The global market for multiple sclerosis (MS) therapies is expanding due to the increasing burden of various infectious diseases, particularly hepatitis C (HCV), on healthcare systems worldwide. Emerging nations, in particular, are facing a disproportionate toll from these diseases. According to the Institute of Liver and Biliary Sciences in India, approximately 3% of the global population is affected by hepatitis C. The rise in HCV infections globally, both in developed and developing nations, has contributed to the growing demand for MS therapies and subsequently driven the expansion of the market.
According to Data Bridge Market Research, Multiple Sclerosis Therapies Market is expected to reach USD 38.33 million by 2030, which is USD 25.75 million in 2022, and is expected to undergo a CAGR of 5.10% during the forecast period 2023 to 2030.
"Rising awareness and patient advocacy surge market demand"
Rising awareness and patient advocacy have driven the multiple sclerosis (MS) therapies market. Patient advocacy groups and organizations dedicated to MS raise awareness about the disease, its symptoms, and available treatment options. They provide support networks for patients and their families, offering information, emotional support, and resources. These groups also advocate for improved treatment options, access to therapies, and policies prioritizing MS patients' needs, ultimately driving demand for MS therapies.
What restraints the growth of the multiple sclerosis therapies market?
"Side effects and safety concerns can impede the market growth”
MS therapies carry significant side effects, such as immune system suppression and increased infection risk, which can deter patients from choosing those treatments or result in treatment discontinuation. Patients may hesitate to undergo therapies that could compromise their immune system or pose potential health risks. Safety concerns are critical in treatment decision-making, as patients prioritize their overall well-being and quality of life while considering the potential risks and benefits of MS therapies.
Segmentation: Global Multiple Sclerosis Therapies Market
The multiple sclerosis therapies market is segmented on the basis of type, route of administration and end user
- On the basis of type, the multiple sclerosis therapies market is segmented into immunosuppressants, immunomodulators.
- On the basis of route of administration, the multiple sclerosis therapies market is segmented into oral, injectable, intravenous.
- On the basis of end user, the multiple sclerosis therapies market is segmented into hospital and clinics, diagnostic laboratories, others
Regional Insights: North America Dominates the Global Multiple Sclerosis Therapies Market
Due to several factors, North America dominates the multiple sclerosis (MS) therapies market. The region experiences a strong demand for MS drugs, driven by a high prevalence of the disease and a large patient population. Additionally, the U.S. FDA has granted approvals for many medicines used in treating MS, facilitating market growth. The well-developed healthcare system in North America, with advanced infrastructure and access to specialized care, contributes to the region's dominance in the MS therapies market.
Asia-Pacific is anticipated to witness the highest growth rate in the forecast period for multiple sclerosis (MS) therapies market. This growth can be attributed to improved pharmaceutical networks and initiatives aimed at reducing treatment costs in several regions. The region's expanding healthcare infrastructure, rising healthcare expenditure, and increasing awareness about MS are also driving the market. Moreover, advancements in healthcare technologies and the presence of a large patient pool in Asia-Pacific contribute to the projected growth of the MS therapies market in this region
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Recent Developments in Global Multiple Sclerosis Therapies Market
- In 2021, Ponvory was given U.S. FDA approval by Janssen. Adults with relapsing forms of multiple sclerosis (MS), such as clinically isolated syndrome, relapsing-remitting disease, and active secondary progressive disease, can take this once-daily oral selective sphingosine-1-phosphate receptor 1 (S1P1) modulator.
- In 2020, For the treatment of adults with relapsing forms of multiple sclerosis (RMS), including clinically isolated syndrome, relapsing-remitting disease, and active secondary progressive disease, Novartis announced that the US FDA had approved Kesimpta® in the form of an injection for subcutaneous use.
The Prominent Key Players Operating in the Global Multiple Sclerosis Therapies Market Include:
- AbbVie Inc. (U.S.)
- Bausch Health Companies Inc. (Canada)
- Biora Therapeutics, Inc (U.S.)
- Boehringer Ingelheim International Gmbh (Germany)
- Amgen Inc. (U.S.)
- Pfizer Inc (U.S.)
- F. Hoffmann-La Roche Ltd (Switzerland)
- Mylan N.V. (U.S.)
- Novartis AG (Switzerland)
- Bayer AG (Germany)
- Bristol Myers Squibb Company (U.S.)
- Biogen (U.S.)
- Teva Pharmaceutical Industries Ltd (Israel)
- Takeda Pharmaceutical Company Limited (Japan)
- Jazz Pharmaceuticals, Inc (U.K.)
- Abbott (U.S.)
- Bio-Rad Laboratories Inc. (U.S.)
- Mylan N.V. (U.S.)
Above are the key players covered in the report, to know about more and exhaustive list of multiple sclerosis therapies market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Multiple Sclerosis Therapies Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by dbmr research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include vendor positioning grid, market time line analysis, market overview and guide, company positioning grid, company market share analysis, standards of measurement, global vs regional and vendor share analysis. Please request analyst call in case of further inquiry.
