Pune, India, Nov. 08, 2021 (GLOBE NEWSWIRE) -- The global multiple sclerosis drugs market size is set to gain traction as many leading pharmaceutical companies are conducting clinical trials to discover innovative and effective therapies for the treatment of this immune disorder. For instance, in December 2020, Adamas Pharmaceuticals, Inc. declared the results of its phase 3 clinical trials on ADS-5102, for the treatment of multiple sclerosis (MS) patients.
This information is given by Fortune Business Insights™ in a published report, titled, “Multiple Sclerosis Drugs Market, 2021-2028.” As per the report, the market size was USD 26.05 billion in 2020 and is projected to reach USD 41.99 billion by 2028, exhibiting a CAGR of 6.3 % during the forecast period.
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COVID-19 Pandemic: Disruptions in Supply Chain and Production Delays to Hinder Growth
The outbreak of the COVID-19 pandemic has severely affected the multiple sclerosis drugs market growth as it has caused some disruption in the supply chain of several major players operating in the multiple sclerosis drugs industry. For example, Biogen reported that one of its major drugs named TECFIDERA used for the treatment of multiple sclerosis witnessed a decline of 13% in 2020 as compared to the previous year. This decline was seen as a DMT based approach for the treatment of MS that has an adverse effect on COVID-19 patients. These factors are expected to moderately impact the market growth.
| Report Coverage | Details |
| Forecast Period | 2021 to 2028 |
| Forecast Period 2021 to 2028 CAGR | 6.3% |
| 2028 Value Projection | USD 41.99 billion |
| Base Year | 2020 |
| Market Size in 2021 | USD 27.38 billion |
| Historical Data for | 2017 to 2019 |
| No. of Pages | 160 |
| Segments covered | Drug Class, Route of Administration, Distribution Channel, Regional |
| Growth Drivers | Significant R&D Investment to Boost the Market |
| Proactive Government Support and Recommendations to Fuel the Market |
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/industry-reports/multiple-sclerosis-drugs-market-100386
Segments-
Immunomodulators to Dominate the Market Owing to New Drug Launches
By drug class, the market is divided into immunomodulators, immunosuppressants, interferons, and others. Out of these, immunomodulators dominated the market in 2020 owing to new drug launches such as Mayzent.
On the other hand, immunosuppressants are also expected to see a substantial rise as the drug MAVENCLAD is characterized with long-term efficacy for the treatment of MS.
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Report Coverage-
The report aims to analyze the multiple sclerosis drugs industry by considering contributions, prospects, and growth trends. It presents detailed profiles of every key player operating in the market to analyze their core competencies in each segment. Apart from that, it ensures to help our clients better understand the competitive developments, such as mergers & acquisitions, new product launches, joint ventures, and collaborations.
Drivers & Restraints-
Proactive Measures Taken by Governments to Strengthen the Market Growth
As the prevalence of MS is increasing at an alarming rate, governments are aiding the market by campaigning about different treatment options available. In June 2018, for instance, the National Institute of Health and Care Excellence (NICE) announced recommendations for the use of beta interferons such as Avonex, Betaferon, Extavia, Rebif. These steps taken by government agencies will fuel the market in the upcoming years.
Despite government interference, the cost of drugs for multiple sclerosis remains a major challenge for the growth of the market. From 2013 to 2018, the price was increased by more than US$ 20,000. Thus, increased prices of the drugs will add to the economic burden owing to the rise of out-of-pocket expenses.
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Regional Insights-
North America to Command Backed by Extensive R&D and Awareness Programs
Geographically, North America earned USD 15.30 billion in 2020 in terms of revenue and is likely to retain its leading position in the near future. This growth is attributable to the extensive R&D on such drugs in this region. In the US, March is recognized as Multiple Sclerosis Awareness Month. During this time several NGOs, organizations, advocacy groups conduct several educational events to raise awareness among people suffering with the disease along with their families to raise funds to help MS patients. Such initiatives will promote the regional market. On the other hand, Europe is anticipated to grow considerably and register substantial multiple sclerosis drugs market share backed by flexible reimbursement healthcare policies in the region. The World Health Organization (WHO) Report published in 2018 states that in the European region, several regulations have been imposed by the government to protect a definitive population group such as low income people with disabilities, and those suffering from the defined disease from excessive payments for medicines.
Competitive Landscape-
Key Players Focus on Launching New Products to Intensify Competition
The global key players in the market are currently focusing on launching innovative and cost-effective drugs and injections to fuel the market growth. For example, Janssen launched Food and Drug Administration (FDA) approved drug name Ponvory in 2021, to treat MS. This medication claims it can reduce relapses up to 30.5 % compared to other oral MS drugs. It also reduces the gadolinium enhancing TI lesions by 59% and enlarging T2 lesions by 56%. Thus intensifying competition for other key player drugs, such as Novartis’s Gilenya.
Industry Developments
August 2020 - Novartis launched its U.S. Food and Drug Administration (FDA) has approved subcutaneous injection Kesimpta (ofatumumab), for the treatment of relapsing forms of multiple sclerosis (RMS).
January 2020 - Bristol Myers Squibb launched Zeposia. This drug is one of the economical drugs available in the market for MS patients.
A List Providers Operating in the Global Market:
- Biogen (Massachusetts, U.S.)
- Pfizer Inc. (New York, U.S.)
- F. Hoffmann-La Roche Ltd. (Basel, Switzerland)
- Novartis AG (Basel, Switzerland)
- Merck & Co., Inc. (New Jersey, U.S.)
- Sanofi (Paris, France)
- Teva Pharmaceutical Industries Ltd. (Petah Tikva, Israel)
- Bristol-Myers Squibb Company (New York, U.S.)
- Other Players
Major Table of Multiple Sclerosis Drugs Market:
- 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, 2017-2028
- 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
TOC Continued…
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