New York, Dec. 03, 2019 (GLOBE NEWSWIRE) — Increased focus on drug discovery, accelerated delivery of new treatments for patients, introduction of novel and highly efficient therapies, a variety of new drugs entering the market, huge R&D activities & investments in multiple sclerosis (MS) therapeutics clinical development are key factors contributing to high CAGR of Multiple Sclerosis Therapeutics during forecast period.
According to the current analysis of Reports and Data, the global Multiple Sclerosis Therapeutics market was valued at USD 21.29 billion in 2018 and is expected to reach USD 25.91 billion by year 2026, at a CAGR of 2.5 %. Multiple Sclerosis is a disabling condition of the central nervous system that impairs the flow of information within the brain and between the body and the brain. The intensity of Multiple Sclerosis ranges from numbness and tingling to blindness and paralysis. Every person with Multiple Sclerosis has a different symptom, which makes the diagnosis difficult. Increasing research related to the signs and treatments related to Multiple Sclerosis is expected to drive the market growth. Another challenge faced by the Multiple Sclerosis therapeutics market is the lack of awareness among the people associated with the Multiple Sclerosis condition. The demand for Multiple Sclerosis is expected to increase owing to the new drug developments for treating Multiple Sclerosis. For instance, according to an article published on July 31, 2019, by the National MS Society, Dalfampridine tablets are expected to improve the information processing speed in people who have Multiple Sclerosis. Increasing awareness among the people in developing nations, coupled with an increase in the developments in the healthcare sector, is further expected to drive the market for Multiple Sclerosis therapeutics. Additionally, the increasing research and study associated with Multiple Sclerosis are expected to increase the market for Multiple Sclerosis therapeutics in the coming years. University College London researchers explained how the early MRI signs might indicate the future disease course of Multiple Sclerosis.
Progress in treatments and drugs for Multiple Sclerosis is the primary factor driving the growth of the market. The increasing number of Multiple Sclerosis incidences, growing awareness among the people, development in the drugs and therapeutics sector, increasing government support, and increased investments in the healthcare and medical sector is expected to propel the market in the coming years. However, difficulty in identifying the condition of Multiple Sclerosis and expensive medications coupled with increased neglect towards the symptoms by a majority of the people, is the major hindrance for market growth during 2019-2026.
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Further key findings from the report suggest
- Multiple Sclerosis Therapeutics market is growing at a CAGR of 8% in North America followed by Asia Pacific and Europe, with 2.7 % and 2.3% CAGR, respectively. Launch of novel therapeutics is the key factor to accelerate the market growth during forecast period across all regions.
- As of 2018, Immuno-modulators is the dominating Multiple Sclerosis Therapeutics which holds 71.9% of the global market. North American regional market is the chief revenue generating source for this product segment, followed by Asia-Pacific and Europe regions.
- Multiple Sclerosis has no permanent cure, however, many treatments and medications are available to keep manage the symptoms. Drugs are available to slow down the symptoms and intensity of multiple sclerosis.
- One of the major challenges faced by healthcare specialist is that, since Multiple Sclerosis is the condition that affects the brain and the spinal cord, Multiple Sclerosis intensity and symptoms for every person is different. This makes the detection and the treatment of the condition even more difficult.
- A new study funded by the National MS Society has confirmed that nearly one million people are living with MS in the United States, more than twice the original estimate from a previous study.
- Several risk factors, including genes, exposure to infections, and environmental factors, have been identified as growing a person’s vulnerability to developing multiple sclerosis. In addition, there is a growing body of evidence that adolescent obesity can increase the possibility of developing MS.
- May 30th was officially market as the World MS Day. World MS Day Multiple Sclerosis movement’s annual campaign started to increase the awareness among the people and support and connect the people suffering from multiple sclerosis all around the world.
- A recent study published in the journal Multiple Sclerosis and Related Disorders states that, the effect of not taking the medication of Multiple Sclerosis not only affects the management of the MS condition, but also affects the general health of the patient.
- Lifestyle factors are not risk factors for developing MS, for example, diet, exercise, tobacco use, unlike conditions in which these risk factors are very important, such as stroke, heart disease, or diabetes.
- Key participants include Biogen Idec, Teva Pharmaceuticals, Bayer Healthcare, Pfizer, Sanofi-Aventis, Merck, and Novartis, AbbVie Inc., Acorda Therapeutics Inc.
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Segments covered in the report:
For the purpose of this report, Reports and Data has segmented the Multiple Sclerosis Therapeutics market on the basis of product type, mode of administration type, distribution channel, and region:
Product Type (Revenue, USD Million; 2016–2026)
- Beta interferons
Mode of Administration Type (Revenue, USD Million; 2016–2026)
Distribution Channel (Revenue, USD Million; 2016–2026)
- Healthcare Providers
- Online Pharmacies
- Medical Clinics
Regional Outlook (Revenue in USD Million; 2016–2026)
- North America
- Rest of the Europe
- Asia Pacific
- Rest of Asia-Pacific
- Middle East & Africa
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