Multiple sclerosis is a neurological condition that affects the central nervous system and optic nerves. It is a progressive autoimmune inflammatory disorder of the CNS that causes degeneration of the nerves in the brain and spinal cord. Although multiple sclerosis was identified centuries ago, there is still no viable cure for the condition. Drugs are available that target the condition and work by alleviating the symptoms of the patients and enhancing the overall quality of life.
Advancement in the life sciences and healthcare field, promising drugs in the pipeline, a surge in the patient pool of multiple sclerosis, and the unmet needs of the disease are some of the factors anticipated to drive the growth of the multiple sclerosis drugs market. Multiple sclerosis is a widespread degenerative and demyelinating disease that is typically widespread among young adults worldwide.
Per the National Multiple Sclerosis Society, nearly 1 million people across the United States have multiple sclerosis, and over 2.3 million people worldwide have the disease. These numbers observe a substantial addition every year, which propels the biopharmaceutical companies to develop more drugs for multiple sclerosis. Additionally, increasing initiatives by the government to raise awareness about multiple sclerosis drives the need for efficient treatment.
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Furthermore, surging investments and funding for the research and development and designing new drugs for multiple sclerosis is adding traction to market growth. The rising prevalence of this autoimmune disorder is increasing concerns for government bodies and healthcare companies. This propels the government to issue guidelines to raise awareness about the condition and educate people on the available treatment. For instance, the American Academy of Neurology has formulated various regulatory guidelines for the process of disease-modifying therapies for patients with multiple sclerosis (MS).
Over the period, the FDA has approved numerous drugs to treat a broad spectrum of multiple sclerosis. This has added weight to the growth of the market and is expected to see a surge in demand over time. However, the high costs associated with the drugs are anticipated to restrain the growth of the market.
The United States led the North American segment in the multiple sclerosis drug market in 2019 and is anticipated to hold a significant share over the forecast period. This can be attributed to the increasing research and development and drug designing activities, product launches, and a surge in demand for immunomodulatory medications and therapies. Additionally, the initiatives taken by the government and non-government bodies to raise awareness pertaining to the diagnosis and treatment of multiple sclerosis is driving the growth in the region. For instance, the United States celebrates March month as Multiple Sclerosis Awareness Month. This initiative is backed by government institutions such as the Multiple Sclerosis Association of America. This is anticipated to propel the growth of the market over the coming years.
Europe is expected to closely follow North America due to increasing government bodies’ efforts and favorable reimbursement policies. However, Asia Pacific is expected to register growth at a significant rate due to the rising number of pharmaceutical companies in emerging countries such as India, China, and Japan. Adding to this is the shift of major pharmaceutical companies’ manufacturing base to these countries. Moreover, biopharmaceutical companies worldwide are collaborating with APAC-based companies to design innovative drugs for multiple sclerosis therapy. This is also driving the growth of the market in the region.
Bristol Myers Squibb launched Zeposia, an oral drug for MS, in January 2020. The drug is now the lowest-priced orally administered therapeutic drug for multiple sclerosis in the market.
Adamas Pharmaceuticals, Inc. announced positive results from the phase III clinical trial of their MS experimental drug, ADS-5102, in December 2019.
Novartis AG received approval from the Food and Drugs Administration (FDA) for Mayzent in March 2019 for the treatment of patients with active secondary progressive multiple sclerosis.
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Emergen Research has segmented the global multiple sclerosis market on the basis of drug class, route of administration, end-user industry, and region
Drug Class Outlook (Revenue, USD Billion; 2017-2027)
Route of Administration Outlook (Revenue, USD Billion; 2017-2027)
End-user Industry Outlook (Revenue, USD Billion; 2017-2027)
- Retail and Online Pharmacies
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Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- Rest of MEA
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