Damage to the protective coverings of nerve cells in the brain and spinal cord is what causes multiple sclerosis (MS), a demyelinating disease. Several symptoms, including those of the body, mind, and spirit, can be traced back to the disease because it causes a breakdown in the ability of the nervous system to communicate. Some of the other symptoms include double vision, muscle weakness, blindness in one eye, trouble with sensation, or coordination problems. Multiple sclerosis can manifest in relapsing-remitting, progressive, or secondary-progressive forms (SPMS). People with relapsing-remitting MS are often diagnosed with secondary progressive MS, while those with primary progressive MS have a higher likelihood of being diagnosed with secondary progressive MS. Slurred speech, clumsiness, and the inability to maintain eye contact are also common manifestations of this disease.
The condition is caused by an interaction between genetic and environmental factors. A 2013 study by the International Progressive Alliance found that women are more likely than men to develop MS, implying that hormones play a vital role in determining susceptibility to the disease.
In 2022, the worldwide MS therapeutics market was worth US$19.6 billion, and it is anticipated to expand at a healthy CAGR of 2.5% over the forecast period (2023 – 2030).
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The rising incidence of multiple sclerosis will fuel business expansion.
Multiple sclerosis (MS) is a debilitating neurological disease that primarily affects young adults (those in their 20s to early 50s). The Multiple Sclerosis Foundation estimates that in 2017, this autoimmune disease affected 2.5 million people worldwide, with an annual incidence rate of about 7 per 100,000. Rates of prevalence range from 50 to 120 people per 100,000 in the study, depending on the population’s ethnicity and location. A combination of a growing economic burden from MS and a large patient population has made North America a leader in the global market for MS therapeutics. Roughly 400,000 Americans are living with MS in 2015, and about 200 new cases are diagnosed every week, as reported by the Multiple Sclerosis Foundation. Costs of treating MS patients range from $8,528 to $54,244 annually, making it the second most expensive disease after congestive heart failure, according to a 2015 survey by Healthline Media. The expansion of the market for multiple sclerosis therapeutics is being hampered by rising therapy prices.
Organizations invest heavily in research and development to spur market expansion
The global multiple sclerosis therapeutics market is expanding due in large part to the efforts of organizations like the National Institute of Neurological Disorders and Stroke, the National Multiple Sclerosis Society, and the Parkinson’s Action Network to develop new treatments for the disease. Clinical trials are currently being conducted to examine the potential of stem cell therapies such as mesenchymal stem cell (MSC), hematopoietic stem cell (HSC), and neural stem cell (NSC) treatments for a variety of conditions, including multiple sclerosis (MS) (NSCs). In addition, the Progressive MS Alliance was founded in 2013 with researchers from nine different countries working on 20 different projects to find better treatments for people with progressive MS. In addition, in 2015, the University of Alberta received funding from the MS Society of Canada and the Canadian Institutes of Health Research to investigate a novel therapeutic strategy to reduce inflammation in the brain, a key factor contributing to the muscle disability seen in multiple sclerosis.
Novartis AG, Teva Pharmaceutical Industries Ltd., Sanofi S.A., Bayer AG, Pfizer, Inc., Biogen Idec, Merck & Co., Inc., and AbbVie, Inc. are among the leading companies in the worldwide MS therapeutics market.
|The market size value in 2023|
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Table of Contents with Major Points:
- Key Findings
- Definitions and Assumptions
- Definition of Multiple Sclerosis Therapeutics Market
- Market Dynamics
- Trends and Developments
- Key Emerging Trends
- Key Developments Mergers and Acquisition
- New Product Launches and Collaboration
- Partnership and Joint Venture
- Latest Technological Advancements
- Insights on Regulatory Scenario
- Porters Five Forces Analysis
Qualitative Insights Impact of COVID-19 on Global Multiple Sclerosis Therapeutics Market
- Supply Chain Challenges
- Steps taken by Government/Companies to overcome this impact
- Potential opportunities due to COVID-19 outbreak
- Data Sources
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