New York, Oct. 17, 2022 (GLOBE NEWSWIRE) -- Kenneth Research has published a detailed market report on the “Global Multiple Sclerosis Drug Market” for the forecast period, i.e., 2023-2033, which includes the following factors:
- Market growth over the forecast period
- Detailed regional synopsis
- Market segmentation
- Challenges
- Key market players and their detailed profiling
Global Multiple Sclerosis Drug Market size:
The global multiple sclerosis drug market is predicted to acquire around USD 28,000 million by 2033 and to grow with a CAGR of ~4% during the forecast period. In addition, the market garnered a revenue of USD 23,000 million in 2022. The expansion of the market is majorly attributed to the increasing incidence of multiple sclerosis (MS) among women all over the world. The risk of MS is higher in women. In terms of sclerosis diagnoses, women outnumber men. There are 1:5 more women than men who have multiple sclerosis. Hence, an increase in the number of sclerosis patients is expected to result in a rise in the need for medications and medical care.
Moreover, the effectiveness of the medications and rapid advancements in MS therapy is anticipated to drive market expansion. Around 80% of patients with high thalamic volume (45.5% improved and 34.1% preserved) benefitted from the medicine, according to Bristol Myer Squareb, which published the cumulative results of the early Zepsosia treatment in June 2022. Additionally, the global market for multiple sclerosis is anticipated to rise as a result of proactive government activities for patients with the disease. In order to lower the cost of therapy in the nation, the Indian government recommended including MS in the Ayushman Bharat Scheme, a Nation Health Protection Mission.
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Global Multiple Sclerosis Drug Market: Key Takeaways
- North American region gains the largest portion of the revenue
- The oral segment to influence the revenue graph
- The hospitals segment retains a sizable presence in the market
Higher Rate of MS Victims and Rapid Development of Healthcare Sector to Boost the Market Growth
Multiple Sclerosis is now more frequent in the world. There were around 3 million persons with MS in 2020, with the frequency of the disease being 36 per 100,000 individuals. In addition to this, in Europe, 700,000 individuals suffer from MS. Moreover, the healthcare industry has always been strong, and COVID-19 has added to its burden. The demand for high-quality medical facilities has contributed to its expansion. The World Economic Forum estimates that USD 44 billion in funding for health advancements was raised in 2021 which was almost double that raised in 2020. Further, global healthcare spending was 9.83% in 2019 which was up from 9.7% in 2017. The improvement of medical procedures and facilities which raises the market growth is made possible by increased healthcare spending.
Global Multiple Sclerosis Drug Market: Regional Synopsis
The global multiple sclerosis drug market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa Region.
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Surge in Prevalence of MS in Women to Fuel the North American Market
By the end of 2033, it is predicted that North America to hold the biggest market share. Increasing rates of MS in the general population and the possibility that women may contract the illness are two variables that are predicted to fuel market expansion in North America. Every week about 200 new cases of MS are reported in the U.S. Furthermore, it had an impact on about 400,000 people in 2019. Around 70% of patients in North America’s 140 instances per 100,000 people are females, and during the past 30 years, the population of women to men has increased from 2:1 to 3:1.
Rising Government Initiatives and Growing Population of MS Patients to Propel Asia Pacific Market
On the other hand, it is anticipated that over the forecast period, the market in the Asia Pacific region would flourish at a relatively high growth rate. The market is predicted to be boosted by the advancements of new treatment options, a large population of MS patients in China and Japan and government initiatives to enhance the quality of life for MS patients. For instance, the occurrence of MS in China in 2018 was 0.235 per 100,000 people which was expected to grow more in recent years while in Japan, the incidence rate was 19 per 100,000 people, 7 years back. In addition to this, the government initiatives further improved the market growth in the region. For instance, to enhance the clinical benefit of MS patients, the Chinese government categorized MS as a rare disorder in 2018.
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The study further incorporates Y-O-Y growth, demand & supply and forecasts future opportunities in:
- North America (U.S., Canada)
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe)
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America)
- Asia Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia Pacific).
- Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
Global Multiple Sclerosis Drug Market, Segmentation by Medication Type
- Oral
- Injection
By the end of 2033, the oral sector is projected to command the biggest market share. During the forecast period, it is expected to increase at a considerable CAGR. The oral segment’s expansion is probably being fuelled by the rising acceptance of oral medications. For instance, Tecfidera (dimethyl fumarate DR capsules), an oral medication to treat the relapsing forms of MS, was approved by the U.S. Food and Drug Administration (FDA) for use by Cipla Inc. on September 29th, 2020. Furthermore, with 562,123 MS patients treated globally as of December 31st, 2021, dimethyl fumarate (DMF), which has been available since 2013, is presently the most popular oral medication.
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Global Multiple Sclerosis Drug Market, Segmentation by End User
- Hospitals
- Speciality
- Clinics
- Homecare
- Others
The hospitals segment is predicted to hold a substantial market share during the forecast period. Two elements that have contributed to the growth of the segment are the desperate tendency of the people to be treated by well-skilled medical experts and the adoption of advanced technologies in the treatment for MS. In 2020, there were around 6,095 hospitals in the U.S. while 8,240 hospitals in Japan. The necessity for drugs for the treatment of MS increases with the number of hospitals, which enhances the development of the segment.
Global Multiple Sclerosis Drug Market, Segmentation by Drug
- Immunomodulators
- Immunosuppressants
- Interferons
- Others
Global Multiple Sclerosis Drug Market, Segmentation by Type
- Clinically Isolated Syndrome
- Relapse-Remitting MS
- Primary Progressive MS
- Secondary Progressive MS
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Global Multiple Sclerosis Drug Market, Segmentation by Treatment
- Medications
- Stem Cell Therapy
- Physical Therapy
- Plasma Exchange
A few of the well-known market leaders in the global multiple sclerosis drug market that are profiled by Kenneth Research are Biogen, Pfizer Inc., F. Hoffmann-La Roche Ltd., Novartis AG, Sanofi, Teva Pharmaceutical Industries Ltd., Merck KGaA., Janssen Pharmaceuticals Companies of Johnson & Johnson, Bristol-Myers Squibb Company, Cipla Inc., and others.
Recent Developments in Global Multiple Sclerosis Drug Market
- On March 19th, 2021, Janssen Pharmaceutical Companies reported that FDA had approved PONVORY, an oral drug for the treatment of people with relapsed multiple sclerosis.
- On January 9th,2018, Biogen and Eisai Co., Ltd. worked together to jointly promote MS medications such as Tecfidera, Tysabri, and Avonex in Japan.
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