Multiple Sclerosis Drugs Global Market Report 2023
Major players in the multiple sclerosis drugs market are Biogen, Novartis, Roche, Bayer HealthCare, Pfizer Inc., Merck & Co. Inc., Sanofi, Teva Pharmaceutical Industries Ltd., GlaxoSmithKline, Acorda Therapeutics Inc.
New York, Feb. 08, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Multiple Sclerosis Drugs Global Market Report 2023" - https://www.reportlinker.com/p06241827/?utm_source=GNW
, Actelion Pharmaceutical, EMD Serono, AbbVie Inc., Betaseron, CinnoVex, Extavia, Rebif and Tysabr.
The global multiple sclerosis drugs market is expected to grow from $24.75 billion in 2021 to $26.29 billion in 2022 at a compound annual growth rate (CAGR) of 6.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The multiple sclerosis drugs market is expected to reach $33.46 billion in 2026 at a CAGR of 6.2%.
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.
Multi sclerosis drug refers to medications that are designed to stop the progression of disability and disease relapses. These medications are referred to as "disease-modifying treatments.” These drugs target a protein on the surface of immune cells and reduce the number of white blood cells assist to prevent MS relapses. The white blood cells’ propensity for nerve injury may be reduced by this impact.
North America was the largest region in the multiple sclerosis drug market in 2022.Middle East is expected to be the fargest 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 main drug class of multiple sclerosis drugs is immunomodulators, immunosuppressants, interferons, and others.Immunomodulators are a class of drugs that primarily target pathways involved in the treatment of multiple myeloma and a few other cancers.
The various route of administration includes oral drugs and parenteral drugs that are distributed through hospital pharmacy, retail pharmacy, and online stores.
The growth of the multiple sclerosis drugs market is aided by the support from the government as well as non-government organizations.The government and non-government organizations fund several schemes and programs to offer their support to enhance the quality of life of people affected with multiple sclerosis (MS).
For instance, the government of Alberta in partnership with the Department of Economic Development, Trade, and Tourism in Canada invested $ 1 million towards the Canadian Prospective Cohort Study to Understand Progression in Multiple Sclerosis (CanProCo) to support the research and innovations to enhance understanding and treatment for MS disease.CanProCo is an initiative to consolidate the efforts of nearly 50 MS researchers from various disciplines across Canada.
The initiative was further funded by the Canada Brain Research, Biogen Canada, and the MS Society of Canada, as well as Hoffmann-La Roche Limited (Roche Canada) to raise a total of $10 million. Appropriate financial support from the government and non-government organizations boosts the growth of the multiple sclerosis drugs market.
The high cost of drugs to treat multiple sclerosis (MS) restricts the growth of the multiple sclerosis drugs market.MS is a cureless disease with high chances of a disability and requires lifelong treatment.
Despite the heavy competition among the drug companies, the cost of MS drugs is high, increasing the overall cost of treatment.The companies operating in the multiple sclerosis drugs market often have to work towards reducing the cost of these drugs to justify their cost-effectiveness to their consumers.
As reported by Institute for Clinical and Economic Review (ICER), MS drugs cost roughly between $63,000 and $104,000 annually.For instance, after receiving criticism from the National Multiple Sclerosis Society on the high price of Vumerity, a drug to treat relapse MS, Biogen and Alkermes had to reduce the prices of the drug to $88,000 per year to make it affordable to the patients.
The high cost of drugs, which are required lifelong negatively affects the growth of the multiple sclerosis drugs market.
The companies are rapidly intensifying their efforts to focus on new product launches to cater to the rising demands for MS drugs.Multiple sclerosis requires lifelong treatment, which increases the overall cost of treating a patient.
To provide better and more effective treatment companies in the multiple sclerosis market are developing drugs specific to the treatment of multiple sclerosis.Following the trend, FDA approved Novartis’ Mayzent (siponimod) and EMD Serono’s Mavenclad (cladribine) for the treatment of relapsing-remitting multiple sclerosis (RRMS), and active secondary progressive multiple sclerosis (SPMS).
Both the drugs were launched as easy-to-consume oral drugs.
Bristol-Myers Squibb, a USA-based pharmaceutical company, acquired Celgene for $74billion.Through the acquisition, Bristol-Myers Squibb aims to increase its product portfolio by utilizing the existing products of Celgene along with its technical and pipeline support.
Ozanimod is one of Celgene’s pipelined drugs for the treatment of relapsing multiple sclerosis.The drug is currently in phase III clinical trials to be approved by FDA.
Celgene is a USA-based producer and marketer of medicines for cancer and inflammatory disorders such as multiple sclerosis.
The countries covered in the multiple sclerosis drugs market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The multiple sclerosis drugs market research report is one of a series of new reports 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.
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