Pune, July 30, 2020 (GLOBE NEWSWIRE) -- 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™ in its report, titled “Multiple Sclerosis Drugs Market Size, Share & COVID-19 Impact 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”.
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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. 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.
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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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Market Driver
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. Similarly, Sanofi’s Lemtrada, which binds to proteins on white blood cells, has been available in the market since 2014, when it secured clearance from the FDA. Rising popularity of monoclonal antibodies is, therefore, proving critical in fueling the multiple sclerosis drugs market growth.
Regional Insights
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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Competitive Landscape
Strong Regulatory Support for Novel MS Therapies to Spur Competition
Key players in this market are receiving strong encouragement and support from regulatory authorities to develop novel multiple sclerosis drugs and therapies. In response, companies are doubling down their investment in R&D in an attempt to cater to the growing demand for MS treatments from patients globally.
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.
List of the Leading Companies Operating in the Multiple Sclerosis Drugs Market are:
- 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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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Prevalence of Multiple Sclerosis – For Key Countries
- Regulatory & Reimbursement Overview – For Key Countries
- Pipeline Analysis
- Patent Snapshot
- New Product Launches
- Key Industry Developments - Mergers, Acquisitions and Partnerships
- Global Multiple Sclerosis Drugs Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Drug Class
- Immunomodulators
- Immunosuppressants
- Interferons
- Others
- Market Analysis, Insights and Forecast – By Route of Administration
- Oral
- Injection
- Intramuscular
- Subcutaneous
- Intravenous
- Market Analysis, Insights and Forecast – By Distribution Channel
- Hospital Pharmacy
- Retail Pharmacy
- Online Pharmacy
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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