Multiple sclerosis therapeutic industry is projected to witness a CAGR of 4.7% during the period 2024-2032. This growth can be attributed to increasing prevalence of multiple sclerosis.
Selbyville, Delaware, Sept. 30, 2024 (GLOBE NEWSWIRE) —
Multiple Sclerosis Therapeutic Market size was valued at approximately USD 25.5 billion in 2023. Projections indicate a growth rate of 4.7% CAGR from 2024 to 2032, due to the Increasing prevalence of multiple sclerosis.
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Multiple sclerosis therapeutics refer to a range of treatments and medications aimed at managing multiple sclerosis, a chronic autoimmune disorder impacting the central nervous system (CNS). This condition deteriorates the myelin sheath, which is the nerve fibers’ protective covering, disrupting communication between the brain and body.
The increasing prevalence of multiple sclerosis significantly propels the multiple sclerosis therapeutic market gains. For example, the World Health Organization (WHO) reports that over 2.8 million individuals globally are affected by multiple sclerosis, with young adults and females being more susceptible. This rising prevalence amplifies the demand for effective therapeutics, fueling research and development for innovative treatments catering to this expanding patient base.
Recent advancements in drug development for multiple sclerosis have markedly enhanced disease management. In the last decade, new therapies have showcased superior efficacy for catering to diverse patient needs. Such advancements are reshaping the treatment landscape, introducing targeted, convenient, and personalized options that not only improve patient outcomes but also elevate their quality of life.
The overall multiple sclerosis therapeutic market is divided into drug class, route of administration, distribution channel, and region.
The market categorizes drug classes into immunosuppressants, immunostimulants, immunomodulators, corticosteroids, and others. Forecasts suggest the immunomodulators segment will hit USD 23.6 billion by 2032. Immunomodulators, including interferon beta and glatiramer acetate, play a pivotal role in managing multiple sclerosis. They modulate the immune response, leading to reduced relapse frequency and severity, fewer neurological deterioration episodes, and enhanced overall disease management.
The market segments based on administration routes into oral and injectables. The injectables further divide into intramuscular, subcutaneous, and intravenous. The oral segment generated USD 14.9 billion in 2023. Oral medications, being more user-friendly than injectables, boost patient compliance. They empower patients to self-administer at home, free from medical supervision, thus enhancing their quality of life.
In the U.S., the multiple sclerosis therapeutic market is set to reach USD 13.3 billion by 2032. The country’s high multiple sclerosis prevalence significantly fuels this market progression. Data from the National Multiple Sclerosis Society highlights this, noting that in 2019, nearly 1 million individuals in the U.S. were diagnosed, intensifying the demand for advanced therapies and driving market innovation.
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Major players in multiple sclerosis therapeutic market include Abbvie Inc., Amgen Inc., Acorda Therapeutics, Inc., Biogen Inc., Bayer AG, Bristol-Myers Squibb Company., F. Hoffman-La Roche Ltd. Johnson & Johnson, Merck & Co., Inc., Novartis AG among others.
Partial Table of Contents (ToC) of the report:
Chapter 1 Methodology & Scope
1.1 Market scope & definitions
1.2 Research design
1.2.1 Research approach
1.2.2 Data collection methods
1.3 Base estimates & calculations
1.3.1 Base year calculation
1.3.2 Key trends for market estimation
1.4 Forecast model
1.5 Primary research and validation
1.5.1 Primary sources
1.5.2 Data mining sources
Chapter 2 Executive Summary
2.1 Industry 3600 synopsis
Chapter 3 Industry Insights
3.1 Industry ecosystem analysis
3.2 Industry impact forces
3.2.1 Growth drivers
3.2.1.1 Increasing prevalence of multiple sclerosis
3.2.1.2 Advancements in drug development
3.2.1.3 Growing focus on personalized medicine
3.2.1.4 Rising geriatric population
3.2.2 Industry pitfalls & challenges
3.2.2.1 High cost of the drugs
3.2.2.2 Side effects associated with the medication
3.3 Growth potential analysis
3.4 Technology landscape
3.5 Pipeline analysis
3.6 Regulatory landscape
3.7 Future market trends
3.8 Porter’s analysis
3.9 PESTEL analysis
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