The global Multiple Sclerosis Treatment Market Size is accruing rapidly mainly due to the increasing prevalence of the disease. Although MS is largely associated with both genetic and environmental risk factors, other risk factors involved in the development of MS include obesity and smoking high altitude, female gender, deficiency of vitamin D, and Epstein Barr virus infection.
These risk factors independently but equally contribute to the disease’s variability and may be an early influence on progression. All these factors commutatively contribute to the market growth, creating the demand for the multiple sclerosis treatments. At the same time, there are various treatments and novel medications available for the management of multiple sclerosis which is pushing up the market on the global platform.
Acknowledging the enormous growth, the market is witnessing currently, Market Research Future (MRFR) in its recently published study report asserts that the global multiple sclerosis treatment market will grow exponentially by 2023 accruing at a CAGR of 3.5 % during the forecast period (2017 – 2023).
Additionally, technological advancements transpired in the field of multiple sclerosis management and advent treatment materials are fostering the market growth to an extent.
On the flip side, factors such as the high cost of product (drug/devices) developments, complications in the treatment, and stringent regulatory norms are expected to impede the market growth during the review period. Besides, the pending or imminent patent expiries of many blockbuster drugs for management of multiple sclerosis are hampering the market growth too.
Nevertheless, factors like the instigation of a large number of regulatory healthcare reforms, developments of methods for the improved diagnosis and treatments for MS are expected to support the market growth bringing about the MS management therapeutics and treading along a promising increase in the next few years.
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Multiple Sclerosis Treatment Market – Segments
MRFR has segmented its analysis into five key dynamics for enhanced understanding.
By Drug Type : Immunomodulators and Immunosuppressant among others.
By Route of Administration : Injectable, Oral and other.
By Diagnosis : Magnetic Resonance Imaging (MRI) Scans, Simple Electrical Stimulation Tests, and Lumbar Puncture among others.
By End-users : Hospitals, Clinics and others.
By Regions : North America, Europe, Asia Pacific, and the Rest-of-the-World.
Multiple Sclerosis Treatment Market – Regional Analysis
The North American region dominates the global multiple sclerosis treatments market owing to the growing prevalence of the disease and the availability of novel treatment procedures to manage its conditions. Additional factors such as the high per capita healthcare expenses, increasing technological innovations, and the growing investments into R&D to develop new techniques to treat MS are substantiating the market growth. Besides the presence of a well-established healthcare system and the presence of matured key players along with the rising cases of kidney diseases foster the growth of the multiple sclerosis treatment market in the region.
The U.S. backed by the huge development in the medical sector and increased research institutes for better treatment to manage the conditions of the disease, dominates the regional market. Additional factors such as the greater number of healthcare facilities drive the multiple sclerosis market in the region. The high concentration of the major hospitals coupled with good reimbursement facilities is fuelling the market growth.
Europe, multiple sclerosis treatment market accounts for the second-largest market, globally. The market in this region exhibits a phenomenal growth prospect throughout the review period. Furthermore, factors like financial support from the government for R&D activities, and the increasing demand for multiple sclerosis treatments & devices to manage the conditions drive the market growth in the region. Besides, the rising incidences of kidney disorders are contributing to the market growth in this region, generating a massive demand for the management of the disease.
The Asia Pacific multiple sclerosis treatment market is emerging as a profitable market. Factors such as the increasing healthcare expenditure and increasing prevalence of multiple sclerosis led by the growing incidences of infections related to kidney drive the growth of the market in the region.
The increasing governmental funding alongside a large unmet needs presages towards the growth opportunities for the market players. Spreading awareness about the availability of different multiple sclerosis management procedures is accelerating the market growth in the region. Besides, the availability of low-cost, quality methods to manage the conditions of this disease drives the regional market.
Multiple Sclerosis Treatment Market – Competitive Analysis
The highly competitive multiple sclerosis treatment market appears fragmented owing to the presence of many players and the increasing investments made by them in R&D activities for the multiple sclerosis management. Through the strategic partnership, acquisition, expansion, product & technology launch, and collaboration, these players try to gain a competitive edge.
Some of the leaders of the market include Bayer Healthcare (Germany), Teva Pharmaceuticals (Israel), Biogen Idec (US), Sanofi Aventis (France), Pfizer Inc. (US), Merck (US), AbbVie (US), and Novartis (Switzerland)among others.
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December 17, 2018 – Alkermes plc. (Ireland), a biopharmaceutical company that focuses on central nervous system diseases announced that it has submitted a New Drug Application (NDA) to the FDA for diroximel fumarate, a novel oral fumarate candidate to treat relapsing forms of multiple sclerosis (MS).
Diroximel fumarate is designed to convert to monomethyl fumarate in the body rapidly. Post to the approval, Diroximel will be marketed by Biogen under the name Vumerity and the FDA has conditionally accepted the same.
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