The global multiple sclerosis drugs market size is projected to reach USD 40.66 billion by 2027, exhibiting a CAGR of 7.1% during the forecast period.
High prevalence of multiple sclerosis (MS) worldwide will be the primary factor driving the growth of this market, states Fortune Business Insights(TM) in its report, titled "Multiple Sclerosis Drugs Market Size, Share & Industry Analysis, By Drug Class (Immunomodulators, Immunosuppressants, Interferons, and Others), By Route of Administration (Oral and Injection (Intramuscular, Subcutaneous, and Intravenous) By Distribution Channel (Hospital Pharmacy, Retail Pharmacy, Online Pharmacy), and Regional Forecast, 2020-2027".
MS is a widespread degenerative neurological condition among young adults around the world. According to the Multiple Sclerosis Trust, approximately 2.5 million people worldwide are suffering from MS, with a higher number of women getting affected with 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 MS patients rose to 131,720.
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In the US, on the other hand, data from the National Multiple Sclerosis Society revealed that nearly 1 million people in the US are living with MS. Increasing incidence of this condition, therefore, is expected to surge the MS drugs market growth.
Key Industry Developments:
-- May 2020: Bristol Myers Squibb announced that its Zeposia drug, an oral medication for treating relapsing multiple sclerosis in adult patients received approval from the European Commission (EC). The marketing authorization from the EC will enable the company to broaden its presence in Europe.
-- March 2019: The US FDA gave its nod to Mayzent (siponimod), developed by Novartis to treat adults with relapsing forms of MS. The treatment will be able to treat relapsing remitting multiple sclerosis (RRMS) and secondary progressive multiple sclerosis (SPMS) with active disease.
The report states that the value of the global market stood at USD 25.00 billion in 2019 and also provides the following:
-- Quantitative insights on the market values (size, share, revenue, etc.);
-- Qualitative analysis of the factors driving the market growth;
-- Thorough study of the market restraints;
-- Detailed examination of the market segments; and
-- Comprehensive assessment of the regional developments and competitive landscape of the market.
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Availability of Monoclonal Antibodies for MS Treatment to Favor Market Growth
Monoclonal antibodies, as the name suggests, are clones of a specific antibody, which are developed as multiple sclerosis drug treatments. Their most notable feature is that they can tailor the immune system response to MS by binding to specific, targeted proteins on the body's normal cells.
Thus, these antibody treatments can be designed to deliver a highly specific effect in a patient. More importantly, there is growing availability of monoclonal antibodies, with some treatments being more widely used than others. For instance, Roche's Ocrevus antibody, which binds to and destroys B-cells, has been extensively adopted as an MS treatment since it received FDA approval in 2017.
Healthy Awareness about MS to Feed Market Growth in North America
North America boasted a market size of USD 14.74 billion in 2019 on account of widespread awareness about MS and its treatments. In the US, government bodies such as the Multiple Sclerosis Association of America conducts educational drives during the month of March, which is recognized as the Multiple Sclerosis Awareness Month in the country.
Europe is expected to hold a prominent position in the multiple sclerosis drugs market share during the forecast period owing to supportive health reimbursement policies. In Asia Pacific, the market is anticipated to perform remarkably well as pharmaceutical companies are aggressively expanding their distribution networks across the region.
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List of Key Players Covered in the Multiple Sclerosis Drugs Market Report:
-- Bristol-Myers Squibb Company (New York, U.S.)
-- Sanofi (Paris, France)
-- Novartis AG (Basel, Switzerland)
-- Pfizer Inc. (New York, U.S.)
-- Teva Pharmaceutical Industries Ltd. (Petah Tikva, Israel)
-- Merck & Co., Inc. (New Jersey, U.S.)
-- F. Hoffmann-La Roche Ltd. (Basel, Switzerland)
-- Biogen (Massachusetts, U.S.)
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Multiple Sclerosis Drugs Market Segmentations:
By Drug Class
By Route of Administration
By Distribution Channel
? Hospital Pharmacy
? Retail Pharmacy
? Online Pharmacy
? North America (the U.S. and Canada)
? Europe (the U.K., Germany, France, Italy, Spain, Scandinavia, and Rest of Europe)
? Asia-Pacific (Japan, China, India, Australia, Southeast Asia, and Rest of Asia- Pacific)
? Latin America (Brazil, Mexico, and Rest of Latin America)
? The Middle East & Africa (GCC, South Africa, and Rest of the Middle East & Africa)
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