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. The disease is characterised by damage to the insulating covers of nerve cells in the brain and spinal cord. There is no cure to multiple sclerosis. Its treatment focusses on speeding recovery from damages slowing the progression of diseases and management of symptoms of the disease. The global multiple sclerosis treatment market is expected to grow at a CAGR of 3.5% during forecasted period 2017-2023.
Global multiple sclerosis treatment market is expecting a steady growth in the near future. Increasing prevalence of muscle weakness related problems and increasing elderly population has driven the growth of the market. However, the growth of the market is restrained by high of cost of treatment of multiple sclerosis.
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The most preferred drug classes used for the treatment of multiple sclerosis include immunosuppressant (Zinbryta Lemtrada, Ocrelizumab, and Aubagio,) and Immunomodulators (Ampyra, Avonex, Gilneya, Betaseron, Tysabri, Rebif, Tecifidera, and Copaxone) have emerged as and its associated symptoms. Researchers expect this scenario to remain so over the next few years. According to a research, the drugs for multiple sclerosis in US are nearly five times higher than drugs price in European countries for multiple sclerosis.
August, 2016 Teva pharmaceutical Industries Ltd announced the completion of its acquisitionof Allergan’s generics business “Actavis Generics”. Achieving synergies from the Actavis Generics acquisition and driving efficiency and effectiveness throughout our organization so as to extract the greatest benefit from the Actavis Generics acquisition is the key focus of the company. This acquisition aimed at strengthening the company`s position in the global and U.S. generics markets. The acquisition strategy has been coupled with cost reduction to improve the profitability of business.
May, 2014 Bayer AG acquired Merck & Co., Inc.’s non-prescription business to become the OTC leader in North America and Latin America & achieve top global positions in key OTC product categories.
Teva pharmaceutical Industries Ltd. (Isreal), Bayer (Germany), Biogen Idec (U.S.), Pfizer Inc. (U.S.), Sanofi (France), Merck (US), Novartis (Switzerland), AbbVie (U.S.) are are some of the prominent players at the forefront of competition in the global multiple sclerosis treatment market and are profiled in MRFR Analysis.
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Global Multiple Sclerosis Treatment Market – Regional Analysis
Geographically, the regional market is segmented into America, Europe, Asia Pacific, and the Middle East & Africa. The North America dominated the global multiple sclerosis treatment market with the U.S. holding the largest market share owing to numerous developments in the medical sector, and rising numbers of research institutes for better treatment of this diseases. Additionally, the increasing number of hospitalization procedures due to high penetration of healthcare in the U.S. and Canada drives the multiple sclerosis market. 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.
In Europe, the market for multiple sclerosis is expected to exhibit positive growth during the forecast period. Increasing prevalence of multiple sclerosis in European countries, and availability of funds for research and development activities for diagnosis and treatment of various autoimmune disease are key factors driving the market. Additionally, rising awareness about autoimmune diseases and their treatment also boost the market in Europe.
As per the European CRA analysis report, Prevalence rate in Europe is 100 per 100,000 patients. 80% of patients suffering from multiple sclerosis need regular treatment to reduce the progression of multiple sclerosis in the body. Europe is increasing in funds to bring better treatment technology to the market. Many European nations are focusing on advanced diagnostic methods for early detection of MS. These are major driving forces for the growth of the market in this region. Rapid development in technology and increasing different treatment methods has led the growth of the market.
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Asia Pacific region is expected to grow rapidly with developing countries such as China and India leading this market due to the fast growing healthcare sector and large unmet needs over the forecast period. Countries such as China, India, and Malaysia are also projecting highly to the market growth. Presence of huge patient population suffering from different infectious diseases is the major driving factor for the market in Asia Pacific region.
The Middle East & African market especially, the African region is expected to witness a poor growth owing to the lack of knowledge in medical sector, and less development in medical facilities in Middle East & Africa will have limited growth in the market.
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