Multiple Sclerosis Therapeutics Market to Surpass US$ 24.4 Billion by 2025
The major factors driving growth of the multiple sclerosis therapeutics market include rise in research and development ultimately leading to the launch of novel drug candidates and the rising prevalence of the condition in children. For instance, in 2014, Plegridy (peginterferon beta-1a) manufactured by Biogen, a disease modifying therapy was approved for the long-term treatment of relapsing forms of multiple sclerosis. According to Multiple Sclerosis Society, approximately five to ten per cent of people with MS experienced their first symptoms before the age of 16. However, the inability of drugs to prevent disease progression and disability, side effects of the approved drugs such as increased risk of infections, flu-like symptoms and progressive multifocal leukoencephalopathy (PML), a viral disease of the brain are the factors hindering market growth.
To understand Research Methodology, please click: https://www.coherentmarketinsights.com/insight/request-sample/1310
The global multiple sclerosis therapeutics market was valued at US$ 19.6 billion in 2016 and is expected to witness a robust CAGR of 2.5% over the forecast period (2017 – 2025).
The multiple sclerosis therapeutic agents are intended to promote neurorepair and neuroprotection to prevent disease progression. The disease modifying therapeutics are currently under clinical development to specifically target the disease while avoiding frequent therapeutic administrations. A variety of corticosteroids, immunosuppressants and monoclonal antibodies are approved and recommended to reduce inflammation in multiple sclerosis. The complex nature of disease with its unique individual patient course renders variable clinical outcomes in different patients. Although there is no cure for multiple sclerosis, the currently available therapeutics modify the disease course, accelerate recovery from attacks, and help in managing symptoms.
Increasing prevalence of multiple sclerosis to augment market growth
Multiple sclerosis is a widespread disabling neurological condition, mostly diagnosed in people in the age group 20–50 years. According to the Multiple Sclerosis Foundation, 2017, this autoimmune condition affects 2.5 million people with the global incidence of around 7 cases per 100,000 people per year. The study also states that prevalence rates varies between ethnic and geographical latitudes, ranging from 50 to 120 people per 100,000 population. North America dominates the multiple sclerosis therapeutics market owing to the high prevalence of the condition and the rising economic burden of the disease leading to the adoption of novel therapeutics. According to the Multiple Sclerosis Foundation, 2015, an estimated 400,000 people live with the disease in U.S., and about 200 new cases are diagnosed every week. According to a survey by Healthline Media, 2015, multiple sclerosis ranks second after congestive heart failure with direct and indirect health care costs ranging from US$ 8,528 to US$ 54,244 per patient per year. Higher therapy cost is restraining the growth of the multiple sclerosis therapeutics market.
Intensive R&D programs undertaken by organizations to accelerate the market growth
Various organizations such as National Institute of Neurological Disorders and Stroke, National MS Society, Parkinson’s Action Network are undertaking extensive efforts to create novel therapies for MS, contributing to be a vital factor driving the growth of global multiple sclerosis therapeutics market. For instance, the scientists at Multiple Sclerosis International Federation are undertaking research to understand, manage and treat the disease and are currently undertaking clinical trials to investigate the potential of stem cell therapies including mesenchymal stem cell (MSCs), hematopoietic stem cells (HSCs) and neural stem cells (NSCs). Also, in 2013, the Progressive MS Alliance was established to specifically research and develop more treatment options for people with the progressive forms of MS which currently has a total of 20 projects with researchers based in nine countries. Additionally, in 2015, the MS Society of Canada and the Canadian Institute of Health Research funded a new research to the University of Alberta to examine novel therapeutic strategy to reduce inflammation in the brain, a key factor contributing to the muscle disability associated with multiple sclerosis.
Ask for customization: https://www.coherentmarketinsights.com/insight/request-customization/1310
The major players operating in the global multiple sclerosis therapeutics market include Novartis AG, Teva Pharmaceutical Industries Ltd., Sanofi S.A., Bayer AG, Pfizer, Inc., Biogen Idec, Merck & Co., Inc., and AbbVie, Inc.
You may be interested
Researchers Discover New Material for High-Speed ElectronicsMohit Joshi - September 18, 2018
Researchers discovered a new material from the rare element tellurium for high-speed electronics, according to a study conducted on May 24, 2018. This study was conducted by…
Higher Levels of Well-being Associated with Diverse NeighborhoodMohit Joshi - September 17, 2018
Researchers reveal that well-being and quality of life is influenced by diversity of neighborhoods, according to a new study published in May 30, 2018. A team from…
Report Suggests Carbon Dioxide Efficiency IncreasedMohit Joshi - September 12, 2018
Researchers develops a novel two-step process to increase the efficiency of carbon dioxide (CO2) electrolysis. Electricity is easily available, more affordable and environment-friendly compared to fossil fuels…