The global multiple sclerosis therapies market is estimated to reach USD 28.00 million by 2026 from USD 22.99 million in 2018 with a CAGR of 2.5%.
Multiple sclerosis (MS) is a disease of the central nervous system (CNS), which affects the brain, spinal cord, and optic nerves. The disease basically damages the nerves, disrupting the communication between the brain and the body.
Factors such as increasing prevalence of multiple sclerosis, high unmet needs in the market, and rising popularity of oral therapeutic options, are the factors driving the market growth. According to a data published by the National Multiple Sclerosis Society, approximately one million people in the US are living with multiple sclerosis as of February 2019. Furthermore, Centers for Disease Control & Prevention (CDC) states that as of January 2017, approximately 2.9 billion oral therapeutic drugs were ordered or prescribed in the US. Other factors that positively affect the market growth are growing geriatric population and favorable reimbursement scenario in the developed countries.
However, gap between early diagnosis & initiation of therapy and lack of effective treatment which can be directly used for the treatment of MS is expected to negatively impact the market growth during the forecast period.
The global multiple sclerosis therapies market has been segmented into type, route of administration, and region.
On the basis of type, the global multiple sclerosis therapies market is divided into immunosuppresants and immunomodulators.
By route of administration, the global multiple sclerosis therapies market is classified into oral, injectable, and intravenous.
By region, the global multiple sclerosis therapies market is segmented into the North America, Europe, Asia-Pacific, and LAMEA.
North America is estimated to lead the global market in 2019, owing to high prevalence of multiple sclerosis and presence of major players in the region. According to a report published by the National Center for Biotechnology Information (NCBI) in March 2016, approximately 400,000 people in the US were suffering from MS. The Europe market is expected to garner significant market share owing to the rising awareness of the disease as well as the presence of developed economies such as Germany, the UK, and France which have efficient healthcare system. The multiple sclerosis therapies market is the Asia-Pacific region is anticipated to grow at the fastest CAGR owing to the presence of huge patient pool and increasing research & development activities by major players in the region. The market in LAMEA is expected to garner the least market share owing to low awareness, especially in the Middle East region.
Key market players covered in the report include Abbvie Inc.(US), Bayer AG (Germany), Biogen (US), Bristol-Myers Squibb Company (US), F. Hoffmann-La Roche Ltd (Switzerland), Merck KGaA (Germany), Novartis AG (Switzerland), Pfizer Inc. (US), Sanofi (France), Teva Pharmaceutical Industries Ltd (Israel), and others. These companies are involved in product approvals, mergers, acquisitions, and other activities, in order to gain major market share in the market. For instance, in March 2020, Bristol-Myers Squibb Company received US Food and Drugs Administration (FDA) approval for Zeposia (ozanimod) for the treatment of relapsing forms of MS. Additionally, in March 2019, Novartis AG received US FDA approval for Mayzent (siponimod), the first oral drug for the treatment of secondary progressive MS with active disease. Furthermore, in March 2017, the US FDA approved F.Hoffmann-La Roche’s Ocrevus (Ocrelizumab) for the treatment of adult patients suffering from relapsing MS and primary progressive MS (PPMS).
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