The Middle East and Africa multiple sclerosis therapeutics market is expected to reach US$ 2,027.86 million by 2027 from US$ 1,319.08 million in 2019; it is estimated to grow at a CAGR of 5.7% from 2020 to 2027. The growth of the market is attributed to a few key driving factors such as increasing awareness about multiple sclerosis amongst population, and development and launch of innovative products. However, the high cost of the multiple sclerosis treatment hinders the market growth. Multiple sclerosis (MS) is a chronic disease that affects the brain, spinal cord, and optic nerves.Studies show that there is an increase in the prevalence of multiple sclerosis across the Middle East and African countries.
In recent years, various measures and efforts have been taken to create awareness and educate people regarding neurological diseases, which are facilitating patients to access suitable medications and treatments for such conditions.The Multiple Sclerosis Foundation and affiliated groups have initiated National MS Education and Awareness Month, which is observed in March since 2003 to increase awareness about the disease.
The goal of this program is to promote an understanding of Multiple Sclerosis and help the patients in making educated decisions of its treatment.Also, the National MS Society created and launched the “MS Kills Connection > < Connection Kills MS” campaign to connect people suffering from MS, people who treat MS patients, and people who run activities to create a world free of MS.
Similarly, several players operating in the multiple sclerosis therapeutics market are developing and launching new products. The strategy of geographic and manufacturing capacity expansion, along with the product launches, helps companies cater to a broad customer base. Such developments and launches of new products are emerging as a key trend in the Middle East and Africa multiple sclerosis therapeutics market. Middle East and Africa is recording the growing number of COVID-19 cases.The COVID-19 pandemic restricted the research and development activities in countries across the region in 2020.
Apart from this, a huge population already face a growing burden of non-communicable diseases like hypertension and diabetes, which is making them more vulnerable to the novel coronavirus.The countries in these regions are highly dependent on pharmaceutical products imported from developed countries.
Therefore, massive disruptions in supply chains are hindering the growth of the Middle East and Africa multiple sclerosis therapeutics market. The Middle East and Africa multiple sclerosis therapeutics market, by drug class, is bifurcated into immunosuppressant and immunomodulators. The immunomodulators segment held a larger share of the market in 2019, whereas the immunosuppressants segment is anticipated to register a higher CAGR in the market during the forecast period. The Middle East and Africa multiple sclerosis therapeutics market, by route of administration, is bifurcated into injectable and oral. The injectable segment held a larger share of the market in 2019, and the same segment is anticipated to register a higher CAGR in the market during the forecast period. Based on distribution channel, the Middle East and Africa 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.
However, the e-commerce segment is estimated to register the highest CAGR in the market during the forecast period. A few of the primary and secondary sources referred to while preparing the report on the Middle East and Africa multiple sclerosis therapeutics market are the Multiple Sclerosis Scientific Research Foundation (MSSRF), World Health Organization (WHO), and Ministry of Health and Prevention (MoHAP).
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By Asia Market Information & Development Company
• Aug 2021
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