the U.S Itself. National MS Society and Multiple Sclerosis Association of America (MSAA), are actively working to educate people and create awareness regarding the condition. Moreover, Siponimod (Mayzent), an oral drug is approved by FDA for the relapsing-remitting and secondary-progressive forms of multiple sclerosis thereby driving the global multiple sclerosis therapeutics market.
Introduction of drugs for the treatment, high prevalence in the number of multiple sclerosis diseases, an increase in the demand for novel potent drugs, approval of treatment using drugs, rising awareness among people, fundings from the government, and extensive R&D programs supported by various organizations are massively driving the global multiple sclerosis therapeutics market growth. In addition, the introduction of drugs in the treatment of the disease boosts the global market. The effective drugs are namely Tysabri (Natalizumab) by Biogen Idec & Copaxone (Glatiramer Acetate) by Teva Pharmaceuticals.
The major factor which hinders the global multiple sclerosis market is the unknown cause of the disease which further makes it difficult to diagnose & treat the disease efficiently. Also, medical researchers face difficulties in the development of certain drugs which target the root cause of the disease. Additionally, the high costs of the therapy and drugs further hurdle the global multiple sclerosis therapeutics market growth.
An increase in the launch of novel pipeline drugs is anticipated to provide lucrative opportunities to the global multiple sclerosis therapeutics market during the forecast period 2021 – 2028. Daclizumab, BG-12, Lemtrada (Alemtuzumab), and RG1594 (Ocrelizumab) are some of the pipeline drugs expected to enter the present market. BG-12 and Lamtrada have shown better accuracy & efficiency in the clinical trials than the presently approved drugs. Also, the key players are majorly adopting strategies like partnerships, collaborations, and product development to provide better results in the treatment of multiple sclerosis.
The global multiple sclerosis therapeutics market is bifurcated on the basis of Type, Mode of Administration, and region. The type segment is further sub-segmented into Immunomodulators and Immunosuppressants. The immunosuppressant type dominated the market owing to its high usage in the treatment of patients with relapsing-remitting multiple sclerosis (RRMS). Some of the immunosuppressants are natalizumab, teriflunomide, alemtuzumab, fingolimod, and interferon-beta preparations. Based on the Mode of Administration, the global multiple sclerosis therapeutics market is classified into Oral, Intravenous, and Injectables. By Mode of Administration, the oral segment leads the market because of its high accuracy rate & patient satisfaction. Also, oral drugs are safer to use and are less likely to show side effects.
By region, the global multiple sclerosis therapeutics market is segmented into North America, Europe, Asia-Pacific, and RoW. North America is further classified into U.S., Canada, and Mexico. Europe is further segmented into Germany, the U.K., France, Italy, Spain, Russia, and the rest of Europe. Asia-Pacific is segmented into China, Japan, India, Australia, South Korea, and the rest of APAC. The RoW includes South & Central America, the Middle East, and Africa. Currently, North America dominates the global multiple sclerosis therapeutics market because of an increase in the demand for multiple sclerosis products, easy availability of drugs & therapies, presence of active players, and high governmental support in the region.
The prominent players in the global multiple sclerosis therapeutics market are Biogen Inc., Merck KGaA, Pfizer, Novartis AG, Bayer Healthcare, AbbVie, Inc., Acorda Therapeutics, Inc., Sanofi S.A., and Teva Pharmaceuticals among others.
Market Segmentation and Scope of the Global Multiple Sclerosis Therapeutics Market