A non-profit organization called Institute for Clinical and Economic Review (ICER) found that the U.S. spends around US$ 28,000 Mn every year for the treatment of multiple sclerosis. This will fuel demand for multiple sclerosis drugs, which will drive the global multiple sclerosis drugs market.
The above information was shared by Fortune Business Insights in a report, titled “Multiple Sclerosis Drugs Market Size, Share and Global Trend by Drug Class (Immunomodulatory, Immunosuppressant, Interferons, Others), By Route of Administration (Oral, Injection), By Distribution Channels (Hospital Pharmacy, Retail Pharmacy, Online Stores), and Geography Forecast till 2025.” Multiple sclerosis directly impacts the brain and spinal cord of a body. Consequently, multiple sclerosis symptoms include visual disturbances, memory and thinking problems, difficulties in coordination, and muscle weakness.
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Some of the major companies that are present in the Global Multiple Sclerosis Drugs Market are;
- Pfizer, Inc.
- Hoffmann-La Roche Ltd
- Merck & Co., Inc.
- Novartis AG
- Teva Pharmaceutical Industries Ltd.
- Other players
As per a study conducted by the Multiple Sclerosis Foundation, around 2.3 million people across the world live with multiple sclerosis. Considering this, the report predicts the global market for multiple sclerosis drugs to expand at a CAGR of 6.7% between 2018 and 2026. Furthermore, the market was worth US$ 23,460.3 Mn in the year 2018 and is expected to reach US$ 39,289.5 Mn by 2026.
North America Generates the Maximum Revenue Owing to Rising FDA Approvals
North America is expected to dominate the global multiple sclerosis drugs market through the forecast years. Novel drugs manufactured are increasingly getting FDA approvals and these companies are planning to focus on commercialization of drugs. Influenced by this, the multiple sclerosis drugs market share is likely to expand in this region. Moreover, the region is worth US$ 13,826.7 Mn and owing to the mounting cost of drugs, the demand for multiple sclerosis treatment increases. Furthermore, the presence of potential drug candidates in North America is expected to create growth opportunities for the market during the forecast period.
Apart from North America, Europe is also anticipated to grow in the market owing to maximum support from government. Europe is the second-most leading region in the global market owing to rising per capita spending on healthcare.
Improved distribution network among companies in Asia Pacific is the primary factor responsible for the market’s growth. The market is expected to witness high growth in this region during the forecast region.
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Segmentation for Multiple Sclerosis Drugs Market
By Drug Class
By Route of Administration
By Distribution Channels
- Hospital Pharmacy
- Retail Pharmacy
- Online Stores
Increasing R&D Activities Encourages Immunodulators to Lead
The multiple sclerosis drugs market share is expected to grow in the forecast years. Immunomodulators lead the market over immune suppressants and interferons. The segment covered a share of 67.4% in the global market in 2018. The demand for immunomodulators is increasing as they offer better treatment options for multiple sclerosis. This, coupled with new product launches, is expected to drive the segment by 2026. This will further increase the multiple sclerosis drugs market. In addition to this, immunomodulators are growing rapidly owing to the increasing number of clinical studies and rising research and development (R&D) activities.
As per the route of administration, injection covered the maximum share in the global market in 2018. The wide market approvals and government support are driving the segment’s growth. However, the oral segment is expected to grow considerably in the forecast years.
Mayzent’s FDA Approval Propels Growth of the Market
Several pharmaceuticals companies are undergoing clinical trials for the treatment of multiple sclerosis. Companies are putting efforts to develop innovative therapies in multiple sclerosis radiology for patients suffering from this disease. Considering this, Adamas Pharmaceuticals is undergoing phase 3 of a clinical trial on an investigational amantadine agent called ADS-5102. This oral therapy is conducted to determine if multiple sclerosis or MS patients can improve their walking speed. The U.S. FDA granted approval of a drug called Mayzent to Novartis.
This is the first-ever treatment for patients suffering from secondary progressive multiple sclerosis or SPMS. Drugs like these will improve the patient’s quality of life, which will contribute to the growth of the market.
As per the report, Biogen, Novartis AG, and F. Hoffmann-La Roche Ltd cover the majority share in the global multiple sclerosis market. Among these, Biogen was the leading player owing to the increasing sales of Tecfidera in 2018. The company entered into strategic partnerships to further extend its distribution network. Following Biogen, Novartis is the second-most leading company in the market. The company developed a drug called Gilenya and owing to its higher demand, Novartis was leading after Biogen.
KEY QUESTIONS ANSWERED:
What is the market size and growth rate of the global and regional market by various segments?
What is the market size and growth rate of the market for selective countries?
Which region or sub-segment is expected to drive the market in the forecast period?
What Factors are estimated to drive and restrain the market growth?
What are the key technological and market trends shaping the market?
What are the key opportunities in the market?
What are the key companies operating in the market?
Which company accounted for the highest market share?
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