Multiple Sclerosis Treatment Market Overview
Due to the growing healthcare industry and healthcare penetration in Europe, multiple sclerosis treatment is the second-largest market in the world
Multiple Sclerosis Treatment 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). Increasing patient population is the key market drivers enhancing market growth.. 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.
However, the lack of a true cure for multiple sclerosis is a major restraint for the global multiple sclerosis treatment market. Currently, multiple sclerosis is treated by treatments that allow patients to manage the disease and possibly slow down its progression. However, the absence of drug formulations to treat the disease in its entirety is a key restraint on the market. However, players in the market have the chance to turn this restraint into a driver, as even the development of partial cures is likely to be welcomed in the market. As a result, drug development is likely to be a key focus of players in the global Multiple Sclerosis Treatment Market over the forecast period.
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.
Regional Analysis
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.
Competitive Dashboard
global multiple sclerosis treatment market Players 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.).
Market Segmentation
The global multiple sclerosis treatment market is segmented on the basis of drug type, route of administration, diagnosis, end use, and region.
By drug type, the global multiple sclerosis treatment market is segmented into immunomodulators, immunosuppressants, and others.
By route of administration, the market is segmented into injectable, oral, and others.
By diagnosis, the market is segmented into MRI, simple electrical stimulation tests, lumbar puncture, and others.
By end user, the market is segmented into hospitals, clinics, and others.
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