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 and Acorda Therapeutics Inc.
New York, Sept. 28, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Multiple Sclerosis Drugs Global Market Report 2021: COVID-19 Growth And Change To 2030" - https://www.reportlinker.com/p06151526/?utm_source=GNW
The global multiple sclerosis drugs market is expected to grow from $21.27 billion in 2020 to $22.04 billion in 2021 at a compound annual growth rate (CAGR) of 3.6%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $25.95 billion in 2025 at a CAGR of 4%.
The multiple sclerosis drugs market consists of sale of multiple sclerosis drugs and related services.Multiple sclerosis (MS) is an autoimmune disease where the immune system attacks the protective fat layer called myelin, around the nerve fibers and causes problems with muscle control, vision and other body functions.
It is a disease that affects brain, spinal cord and the optic nerves resulting in loss of balance, coordination and compromised vision. The disease can result in long term disability.
The multiple sclerosis drugs market covered in this report is segmented by drug class into immunomodulators, immunosuppressants, interferons, others. It is also segmented by distribution channels into hospital pharmacy, retail pharmacy, and online stores and by route of administration into oral drugs and, parenteral drugs.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The high cost of drugs to treat multiple sclerosis (MS) restricts the growth of multiple sclerosis drugs market.The MS is a cureless disease with high chances of 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 its cost-effectiveness to its consumers.
As reported by Institute for Clinical and Economic Review (ICER) in 2017, the MS drugs costs roughly between $63,000 and $104,000 annually.For instance, in 2019, after receiving criticism by 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 in order 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.
In 2019, 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 the 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 growth of multiple sclerosis drugs market is aided by the support from government as well as non-government organization.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, in 2019, the government of Alberta in partnership with the department of Economic Development, Trade and Tourism in Canada invested $1million 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 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.The multiple sclerosis requires a lifelong treatment, which increases the overall cost of treating a patient.
In order to provide better and effective treatment companies in the multiple sclerosis market are developing drugs specific to the treatment of multiple sclerosis.Following the trend, in 2019, FDA approved Novartis’ Mayzent (siponimod) and EMD Serono’s Mavenclad (cladribrine) for the treatment of relapsing remitting multiple sclerosis (RRMS), and active secondary progressive multiple sclerosis (SPMS).
Both the drugs were launched as an easy-to-consume oral drug.
The countries covered in the market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
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