Growing Prevalence of Multiple Sclerosis (MS) Driving Multiple Sclerosis Therapeutics Market
According tour new market research study on “Multiple Sclerosis Therapeutics Market Forecast t2027 – COVID-19 Impact and Global Analysis – by drug class, route of administration and distribution channel,” the market is expected treach US$ 39,223.59 million by 2027 from US$ 24,026.90 million in 2019. The market is estimated tgrow at a CAGR of 6.5% from 2020 t2027. The report highlights trends prevailing in the market, and drivers and hindrances pertaining tthe market growth.
Factors, such as growing prevalence of multiple sclerosis (MS), rising funding for multiple sclerosis research, and increasing awareness about multiple sclerosis are expected tboost the growth of the global multiple sclerosis therapeutics market. However, high cost of multiple sclerosis treatment is likely thamper the growth of the market during the forecast period.
Multiple sclerosis (MS) is an autoimmune disease affecting the central nervous system. The immune system attacks the nerves which causes communication problems between the brain and rest of the body. Immunosuppressant and immunomodulators, along with physiotherapy, are widely used ttreat MS.
Rise in funding is fueling extensive multiple sclerosis research across the world tidentify new treatments for the disease. For instance, Multiple Sclerosis Scientific Research Foundation announced the launch of 2017 Multi-Centre, Collaborative Team Grant (Team Grant) Competition. This grant would provide funding for multiple sclerosis research tthe researchers and clinician scientists in Canadian institutions in association with other national and international experts. The research team can request up tUS$ 4,500,000 for three years. Similarly, the National MS Society, in 2019, announced US$ 24.4 million funding for 64 new MS research projects. The society invested around US$ 35 million in 2019 alone tsupport 340 new and ongoing research studies across the globe. In 2018, the National MS Society Commits invested US$ 12 million for 40 new research projects in order tstop multiple sclerosis, restore function that has been lost due tthe disease, and end multiple sclerosis forever.
COVID-19 pandemic has become the most significant challenge across the world. This challenge will be frightening especially in developing countries across the globe as it will lead treducing imports due tdisruptions in global trade. Till date ndefinitive treatment against COVID-19 has been established. Patients with severe health conditions, such as neurological diseases and others; are witnessing delays in such chronic disease treatment. Supply chain disruptions associated with this pandemic situation will ultimately affect the sales of products for short period. However, the supply of MS drugs has been continuous in the pandemic as pharmacies are allowed topen during the lock down. Several companies are cutting their clinical trial activities and delaying product launches in response tthe COVID-19 pandemic. For instance, Bristol-Myers Squibb delayed the launch of its multiple-sclerosis drug Zeposia (ozanimod) due tthe outbreak of COVID-19 pandemic.
Merck & Co., Inc.; Novartis AG; Bayer AG; Sanofi; Bristol-Myers Squibb Company; Horizon Therapeutics plc.; Teva Pharmaceutical Industries Ltd; Takeda Pharmaceutical Company Limited; F. Hoffmann-La Roche Ltd., and Biogen are among the leading companies operating in the multiple sclerosis therapeutics market.
The report segments global multiple sclerosis therapeutics market as follows:
By Drug Class
- By Route of Administration
By Distribution Channel
- Hospital Pharmacies
- Retail Pharmacies
- North America
- Rest of Europe
- Asia Pacific (APAC)
- South Korea
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- South Africa
- Saudi Arabia
- Rest of Middle East & Africa
- South America (SAM)
- Rest of South America