Multiple Sclerosis Therapeutics Market Size, Forecast [2031]

Report Description

Multiple Sclerosis Therapeutics Market Outlook 2031

The global multiple sclerosis therapeutics market size was USD 27.70 Billion in 2022 and is anticipated to reach USD 37.62 Billion by 2031 register a substantial CAGR 3.46% during the forecast period, 2023–2031. The growth of the market is attributed to the rising cases of patients suffering secondary progressive multiple sclerosis and increasing demand for efficient drugs.

Multiple sclerosis (MS) is an autoimmune disease that affects the central nervous system, particularly the connection between the brain and other parts of the body. It is a demyelinating disease in which the insulating coverings of spinal cord and nerve cells in the brain are damaged. Partial or total vision loss, extended visual loss, lack of coordination, and slurred speech are the most prevalent signs of the condition.

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Furthermore, the kinds of multiple sclerosis include primary progressive MS, secondary progressive MS, and relapsing-remitting MS. The most prevalent variety of MS is relapsing-remitting MS, which is marked by distinct attacks with growing neurological symptoms. Meanwhile, the primary progressive MS is a rare form characterized by slow disease progression and secondary progressive MS is commonly found in persons with relapsed-remitting MS.

The COVID-19 pandemic has emerged as the world's most critical healthcare crisis in 2020. This would be problematic for underdeveloped countries around the world in terms of trade disruptions that lead to lower imports. Supply chain interruptions due to this pandemic situation would harm product sales for short period of time.

However, pharmacies are allowed to remain open during the lockdown, MS medications have been available throughout the pandemic. Furthermore, due to the COVID-19 pandemic, several firms are reducing their clinical trial operations and delaying new product launches. For example, Bristol-Myers Squibb postponed the marketing of their multiple sclerosis medicine Zeposia (ozanimod).

Multiple Sclerosis Therapeutics Market Trends, Drivers, Restraints, and Opportunities

• Increasing investment in clinical R&D programs for the development of novel therapies to treat multiple sclerosis is expected to boost the market growth.
• Growing government initiatives and ongoing awareness campaigns related to multiple sclerosis are key factors fueling the market growth.
• Increased efficacy in operations, therapeutic expertise, and on demand service for analytical testing devices are fueling the market expansion.
• Increasing expenditures and high cost investment in the treatment process are likely to hamper the market growth.
• Ongoing development in operational expertise by key pharmaceutical players to enhance the laboratory testing are likely to offer immense opportunities for the market development in the long run.

Scope of The Multiple Sclerosis Therapeutics Market Report

The report on the global multiple sclerosis therapeutics market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Multiple Sclerosis Therapeutics Market Segment Insights

Immunomodulators segment is expected to grow at a rapid pace

Based on drugs, the global multiple therapeutics sclerosis market is segmented into copaxone, immunomodulators, immunosuppressant, tysabri, avonex, gilenya, tecfidera, betaseron, ampyra, rebif, extavia, alemtuzumab, aubagio, plegridy, glatopa, ocrelizumab, siponimod, zinbryta, and laquinimod. The immunomodulators segment is expected to grow at a rapid pace during the forecast period owing to the brand loyalty, higher prescription rate, and the availability of wide range of drugs options.

However, the immunosuppressants segment is estimated to account for a considerable market share in the coming years. The segment growth can be attributed to favorable effects on patients with relapsing-remitting multiple sclerosis by weakening the immune system and terminating the autoimmune attack in the patient's body and preventing relapses.

Alemtuzumab, dimethyl fumarate, fingolimod, glatiramer acetate, interferon beta preparations, natalizumab, ocrelizumab, and teriflunomide are the only immunosuppressants licensed for the use in relapsing forms of MS.

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Oral segment is projected to expand at a considerable CAGR

On the basis of routes of administration, the market is segregated as intravenous, oral, and injectable. The oral segment is projected to expand at a considerable CAGR during the forecast period. The growth of the segment is attributed to the introduction of novel oral drugs such as Laquinimod, Ozanimod, Siponimod (BAF312), and Tecfidera in the market for the treatment of MS.

Furthermore, mayzent (siponimod) tablets were approved by the US Food and Drug Administration (FDA) in March 2019 to treat adults with relapsing forms of MS, consisting of clinically isolated syndrome, active secondary progressive disease, and relapsing-remitting disorder.

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North America is anticipated to constitute a key market share

In terms of regions, the global multiple sclerosis therapeutics market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is anticipated to constitute a key market share during the forecast period due to increasing cases of multiple sclerosis and the introduction of new medication such as Aubagio and Tysabri.

Furthermore, according to the National Multiple Sclerosis Society, there are 291 out of every 100000 persons in Canada living with multiple sclerosis (MS). The organization has estimated that there are roughly 1 million persons suffering from MS in the US. Thus, it is expected to boost the market in the region.

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