Driven by the launch of various better treatment options, a new report by Market Research Future has projected that the multiple sclerosis treatment market 2020 will reach towering revenue by 2023. While this, the market shows promising inflation at a rate of 3.5% during the years 2017-2023—forecasted period.
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Multiple Sclerosis Treatment Boomers & Decliners
Multiple sclerosis therapeutics is a widespread degenerative neurological condition that is found among young adults. Multiple Sclerosis Trust claims that approximately 2.5 million people worldwide have multiple sclerosis, with a higher number of women getting affected by the condition than men. In the UK, Public Health England, the UK government’s health agency, found that between 2018 and 2020, the number of multiple sclerosis patients rose to 131,720. In the US, on the other hand, data from the National Multiple Sclerosis Society opened up that almost one million people in the US are living with multiple sclerosis. Thus, the rising incidence of this condition is expected to surge the multiple sclerosis treatment market growth.
The market is witnessing enormous attraction in clinical research and R&D investment. Many pharmaceutical companies are focusing on developing new therapies for multiple sclerosis treatment. In the case of point, Pipeline Therapeutics is conducting clinical trials on PIPE-307, which is a selective M1 receptor antagonist for MS. Surged research activities have also lined ways for many research collaborations involving pharmaceutical companies and research institutes, further favoring the multiple sclerosis treatment market. Also, augmented research on diverse new candidates has resulted in strengthening the pipeline portfolio of leading pharmaceutical companies. The estimated launch of these pipeline candidates is probable to drive the multiple sclerosis treatment market growth considerably.
The global burden of multiple sclerosis is escalating at an alarming rate and is becoming an issue of concern for healthcare providers as well as governments. The growing prevalence of the disease has forced governments of many countries to take positive measures through guidelines and recommendations. Apart from these, various awareness initiatives are also being launched by government associations to educate patients concerning different treatment options that are made available. Such as, the American Academy of Neurology (AAN) designed abundant guidelines for starting, switching, and stopping the disease-modifying therapies (DMTs) for adults with MS. These factors would also motivate the market for multiple sclerosis treatment in the future.
Multiple Sclerosis Market Segment Review
The global multiple sclerosis treatment market is studied for segments such as drug type that includes immunosuppressants, immunomodulators, and others.
Depending on the segment of the route of administration, the market has included oral, injectable, and others.
Depending on the segment of the diagnosis, the market has included simple electrical stimulation tests, Magnetic Resonance Imaging (MRI) scans, lumbar puncture, and others.
Depending on the segment of end-users, the market has included clinics, hospitals, and others.
Multiple Sclerosis Market Regional Framework
The U.S. is foremost the market owing to enormous development in the medical sector and augmented research institutes for better treatment of diseases. Additionally, the superior number of hospitalization procedures owing to greater healthcare penetration in the U.S. and Canada drives the multiple sclerosis treatment market. The high concentration of the essential hospitals in the developed countries of this region, coupled with excellent reimbursement rates, is adding fuel to the market growth.
Europe is the second-largest market at the global level, owing to the mounting healthcare industry and healthcare penetration. The European market growth is led by Germany and France, where Germany might become the fastest-growing market over the assessment period. This is due to the hefty pharmaceutical industry.
Asia Pacific region is expected to proliferate as China and India are likely to lead this market. The fast-growing healthcare sector and unmet needs are the factors leading to the market’s growth. India, China, and Malaysia are projected to contribute exceedingly to market expansion. The emerging penetration of the healthcare industry in the Asia Pacific region is expected to compel the future multiple sclerosis treatment market in the region.
Multiple Sclerosis Market Key Players
Bayer Healthcare (Germany), Teva Pharmaceuticals (Isreal), Pfizer Inc. (US), Biogen Idec (US), Merck (US), Sanofi Aventis (France), AbbVie (US), and Novartis (Switzerland) are the key players.
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