Multiple Sclerosis Treatment Market Synopsis
Market Research Future postulates that the global multiple sclerosis treatment market is estimated to demonstrate 3.5% CAGR throughout the forecast period (2017-2023). Factors such as increasing patient pool and screening for better treatment options are likely to favor the market growth worldwide. Multiple sclerosis is referred to as an inflammatory, chronic, and an autoimmune disease which generally affects the central nervous system. It especially affects the communication between the brain and other body parts. Multiple sclerosis is a demyelinating disease in which the insulating covers of the nerve cells in the spinal cord and brain are damaged.
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Market Potential and Pitfalls
Multiple sclerosis treatment market is anticipated to expand at a healthy CAGR throughout the forecast period owing to several driving factors. With augmenting patient population across the world and the need for better treatment options and greater screening, the market for multiple sclerosis treatment is estimated to flourish. As the aging population is more susceptible to the disease, the market is flourishing with the increasing geriatric population. Research and development activities are also considered to yield benefits with huge gain for the market. For instance, the introduction of a new drug with partial curing rate is expected to be welcomed by the market with minimum marketing efforts and cost. Such efforts are estimated to contribute to the market growth. Furthermore, with the augmenting incidences of muscle weakness, the market is likely to flourish in the coming years. Additional factor promoting the market growth is the presence of high unmet clinical requirements, especially in the developing economies. Organizations across the globe are spreading awareness related to progressive multiple sclerosis coupled with the symptoms associated with it, which is further estimated to propel the market growth. With reimbursement programs, the penetration of multiple sclerosis drugs is also likely to augment, thereby contributing to the market growth.
On the contrary, a significant gap between the early diagnosis and actual initiation of the therapy is likely to remain a major concern impeding the market growth to a great extent. Additionally, lack of cure and effective treatment is considered as one of the major drawbacks of the current treatment scenario. The high cost of the treatment is also presumed to impede the market growth to a large extent.
Global Multiple Sclerosis Treatment Market: Segmental Analysis
The global multiple sclerosis treatment market has been segmented on the basis of drug type, route of administration, diagnosis, and end-users.
By mode of drug type, the global multiple sclerosis treatment market has been segmented into immunosuppressant, immunomodulators, and others.
By mode of the route of administration, the global multiple sclerosis treatment market has been segmented into oral, injectable, and others.
By mode of diagnosis, the global multiple sclerosis treatment market has been segmented into simple electrical stimulation tests, magnetic resonance imaging (MRI) scans, lumbar puncture and others.
By mode of end-users, the global multiple sclerosis treatment market has been segmented into clinics, hospitals, and others.
Multiple Sclerosis Treatment Market Regional Insights
Geographically, the multiple sclerosis treatment market spans across regions namely, America, Asia Pacific, Europe, and the Middle East & Africa.
Among all the regions, America is considered to occupy the largest market share owing to the presence of U.K. in this region. U.S. is estimated to dominate the market due to the increasing R&D activities for better treatment of the disease and extensive development in the medical sector. An increasing number of hospitalization procedures owing to healthcare penetration in Canada and the U.S. are estimated to propel the market growth. Additional factors influencing the market growth are the high concentration of key hospitals and good reimbursement rates.
European is presumed to occupy the second largest market share and is likely to retain its dominance over the years. The growth is credited to the augmenting healthcare industry along with healthcare penetration. The region is mainly led by economies like France and Germany, where Germany is considered to be the fastest growing region due to the presence of its large pharmaceutical industry.
The Asia Pacific is anticipated to expand at a rapid pace and is presumed to lead the market owing to the large unmet needs coupled with the fast-developing healthcare sector in this region. South East Asian economies like India, China, and Malaysia highly contribute to the market growth. Additionally, penetration of the healthcare sector is likely to fuel the future multiple sclerosis market.
January 16, 2019: In a clinical trial of Northwestern University Feinberg School of Medicine, researchers had found that while most of the patients on standard therapy were showing progression, the vast majority of patients who already underwent the stem cell transplant did not. An experimental treatment which was conducted for multiple sclerosis is now showing promise. A new study had found that a single stem cell transplant delays or stop the symptoms better than some medications.
The prominent players operating the global multiple sclerosis treatment market are Pfizer Inc. (U.S.), AbbVie (U.S.), Teva Pharmaceuticals (Israel), Merck (U.S.), Bayer Healthcare (Germany), Novartis (Switzerland), Sanofi Aventis (France), and Biogen Idec (U.S.).
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