PUBLISHER: The Business Research Company | PRODUCT CODE: 1426224
PUBLISHER: The Business Research Company | PRODUCT CODE: 1426224
Multiple sclerosis drugs, referred to as disease-modifying treatments, aim to halt the progression of disability and the occurrence of disease relapses associated with the condition. These medications work by targeting a protein present on the surface of immune cells, leading to a reduction in the number of white blood cells. This reduction helps prevent relapses in multiple sclerosis by potentially diminishing the white blood cells' tendency to cause nerve injury.
The primary drug classes for multiple sclerosis treatment include immunomodulators, immunosuppressants, interferons, and others. Immunomodulators specifically target pathways involved in treating multiple myeloma and certain other cancers. These drugs can be administered through various routes, including oral and parenteral methods, and are distributed through hospital pharmacies, retail pharmacies, and online platforms.
The multiple sclerosis drugs market research report is one of a series of new reports from The Business Research Company that provides multiple sclerosis drugs market statistics, including multiple sclerosis drugs industry global market size, regional shares, competitors with a multiple sclerosis drugs market share, detailed multiple sclerosis drugs market segments, market trends and opportunities, and any further data you may need to thrive in the multiple sclerosis drugs industry. This multiple sclerosis drugs market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The multiple sclerosis drugs market size 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 size 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. They support various programs and initiatives aimed at improving the quality of life for those affected by multiple sclerosis (MS). 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. MS, an autoimmune disease impacting the central nervous system, requires pharmaceutical intervention for symptom management and disease progression. 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.
Major companies operating in the multiple sclerosis drugs market include Biogen Inc., Novartis International AG, F. Hoffmann-La Roche Ltd., Bayer HealthCare LLC, Pfizer Inc., Merck & Co. Inc., Sanofi S.A., 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
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.
The multiple sclerosis drug market consists of sales of lemtrada, novantrone, ocrevus, and tysabri. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Multiple Sclerosis Drugs Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on multiple sclerosis drugs market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for multiple sclerosis drugs? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The multiple sclerosis drugs market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.