Multiple Sclerosis Market Size & CAGR (2023-2031)
The Multiple Sclerosis Therapeutics Market size was estimated to be US$ 29.84 billion in 2023 and is expected to reach US$ 53.77 billion by 2031; it is estimated to record a CAGR of 6.8% till 2031. Development of novel therapies for treatment of multiple sclerosis, rise in R&D activities for development of drugs, and increasing cases of multiple sclerosis are likely to remain key Multiple Sclerosis Therapeutics Market trends.
Multiple Sclerosis Therapeutics Market Analysis
The companies are focusing on development of various therapies for treatment of multiple sclerosis. For instance, in Feb 2024, Roche Pharma India launched Ocrevus (Ocrelizumab) which is the first and only approved disease modifying therapy for both Relapsing Remitting Multiple Sclerosis (RRMS) and Primary Progressive Multiple Sclerosis (PPMS) in India.
Multiple Sclerosis Therapeutics Market Overview
Multiple sclerosis (MS) is an autoimmune disease affecting the central nervous system. The immune system attacks the nerves which causes communication problems between the brain and rest of the body. Immunosuppressants and immunomodulators along with physiotherapy is widely used to treat MS. The MS therapeutics have evolved over the last few years with development of high efficacy disease modifying therapies targeting various mechanisms including immuno suppression or immuno modulation and enhance immune cell sequestration. The emerging therapy for MS includes CNS-penetrant Bruton's tyrosine kinase inhibitors and autologous hematopoietic stem cell transplantation.
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Multiple Sclerosis Therapeutics Market: Strategic Insights
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Multiple Sclerosis Therapeutics Market: Strategic Insights
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Multiple Sclerosis Therapeutics Market Drivers and Opportunities
Increasing Prevalence of Multiple Sclerosis to Favor Market
According to World Health Organization (WHO), in 2023, over 1.8 million people globally suffer from multiple sclerosis. Further, according to the National Multiple Sclerosis Society, about 1 million people in 2021 were affected by multiple sclerosis in the US. According to the South African Medical Journal, the burden of multiple sclerosis in sub-Saharan Africa is increasing, with approximately 6.1% in 2021. As of 2021, seven in 10,000 people—or 684 people—were reported to have multiple sclerosis in the UAE, with the average age of diagnosis being 28. Increase in prevalence of multiple sclerosis globally is fueling the growth of the multiple sclerosis therapeutics market.
Increasing Research Grants – An Opportunity of Multiple Sclerosis Therapeutics Market
Rise in funding is driving extensive multiple sclerosis research across the world to identify new treatments for the disease. For instance, in February 2023, researchers from the University of Tasmania’s Menzies Institute for Medical Research received research grant awarded by MS Australia in the funding round of multiple sclerosis research. They received US$ 818,966 for their MS research. In December 2023, the European Union is funding the international research consortium BEHIND-MS as part of its HORIZON Europe programme, which aims to identify specific biomarkers and to develop targeted therapies. The consortium, led by the German Cancer Research Center, will receive US$ 7.57 million (7.1 million euros) over a period of five years.
Multiple Sclerosis Therapeutics Market Report Segmentation Analysis
Key segments that contributed to the derivation of the Multiple Sclerosis Therapeutics Market analysis are type and application.
- Based on drug class, the Multiple Sclerosis Therapeutics Market is bifurcated into immunosuppressant and immunomodulators. The immunosuppressant segment held the largest market share in 2023. Immunosuppressants are class of drugs that suppress or reduce the strength of the body’s immune system. These are widely used to treat autoimmune diseases. These are also used to reduce the body's ability to reject a transplanted organ. Multiple sclerosis is an autoimmune disease affecting the central nervous system. Immunosuppressive therapy is the most commonly used treatment to treat multiple sclerosis (MS) for more than 30 years. Commonly used immunosuppressive agents for MS are cyclophosphamide, azathioprine, methotrexate, and mitoxantrone. Immunosuppressants are inhibitors of components of the immune system and are used in early treatment of multiple sclerosis.
- By route of administration, the market is segmented into injectable and oral. The injectable segment held the largest share of the market in 2023.
- In terms of distribution channel, the market is segmented into hospital pharmacies, retail pharmacies, and e-commerce. The hospital pharmacies segment dominated the market in 2023.
Multiple Sclerosis Therapeutics Market Share Analysis by Geography
The geographic scope of the Multiple Sclerosis Therapeutics Market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America.
North America has dominated the Multiple Sclerosis Therapeutics Market. In North America, the US holds the significant share of the multiple sclerosis therapeutics market. The growth of the market in the country is primarily driven by vast number of R&D activities, financial aids by governments, other private, and non-private organizations for research, collaborations within pharmaceuticals and technology companies for development of products, and increasing prevalence of multiple sclerosis in the country. Additionally, increasing awareness regarding the multiple sclerosis treatment outcomes is expected to boost the adoption and acceptance of the products during the forecast period. Furthermore, the implementation of regulatory policies for approval of treatment of multiple sclerosis is likely to offer significant opportunity for the growth of the market during the forecast period. Asia Pacific is anticipated to grow with the highest CAGR in the coming years.
Multiple Sclerosis Therapeutics Market Report Scope
Multiple Sclerosis Therapeutics Market News and Recent Developments
The Multiple Sclerosis Therapeutics Market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for multiple sclerosis therapeutics and strategies:
- The US Food and Drug Administration approved Tyruko (natalizumab-sztn), the first biosimilar to Tysabri (natalizumab) injection for the treatment of adults with relapsing forms of multiple sclerosis (MS). (Source: Food and Drug Administration, Press Release, 2023)
- Neuraxpharm Group launched BRIUMVI (ublituximab) in Europe for the treatment of adult patients with relapsing multiple sclerosis (RMS) with active disease. Germany is the first country in Europe to see the launch of ublituximab. This follows Neuraxpharm’s agreement with TG Therapeutics, announced in August 2023, to commercialise ublituximab outside the United States (US), Canada, Mexico and excluding certain Asian countries that have been previously partnered. (Source: William Reed, Company Website, 2024)
Multiple Sclerosis Therapeutics Market Report Coverage and Deliverables
The “Multiple Sclerosis Therapeutics Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
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to country scope.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
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- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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