Pune, India, Aug. 21, 2023 (GLOBE NEWSWIRE) -- The multiple sclerosis drugs market was USD 22.32 billion in 2022 and is anticipated to expand from USD 21.33 billion in 2023 to USD 31.90 billion in 2030, exhibiting a CAGR of 5.9%. The surge is driven by the rising prevalence of the disease and the growing product demand for treatment.
Fortune Business Insights™ cites this information in its research report, titled “Multiple Sclerosis Drugs Market, 2023-2030”.
Key Industry Development:
August 2020 – Novartis announced that the U.S. FDA provided approval to Kesimpta as an injection for subcutaneous usage. The solution would be used for treating relapsing forms of multiple sclerosis for including active secondary progressive disease, clinically isolated syndrome, and relapsing-remitting disease in adults.
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Key Takeaways:
- Pfizer Inc. and Biohaven Pharmaceutical Holding Company Ltd. announced the conclusion of their collaboration deal.
- Orelabrutinib is an oral small molecule that has being developed by Biogen Inc. and InnoCare Pharma Limited with the goal of treating multiple sclerosis.
- In order to treat relapsing-remitting MS, Biogen announced that the European Commission (EC) had approved TYSABRI (natalizumab) for subcutaneous injection.
- Ponvory, an oral selective sphingosine-1-phosphate receptor 1 (S1P1) modulator, has been approved by the U.S. Food and Drug Administration to treat individuals with relapsing types of multiple sclerosis. Ponvory is more effective than Aubagio at lowering annualized relapse rates.
Discover the Leading Players Featured in the Report:
Biogen (U.S.), Pfizer Inc. (U.S.), F. Hoffmann-La Roche Ltd. (Switzerland), Novartis AG (Switzerland), Merck & Co., Inc. (U.S.), Sanofi (France), Teva Pharmaceutical Industries Ltd. (Israel), Janssen Pharmaceuticals, Inc. (Johnson & Johnson Corporation) (New Jersey), Bristol-Myers Squibb Company (U.S.)
Report Scope
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 5.9% |
| 2030 Value Projection | USD 31.90 Billion |
| Base Year | 2022 |
| Market Size in 2023 | USD 21.33 Billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 160 |
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Drivers and Restraints:
Market Share to Rise Driven by Considerable Investments in R&D
One of the vital factors impelling the multiple sclerosis drugs market growth is the increasing investment in research and development initiatives by key industry players. Additional aspect favoring industry expansion is the rising emphasis of pharmaceutical companies on the enhancement of disabilities related to multiple sclerosis.
However, the market growth could be hampered on account of the high cost of these drugs.
Segments:
Immunomodulators Segment to Emerge Prominent Driven by New Product Launches
On the basis of drug class, the market for multiple sclerosis drugs is subdivided into immunosuppressants, immunomodulators, interferons, and others. Of these, the immunomodulators segment is poised to depict appreciable expansion over the projected period. The surge can be attributed to increasing product launches.
Injection Segment to Depict Highest Share Owing to Rising Drug Approvals
Based on the route of administration, the market is segmented into injection and oral. The injection segment accounted for the maximum market share in 2021 and is expected to observe a substantial growth rate during the forecast period due to increasing number of multiple sclerosis drug approvals as injections for subcutaneous use in disease treatment.
Hospital Pharmacy to Gain Traction Driven by Favorable Government Policies
On the basis of distribution channel, the market is categorized into online pharmacy, retail pharmacy, and hospital pharmacy. Of these, the hospital pharmacy segment is set to dominate the market over the estimated period. The expansion is on account of rising regulatory efforts for strengthening government hospital pharmacies.
By geography, the market for multiple sclerosis drugs has been analyzed across North America, Asia Pacific, Latin America, Europe, and the Middle East & Africa.
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By Drug Class
- Immunomodulators
- Immunosuppressants
- Interferons
- Others
By Route of Administration
- Oral
- Injection
By Distribution Channel
- Hospital Pharmacy
- Retail Pharmacy
- Online Pharmacy
By Geography
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Report Coverage:
The report provides a substantial analysis of the key aspects propelling the global business scenario throughout the forecast period. It also delves into the vital factors impelling industry growth over the estimated period. Some of the additional components comprise merger agreements, acquisitions, and other initiatives undertaken by leading industry participants.
Regional Insights:
North America to Emerge Prominent Impelled by Rising Investments in R&D
The North America multiple sclerosis drugs market share is set to rise driven by an increase in R&D investments and growing demand for molecular antibody drugs. Additional factor propelling industry expansion is the upsurge in government initiatives regarding the treatment and diagnosis of the disease.
The Europe market is set to expand at a considerable pace throughout the forecast period. The rise can be credited to favorable health reimbursement policies and active government recommendations.
Competitive Landscape:
Leading Industry Participants Enter into Partnership Agreements to Expand Product Reach
Major market players are centred on the adoption of a range of strategic initiatives for strengthening the position of their businesses. Some of these steps comprise acquisitions, merger agreements, and the launch of new solutions. Additional initiatives comprise a rise in research activities and the adoption of new products.
FAQ’s
How big is the Multiple Sclerosis Drugs Market?
Multiple Sclerosis Drugs Market size was USD 21.33 Billion in 2023.
How fast is the Multiple Sclerosis Drugs Market growing?
The Multiple Sclerosis Drugs Market will exhibit a CAGR of 5.9% during the forecast period, 2019-2030
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