Harrisburg, NC -- (SBWIRE) -- 10/20/2020 -- The Global Multiple Sclerosis Drugs Market Research Report 2020-2030 is a valuable source of insightful data for business strategists. It provides the industry overview with growth analysis and historical & futuristic cost, revenue, demand and supply data (as applicable). The research analysts provide an elaborate description of the value chain and its distributor analysis. This Market study provides comprehensive data which enhances the understanding, scope and application of this report.
The global multiple sclerosis drugs market was worth $20.83 billion in 2019. It is expected to grow at a compound annual growth rate (CAGR) of 5.20% and reach $25.52 billion by 2023.
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Market Segmentation
Top leading Companies of Global 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
Markets Covered: 1) By Drug Class: Immunomodulators; Immunosuppressants; Interferons; Others; 2) By Distribution Channels: Hospital Pharmacy; Retail Pharmacy; Online Stores; 3) By Route Of Administration: Oral Drugs; Parenteral Drugs
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 has been geographically segmented into North America, Western Europe, Asia-Pacific, Eastern Europe, South America and Middle East & Africa. North America is expected to be the largest region in the forecast period.
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: oral drugs and, parenteral drugs.
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 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.
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 Seronos 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.
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 Celgenes 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.
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What are the market factors that are explained in the report?
-Key Strategic Developments: The study also includes the key strategic developments of the market, comprising R&D, new product launch, M&A, agreements, collaborations, partnerships, joint ventures, and regional growth of the leading competitors operating in the market on a global and regional scale.
-Key Market Features: The report evaluated key market features, including revenue, price, capacity, capacity utilization rate, gross, production, production rate, consumption, import/export, supply/demand, cost, market share, CAGR, and gross margin. In addition, the study offers a comprehensive study of the key market dynamics and their latest trends, along with pertinent market segments and sub-segments.
-Analytical Tools: The Multiple Sclerosis Drugs Market report includes the accurately studied and assessed data of the key industry players and their scope in the market by means of a number of analytical tools. The analytical tools such as Porter's five forces analysis, SWOT analysis, feasibility study, and investment return analysis have been used to analyze the growth of the key players operating in the market.
Finally, Multiple Sclerosis Drugs Market report is the believable source for gaining the Market research that will exponentially accelerate your business. The report gives the principle locale, economic situations with the item value, benefit, limit, generation, supply, request and Market development rate and figure and so on. This report additionally Present new task SWOT examination, speculation attainability investigation, and venture return investigation.
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