Multiple sclerosis is a chronic, inflammatory, autoimmune disease that affects the central nervous system, specifically the communication between the brain and other parts of the body. In particular Multiple sclerosis (MS) is a demyelinating disease in which insulating covers of nerve cells in the brain and spinal cord are damaged. Normally, there is no cure to MS, typically treatment focusses on speeding recovery from damages slowing the progression of diseases and managing MS symptoms. The Global Multiple Sclerosis Treatment Market is expected to grow at a CAGR of 3.5% during forecasted period 2017-2023.Symptoms of MS vary widely and depend on the amount of nerve damage and the type and location of the nerves affected.
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The symptoms of MS are numbness or weakness of limbs mostly affecting one side of the body, partial or complete loss of vision, double vision, electric-shock sensations with certain neck movements, tremor, and lack of coordination or unsteady gait, slurred speech, fatigue, dizziness, problems with bowel and bladder function, and others. Severe MS can affect the ability to walk independently or result in complete disability. The major causes of MS are walking and coordination problem, muscle weakness, fatigue, vision problems but the effects of MS differ from patient to patient.
The increasing patient population, greater screening and need for better treatment options are expected to be the major factors for the growth of this market during forecasted period. In aging population is more susceptible to the disease.
Nevertheless, the significant gap between early diagnosis and the actual initiation of therapy remains a critical restraining factor to market growth. The lack of cure and effective treatment is a major drawback of the current treatment. Advent of a new drug with even partial cure rates are likely to be welcomed by the market with a minimum cost and marketing efforts. Thus, research and development strategy is expected to yield the highest benefit with huge gains and benefits for the first comer.
Top Key Players of this Market:
Teva Pharmaceuticals (Isreal), Bayer Healthcare (Germany), Biogen Idec (US), Pfizer Inc. (US), Sanofi Aventis (France), Merck (US), Novartis (Switzerland), AbbVie (US)
On the regional basis, the market is segmented into America, Europe, Asia Pacific, and the Middle East & Africa. The U.S. is dominating the market owing to huge development in the medical sector, and increased research institutes for better treatment of diseases. Additionally, the greater number of hospitalization procedures due to greater healthcare penetration in the U.S. and Canada drives the Multiple Sclerosis Treatment Industry. The high concentration of the major hospitals in the developed countries of this region coupled with good reimbursement rates are adding fuel to the market growth. The consolidation of large healthcare players in the U.S. also cause the growth in the market due to increasing buying power of the healthcare players, which results in the economies of scale.
Europe is the second largest market in the world due to growing healthcare industry and healthcare penetration. The European market growth is led by countries such as Germany and France. Germany is expected to be the fastest growing market over the assessment period due to its large pharmaceutical industry. Europe is the second largest market for multiple sclerosis followed by Asia Pacific. Europe has always invested in advancement technology for better treatment solutions.
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- Research Methodology
- Market Dynamics
- Market Factor Analysis
- Global Multiple Sclerosis Treatment Market, By Treatment
- Global Multiple Sclerosis Treatment Market, By Route Of Administration
- Global Multiple Sclerosis Treatment Market, By End User
- Global Multiple Sclerosis Treatment Market, By Region
- Competitive Landscape
- Company Profile
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