The Multiple Sclerosis Therapeutics market was valued at US$ 24,026.90 million in 2019 and it is projected to reach US$ 39,223.59 million by 2027; it is expected to grow at a CAGR of 6.5% from 2020 to 2027.
The growth of the multiple sclerosis therapeutics market is mainly attributed to factors, such as growing prevalence of multiple sclerosis (MS) and rise in funding for multiple sclerosis research. However, high cost of multiple sclerosis treatment is likely to restrain the market growth during the forecast period.
Multiple sclerosis 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 to treat MS.
Rise in funding is fueling extensive multiple sclerosis research across the world to identify 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 to the researchers and clinician scientists in Canadian institutions in association with other national and international experts.The research team can request up to US$ 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 to support 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 to stop multiple sclerosis, restore function that has been lost due to the 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 to reducing imports due to disruptions in global trade.
Till date no definitive 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 to open during the lock down.
Several companies are cutting their clinical trial activities and delaying product launches in response to the COVID-19 pandemic. For instance, Bristol-Myers Squibb delayed the launch of its multiple-sclerosis drug Zeposia (ozanimod) due to the outbreak of COVID-19 pandemic. Based on drug class, the market is segmented into immunosuppressant and immunomodulators.In 2019, the immunomodulators segment accounted for larger share of the market.
Growth of this segment is attributed to launch of new generic drugs and increase in adoption of immunomodulators in MS treatment. The immunosuppressant segment is likely to register higher CAGR during the forecast period. Based on route of administration, the multiple sclerosis therapeutics market is segmented into injectable and oral. The injectable segment held larger share of the market in 2019, and the same segment is anticipated to register higher CAGR during the forecast period. Based on distribution channel, the multiple sclerosis therapeutics market is segmented into hospital pharmacies, retail pharmacies, and e-commerce. The hospital pharmacies segment held the largest share of the market in 2019, and the e-commerce segment is anticipated to register the highest CAGR in the market during the forecast period.
The World Health Organization, Food and Drug Administration, Centers for Disease Control and Prevention, European Medicines Agency, National Center for Biotechnology Information, and National Health Service are some of the major primary and secondary sources referred for preparing this report.
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