Dublin, May 16, 2024 (GLOBE NEWSWIRE) -- The "Multiple Sclerosis Drugs Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The global multiple sclerosis drugs market has grown strongly in recent years. It will grow from $29.66 billion in 2023 to $31.5 billion in 2024 at a compound annual growth rate (CAGR) of 6.2%. Historical growth in the field of multiple sclerosis treatment can be attributed to several factors, including the increasing prevalence of multiple sclerosis, a significant unmet medical need for effective treatments, heightened investments from pharmaceutical companies dedicated to research and development, and a growing awareness and understanding of multiple sclerosis within the medical community and among the general population.
The multiple sclerosis drugs market is expected to see strongly grown in the next few years. It will grow to $47.97 billion in 2028 at a compound annual growth rate (CAGR) of 11.1%. The projected expansion is fueled by enhanced access to clinical trials, targeted therapies, a rising emphasis on preventive healthcare, increased demand for biosimilars, wider global market penetration, and the integration of combination therapies. Key trends expected during this period encompass the development of immunomodulatory drugs, extended-release formulations, patient-centered care approaches, continual drug innovation, and the advancement of oral and infusion treatments.
Government and non-government organizations contribute significantly to the growth of the multiple sclerosis drugs market. An example is the joint investment of $1 million by the government of Alberta and Canada's Department of Economic Development, Trade, and Tourism for the Canadian Prospective Cohort Study on MS (CanProCo). This initiative, supported by multiple organizations, gathered $10 million for research and innovations, uniting nearly 50 MS researchers across disciplines in Canada. Financial backing from these entities drives the expansion of the multiple sclerosis drugs market.
The escalating prevalence of multiple sclerosis stands as a pivotal factor propelling the growth of the multiple sclerosis drug market. An article from Pace Hospitals in May 2023 highlighted a global MS patient count of 2.8 million, at a rate of 35.9 per 100,000 individuals, with an annual incidence of 2.1 cases per 100,000 people across 75 reporting countries. The disease typically affects individuals around the age of 32 and shows a higher prevalence among females. This increasing prevalence is set to drive the expansion of the multiple sclerosis drug market. Companies are intensifying efforts to introduce new products within the multiple sclerosis drug market to cater to the surging demand. Given the lifelong treatment nature of MS, the overall cost of patient care is substantial. To address this, companies are focusing on developing specific drugs tailored for managing multiple sclerosis. Notably, the FDA approved Novartis' Mayzent (siponimod) and EMD Serono's Mavenclad (cladribine) for treating relapsing-remitting and active secondary progressive multiple sclerosis. These oral drugs aim to provide more effective treatment options.
Major companies in the multiple sclerosis drug market are prioritizing innovation to gain a competitive advantage. They are introducing novel products such as the Aidaptus auto-injector platform to enhance drug delivery. For instance, Owen Mumford, a UK-based medical device manufacturer, launched the Aidaptus auto-injector platform in September 2021. This platform simplifies operations and accommodates diverse drug formulations, including those for multiple sclerosis, using a dual-purpose auto-injector with a versatile design capable of administering various prefilled glass syringes.
In 2019, Bristol-Myers Squibb, a US-based pharmaceutical firm, made a $74 billion acquisition of Celgene. This strategic move is geared toward broadening Bristol-Myers Squibb's product range by leveraging Celgene's current product lineup and tapping into its technical expertise and pipeline support. Among Celgene's pipeline drugs is Ozanimod, currently undergoing phase III clinical trials seeking FDA approval for the treatment of relapsing multiple sclerosis. Celgene, also headquartered in the US, specializes in the development and marketing of medications for conditions like cancer and inflammatory diseases, including multiple sclerosis.
North America was the largest region in the global multiple sclerosis drug market in 2023. The Middle East is expected to be the fastest-growing region in the forecast period. The regions covered in the multiple sclerosis drugs market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. The countries covered in the multiple sclerosis drugs market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
Report Scope
Markets Covered:
1) by Drug Class: Immunomodulators; Immunosuppressants; Interferons; Other Drug Classes
2) by Distribution Channels: Hospital Pharmacy; Retail Pharmacy; Online Stores
3) by Route of Administration: Oral Drugs; Parenteral Drugs
Key Companies Mentioned: Biogen Inc.; Novartis International AG; F. Hoffmann-La Roche Ltd.; Bayer HealthCare LLC; Pfizer Inc.
Time Series: Five years historic and ten years forecast
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments
A selection of companies mentioned in this report includes, but is not limited to:
- Biogen Inc.
- Novartis International AG
- F. Hoffmann-La Roche Ltd.
- Bayer HealthCare LLC
- Pfizer Inc.
- Merck & Co. Inc.
- Sanofi SA
- Teva Pharmaceutical Industries Ltd.
- GlaxoSmithKline plc
- Acorda Therapeutics Inc.
- Actelion Pharmaceuticals Ltd
- EMD Serono Inc.
- AbbVie Inc.
- Bayer Schering Pharma AG
- CinnoVex
- Rebif
- Bristol-Myers Squibb Company
- Johnson & Johnson
- Mallinckrodt Pharmaceuticals
- Mitsubishi Tanabe Pharma Corporation
- Mylan N.V.
- Opexa Therapeutics Inc.
- Receptos Inc.
- Synthon Pharmaceuticals Inc.
- TG Therapeutics Inc.
- Alexion Pharmaceuticals Inc.
- Alkermes plc
- Amgen Inc.
- Apitope Technology (Bristol) Ltd.
- Atara Biotherapeutics Inc.
- Celgene Corporation
- Genzyme Corporation
For more information about this report visit https://www.researchandmarkets.com/r/3kbbde
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