The multiple sclerosis is a nervous system disease that affects the spinal cord and brain. It damages the myelin sheath, which is a term used to exemplify that materials which surrounds & protects human nerve cells. This damage blocks the messages between the brain & body and leads to the symptoms of multiple sclerosis. It affects women more than men. The disease occurs between age group of 20 to 40. It is mainly divided into four types: relapsing-remitting multiple sclerosis, progressive-relapsing multiple sclerosis, secondary-progressive multiple sclerosis and primary-progressive multiple sclerosis. Relapsing-remitting multiple sclerosis is most common form of the disease. Some of the key symptoms of multiple sclerosis include thinking & memory problems, problem in coordination, visual disturbances, and balancing of the body & muscle weakness.
According to study, “Multiple Sclerosis Drugs Market Global Report 2020-30” the key companies operating in the global multiple sclerosis drugs market are Bayer HealthCare, Pfizer, Inc., Biogen, Novartis, Roche, Merck & Co., Inc., GlaxoSmithKline, Acorda Therapeutics Inc., Sanofi, Teva Pharmaceutical Industries Ltd., Actelion Pharmaceuticals (Johnson & Johnson), Betaseron, CinnoVex, Extavia, Rebif, EMD Serono (Merck KGaA), AbbVie, Inc., Tysabr. The key companies are rapidly growing their efforts to focus on innovative product launches to cater to the increasing demands for multiple sclerosis drugs. The multiple sclerosis requires an enduring treatment that increases the overall cost of treating any patient. In order to offer better & effective treatment, companies are developing drugs precise to the treatment of multiple sclerosis.
Based on drug class, multiple sclerosis drugs market is segmented as immunosuppressants, immunomodulators, interferons and others. Based on route of administration, market is segmented as injection (subcutaneous, intramuscular and intravenous) and oral. In addition, based on distribution channel, market is segmented as retail pharmacy, hospital pharmacy and online pharmacy.
The multiple sclerosis drugs market is driven by rise in prevalence of multiple sclerosis. Apart from this, several other factors for instance genetic & environmental are contributing to the increasing incidence of multiple sclerosis. Prevalence of autoimmune diseases such as type1 diabetes & certain infections, including the infectious mononucleosis also lead to rising risk of multiple sclerosis. With the surging incidence of this health condition, the demand for multiple sclerosis drugs will increase considerably in upcoming years which will contribute to the growth of this market size. However, high cost of drugs to treat multiple sclerosis may impact the market. Moreover, growth in development of novel drugs is a key trend for market.
Based on geography, the North-American region holds major share in global multiple sclerosis drugs market owing to rise in awareness about multiple sclerosis and its treatment in the region. The Asian-Pacific and European regions are estimated to exhibit substantial growth rate due to supportive health reimbursement policies over the forecast period. It is expected that future of the global market will be bright as a result of increase in distribution networks of pharmaceutical companies during the forecast period. The global multiple sclerosis drugs market was valued at US $20.83 billion in 2019 and it is likely to grow at a CAGR of 5.20% and reach US $25.52 billion by 2023.
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Ankur Gupta, Head Marketing & Communications