Market Overview:
The Global Multiple Sclerosis Drugs Market size is expected to grow from USD 28.83 billion in 2022 to USD 41.95 billion by 2030, at a CAGR of 4.8% during the forecast period (2023-2030).
Multiple sclerosis (MS) is a chronic neurological condition characterized by multifocal demyelination and axonal loss, primarily in the white matter of the brain and spinal cord but also in the grey matter. MS is thought to be triggered by an unidentified inflammatory process in the central nervous system (CNS). Clinical manifestations are expressions of acute demyelination, which can resolve fully or partially chronic demyelination, and neuroaxonal injury, which is typically irreversible, or both, depending on the anatomical location of inflammatory lesions.
Top Key Players in Multiple Sclerosis Drugs 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.) and Other Major Players.
Market Dynamics and Factors for Multiple Sclerosis Drugs Market:
Drivers:
The Rise in Prevalence of Multiple Sclerosis
The prevalence of multiple sclerosis has increased globally since 2013. An estimated 2.8 million people worldwide are thought to have multiple sclerosis (35.9 per 100,000 people). Every region of the world has seen an increase in multiple sclerosis prevalence since 2013, but estimates of prevalence are still lacking. The average diagnosis age is 32 years old, and the annual incidence rate, calculated from data from 75 reporting countries, is 2.1 per 100,000 people. Multiple sclerosis affects more women than it does men. This affects more people who live farther away from the equator. The skin absorbs vitamin D after being exposed to sunlight.
Opportunities:
The Rise in Research and Development of MS Drugs
As the prevalence of multiple sclerosis disease rises, various manufacturers and researchers ramp up their R&D efforts to develop multiple sclerosis drugs. There has been an increase in the development of novel drugs for the treatment of multiple sclerosis in recent years. Recently developed drugs for the treatment of multiple sclerosis include Ponvory, Kesimpta, Bafiertam, Zeposia, Vumerity, Mavenclad, Mayzent, Ocrevus, and Lemtrada. As a result, the market for multiple sclerosis drugs is expected to grow during the forecast period.
Segmentation Analysis of the Multiple Sclerosis Drugs Market:
By drug class, the interferon-beta medications segment is forecasted to dominate the multiple sclerosis market in the upcoming future. Interferon-beta drugs are the disease-modifying drugs and the most commonly used drug class for the treatment of multiple sclerosis. Interferon-beta medications help make the disease get worse less often, and they stabilize the course of the disease. These drugs slow disease progression and provide symptom relief.
By diagnosis, magnetic resonance imaging (MRI) is expected to have the highest share of the hearing aid market in the projected timeframe. The most useful test for confirming the diagnosis of MS is a brain MRI scan. MRI scanning is useful for detecting structural pathology in areas that computed tomography cannot image, such as the posterior fossa, craniometrical junction, and cervical cord.
Regional Analysis of the Multiple Sclerosis Drugs Market:
The North American region is anticipated to have the highest share of the multiple sclerosis drug market in the forecast period due to the growing awareness of multiple sclerosis treatment in this region. The easy availability of MS medications and the government's expanded favorable reimbursement policies for MS treatment are factors that contribute to the growth of the Multiple Sclerosis Drugs Market in North America. In the United States, nearly 1 million people have MS. The National Multiple Sclerosis Society estimates that more than 2.8 million people worldwide have MS.
Key Industry Development:
In April 2022, Roche issued a warning that Russia's attack on Ukraine is interfering with the development of a new generation of multiple sclerosis (MS) drugs, as the industry has come to rely disproportionately on Eastern Europe for clinical trials.
In August 2020, Novartis launched its U.S. Food and Drug Administration (FDA) approved subcutaneous injection for the treatment of relapsing multiple sclerosis. Kesimpta is the name of that injection (ofatumumab).
