Wilmington, Delaware, United States, Dec. 21, 2022 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global primary progressive multiple sclerosis treatment industry was worth US$ 828.4 Mn in 2021 and is expected to surpass value of US$ 3.2 Bn by 2031. Market forecast estimates a CAGR of 14.7% during the forecast period, from 2022 to 2031.
Rise in the number of elderly people and incidence of primary progressive multiple sclerosis (PPMS) worldwide is likely to drive growth of the global industry during the forecast period. Governments in both developed and developing nations are taking steps to increase public understanding of the numerous multiple sclerosis treatment options that are available. These factors are like to propel the market in the next few years.
Government and non-governmental organizations are likely to expand and upgrade healthcare facilities in the coming years, which is expected to boost market expansion. Major companies are investing substantially in R&D activities for advancement in the primary progressive multiple sclerosis treatment market.
According to research by the National Multiple Sclerosis Society (NMSS), 2.8 million persons are suffering from multiple sclerosis (MS) across the globe, as of September 2020. This implies that someone in some part of the world gets multiple sclerosis diagnosis once every five minutes. Therefore, it is predicted that 0.5 million individuals have PMSS across the globe Such high prevalence of the disease is expected to drive industry growth in the near future.
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Key Findings of Market Report
- In terms of drug type, the market has been segmented into pipeline drugs and approved drugs. Presently, Ocrelizumab from Roche, sold under the trade name OCREVUS, is the only available medication in the market for treating PPMS. As a result, the approved drugs segment is predicted to lead the market during the forecast period.
- The retail pharmacies segment is anticipated to lead the market during the forecast period, depending on distribution type channel. This is attributed to beneficial health reimbursement policies. Market development is being aided by the growth of retail pharmacies funded by public and private institutions.
- Growth in the number of online portals offering prescription drugs worldwide is expected to fuel the e-commerce segment and help it expand at a very high CAGR throughout the forecast period. Demand for primary progressive multiple sclerosis treatments is rising, and online drug delivery to homes is a growing trend.
Global Primary Progressive Multiple Sclerosis Treatment Market: Growth Opportunities
- Incidence of primary progressive multiple sclerosis is rising, which is expected to have significant effect on market demand. In comparison to men, women are more vulnerable to multiple sclerosis. Increase in the number of multiple sclerosis patients is anticipated to elevate demand for disease-related medical care and drugs. Efficacy of medication and rapid developments in MS therapy are expected to drive industry growth in the forthcoming years.
- Key companies are focusing on R&D to develop better drugs, which is anticipated to increase market value of primary progressive multiple sclerosis treatment. Numerous government and private organizations are sponsoring a range of initiatives and programs to help those affected by the condition and to enhance their quality of life. Current R&D efforts in PPMS treatment are anticipated to fuel market expansion.
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Global Primary Progressive Multiple Sclerosis Treatment Market: Regional Landscape
- North America is expected to grow rapidly and acquire considerable market share during the forecast period. Higher incidence of PPMS in the U.S. and subsequent rise in demand for use of therapeutic drugs in the treatment of PPMS is likely to drive the global primary progressive multiple sclerosis treatment market in the region.
- Asia Pacific is anticipated to witness very high CAGR throughout the forecast period. This growth is ascribed to rise in public knowledge about the treatment options for primary progressive multiple sclerosis. Market development in the region receives impetus from modernization of healthcare facilities in developing countries such as China and India.
Global Primary Progressive Multiple Sclerosis Treatment Market: Key Players
- Takeda Pharmaceuticals International, Inc.
- F. Hoffmann-La Roche Ltd
- Mapi Pharma Ltd.
- Mallinckrodt Pharmaceuticals
- Atara Biotherapeutics, Inc.
Global Primary Progressive Multiple Sclerosis Treatment Market: Segmentation
Drug Type
- Approved Drugs
- Pipeline Drugs
Distribution Channel
- Retail Pharmacies
- E-commerce
- Others
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