Market Synopsis
Chronic ailment multiple sclerosis affects the central nervous system, specifically the communication between the brain and other parts of the body. Treatment for this ailment is a big market in the medical sector. Market Research Future (MRFR) has published a report about the global multiple sclerosis treatment market that predicts a raise for this market with 3.5% CAGR (Compound Annual Growth Rate) between 2017 and 2023.
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During the forecast period, the factors primarily driving the growth of this market include the greater screening and need for better treatment options and increasing patient population. The significant gap between early diagnosis and the actual initiation of therapy is still a restraining factor that can harm market growth. The lack of cure and limitations regarding effective treatment can dillydally the growth of the global multiple sclerosis treatment market.
Market Potential and Pitfalls
Multiple sclerosis treatment market is anticipated to expand at a healthy CAGR throughout the forecast period owing to several driving factors. With augmenting patient population across the world and the need for better treatment options and greater screening, the market for multiple sclerosis treatment is estimated to flourish. As the aging population is more susceptible to the disease, the market is flourishing with the increasing geriatric population. Research and development activities are also considered to yield benefits with huge gain for the market. For instance, the introduction of a new drug with partial curing rate is expected to be welcomed by the market with minimum marketing efforts and cost. Such efforts are estimated to contribute to the market growth. Furthermore, with the augmenting incidences of muscle weakness, the market is likely to flourish in the coming years. Additional factor promoting the market growth is the presence of high unmet clinical requirements, especially in the developing economies. Organizations across the globe are spreading awareness related to progressive multiple sclerosis coupled with the symptoms associated with it, which is further estimated to propel the market growth. With reimbursement programs, the penetration of multiple sclerosis drugs is also likely to augment, thereby contributing to the market growth.
Multiple Sclerosis Treatment Market – Segments
MRFR has segmented its analysis into five key dynamics for enhanced understanding.
By Drug Type : Immunomodulators and Immunosuppressant among others.
By Route of Administration : Injectable, Oral and other.
By Diagnosis : Magnetic Resonance Imaging (MRI) Scans, Simple Electrical Stimulation Tests, and Lumbar Puncture among others.
By End-users : Hospitals, Clinics and others.
By Regions : North America, Europe, Asia Pacific, and the Rest-of-the-World.
Regional Insights
Geographically, the multiple sclerosis treatment market spans across regions namely, America, Asia Pacific, Europe, and the Middle East & Africa.
Among all the regions, America is considered to occupy the largest market share owing to the presence of U.K. in this region. U.S. is estimated to dominate the market due to the increasing R&D activities for better treatment of the disease and extensive development in the medical sector. An increasing number of hospitalization procedures owing to healthcare penetration in Canada and the U.S. are estimated to propel the market growth. Additional factors influencing the market growth are the high concentration of key hospitals and good reimbursement rates.
European is presumed to occupy the second largest market share and is likely to retain its dominance over the years. The growth is credited to the augmenting healthcare industry along with healthcare penetration. The region is mainly led by economies like France and Germany, where Germany is considered to be the fastest growing region due to the presence of its large pharmaceutical industry.
The Asia Pacific is anticipated to expand at a rapid pace and is presumed to lead the market owing to the large unmet needs coupled with the fast-developing healthcare sector in this region. South East Asian economies like India, China, and Malaysia highly contribute to the market growth. Additionally, penetration of the healthcare sector is likely to fuel the future multiple sclerosis market.
Competitive Dashboard
The prominent players operating the global multiple sclerosis treatment market are
- Pfizer
- AbbVie
- Teva Pharmaceuticals
- Merck
- Bayer Healthcare
- Novartis
- Sanofi Aventis
- Biogen Idec
Table Of Content
- Report Prologue
- Market Introduction
- Research Methodology
- Market Dynamics
- Market Factor Analysis
- Global Multiple Sclerosis Treatment Market Drug Type
- Global Multiple Sclerosis Treatment Market, By Route of Administration
- Global Multiple Sclerosis Treatment Market, By Diagnosis
……
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