Multiple Sclerosis Treatment Market Size to Surpass USD 30.55 Billion by 2030 at 2.31% CAGR – Report by Market Research Future (MRFR)

New York, USA, Feb. 15, 2023 (GLOBE NEWSWIRE) — Multiple Sclerosis Treatment Market Overview

According to a Comprehensive Research Report by Market Research Future (MRFR), “Multiple Sclerosis Treatment Market Research Report, By Drug Type, By Route of Administration, By Diagnosis, By End Users – Forecast till 2030”, the market size was valued at USD 24.8 Billion in 2021 and is projected to grow from USD 25.45 Billion in 2022 to USD 30.55 Billion by 2030, exhibiting a compound annual growth rate (CAGR) of 2.31% during the forecast period (2022 – 2030).

Market Scope

Demyelination, or the destruction of the protective coverings of nerve cells, is a hallmark of Multiple Sclerosis (MS). Since a cure for MS has yet to be discovered, current treatment focuses on damage prevention, disease slowing, and symptom management. Symptoms of multiple sclerosis (MS) can vary widely depending on the nature and extent of nerve damage.

Symptoms of multiple sclerosis include numbness or paralysis in one or more areas of the body, double vision, electric shocks while moving the neck, tremors, unsteadiness in walking, and problems with urination and defecation. In its most severe forms, multiple sclerosis can render a person entirely immobile or severely limit their mobility. Common symptoms of multiple sclerosis include impaired mobility and coordination, weak muscles, extreme fatigue, and impaired vision, however these symptoms manifest differently in each patient.

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Multiple Sclerosis Treatment Market Competitive Dynamics:

The global multiple sclerosis treatment market are:

• AbbVie (US)
• Sanofi Aventis (France)
• Bayer Healthcare (Germany)
• Biogen Idec (US)
• Teva Pharmaceuticals (Israel)
• Pfizer Inc. (US)
• Merck (US)
• Novartis (Switzerland)

Multiple Sclerosis Treatment Market Dynamics:

Market Drivers

The market for MS treatments is seeing a surge in interest in clinical research and R&D funding. Numerous drugmakers are researching treatments for MS. For instance, clinical trials for MS are underway with Pipeline Therapeutics’ PIPE-307, a selective antagonist of the M1 receptor. In addition to an uptick in MS research, other partnerships have emerged between the pharmaceutical industry and academic institutions. The pipelines of pharmaceutical firms of all sizes have been fortified by greater investigation into novel candidates. The introduction of these prospective treatments for MS is expected to stimulate the expansion of the market for MS treatments.

Increases in the number of people diagnosed with MS, as well as in the availability of diagnostic tests and effective therapies, point to a bright future for the market for MS care. The average age of a person diagnosed with multiple sclerosis is 48.

Market Restraints

A fundamental barrier that persists is the vast time lapse between initial diagnosis and the start of treatment. The condition has no effective and permanent treatments at this time. Having the MS treatment market broken out into a base price and marketing efforts is more likely to lead to the development of a second medicine with at least partially fixed rates. Thus, the most significant gain and advantages can be obtained by the leading competitor through creative work techniques.

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COVID-19 Analysis

The COVID-19 pandemic has emerged as one of the world’s most pressing problems. Developing nations would be hit hard because of the potential for interruptions in global trade, which would restrict imports. The cause of COVID-19 is unknown, and no cure has been found. Delays in treatment are a common problem, especially for those with serious conditions like neurological disorders. It’s likely that this pandemic would cause supply chain issues. Multiple sclerosis medications have been accessible throughout the pandemic, provided pharmacies remain open during lockdowns. Companies are delaying product introductions and halting clinical trials as a result of the widespread COVID-19 virus.

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Multiple Sclerosis Treatment Market Segmentation:

Based on Drug Type

Immunomodulators segment is expected to drive the market over the review period. 

According to their Route of Administration, the injectables segment is expected to drive the global market over the review period.

By diagnosis

Magnetic Resonance Imaging (MRI) scans is expected to expand at a notable CAGR over the review period.

By End-users

Hospitals segment is dominating the market over the review period.

Multiple Sclerosis Treatment Market Regional Analysis

Market research for MS treatments is broken down into four geographical subsegments: North America, Europe, Asia Pacific, and the Middle East and Africa. The United States is the dominant market player because of its advanced medical technology and the large number of research institutions dedicated to improving the diagnosis and treatment of disease. An increase in MS operations can also be attributed to the widespread availability of medical care in the United States and Canada. Major hospitals can be found in plenty, and reimbursement rates are satisfactory, in the developed countries of this region. Because of this, MS therapies have expanded. The consolidation of significant healthcare players in the U.S. contributes to market expansion since the surviving companies have greater purchasing power. This causes economies of scale to emerge.

Europe’s expanding healthcare sector and higher healthcare penetration has made the continent the world’s second-largest market for MS treatment. France and Germany are driving the expansion of Europe’s market for MS drugs. Germany’s substantial pharmaceutical industry bodes well for the country, which is projected to see the most growth over the evaluation period. While the Asia-Pacific region is by far the largest market for MS treatments, other regions such as Europe are also significant players. This is because the country has put so much money into cutting-edge gadgets.

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An increase in demand for healthcare workers is anticipated in the Asia-Pacific area due to the region’s burgeoning healthcare industry. Both China and India have a large number of MS patients, thus their treatment markets are expected to grow at a faster rate than those in the rest of the world. China, India, and Malaysia will make major contributions to the expansion of the Southeast Asian market. Due to rising demand for medical treatment, multiple sclerosis diagnoses are predicted to rise across Asia. This is especially true in the Asia Pacific region. The region of Asia-Pacific is anticipated to expand at a rate higher than any other region throughout the estimated time frame. It is challenging to treat multiple sclerosis in the Asia-Pacific region because of the high prevalence of other, more lethal diseases.

It is widely anticipated that Gulf countries will exert a preponderant influence in the Middle Eastern and African economies. In the Middle East, be especially vigilant in Kuwait, Jordan, Egypt, and Iran, all of which have seen an uptick in terrorist activity in recent years. Poor economic and political situations, as well as a lack of healthcare development, are predicted to have a substantial impact on African economies, reducing GDP. Sub-Saharan Africa is predicted to be one of the backward regions due to its lack of social development and tribal identity, allowing more advanced regions to overtake it. Due to a lack of access to healthcare, both businesses and consumers in the Middle East and Africa will be unable to fuel the market’s expansion by acquiring the requisite medical expertise.

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