Multiple Sclerosis Drugs Market - Manufacturers Increase Offerings of Interferon-β Drugs
Treatment options for multiple sclerosis (MS) have been upgraded in the past couple of years. There is an increase in the availability of improved oral-disease modifying multiple sclerosis drugs as well as monoclonal antibodies for consumers. The success results of these drugs and their mechanism in the course of action for multiple sclerosis have led to constructive research and development in neurology and psychiatric disorders in patients.
As such, stakeholders in the multiple sclerosis drugs market are increasing their offerings for interferon-β drugs, attributing to their effectiveness for T cell leukemia associated with myelopathy, glioma, and tropical spastic par paresis. The promising results of multiple sclerosis drugs have also been addressed in fingolimod in acute ischemic stroke and intra cerebral hemorrhage. Thus, ongoing research and development in the multiple sclerosis drugs market will lead to the arrival of innovative drugs for multiple sclerosis, which will aid neurologists and healthcare providers in sufficing the unmet needs of patients.
Likewise, advances in multiple sclerosis drugs have led to efficacious medications for the progressive and relapsing forms of multiple sclerosis. For instance, in March 2019, Norvatis AG — a Swiss multinational pharmaceutical company and a leading player operating in the multiple sclerosis drugs market, announced the launch of the FDA approved multiple sclerosis drug —Mayzent (siponimod), for the treatment of various multiple sclerosis conditions.
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Multiple Sclerosis Drugs Market: Need for Awareness about the New Drugs
Different patients have different experiences about the effectiveness of multiple sclerosis drugs, depending upon the disease type and other related factors. A research study published by the National Center for Biotechnology Information, U.S., stated that, patients characterized multiple sclerosis drugs on the basis of their effectiveness and side effects.
Results of the study showed that, patients are hesitant to try new-to-market multiple sclerosis drugs due to less awareness about the risks, cost, and benefits of these medications. Patients don’t find it necessary to try new multiple sclerosis drugs if they have been benefiting from their ongoing treatment. Thus, it is important for players of the multiple sclerosis drugs market to increase awareness about new drugs and promote their benefits in terms of convenience and route of administration.
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Manufacturers in the Multiple Sclerosis Drugs Market Strategize on Lower Prices of MS Drugs
Patients in the multiple sclerosis drugs market are facing the brunt of rising prices for medications. In the past couple of years, the average prices of drugs meant for multiple sclerosis are estimated to have increased four-fold. A research conducted by the authors of the Journal of the American Medical Association claimed that, multiple sclerosis patients have been paying for therapies that are irrationally priced. Also, the entry of new therapies are estimated to skyrocket in the coming years.
Just like insulin, the high prices of multiple sclerosis drugs have been in the spotlight for quite some time now. Multiple sclerosis drugs have also been the subject of public and political pressure. In an investigation launched by a political party, it was found that, a certain class of multiple sclerosis drugs were too expensive for their value. However, stakeholders are brainstorming over less-expensive disease modifying treatments, and are taking active initiatives to offer significant discounts to consumers for multiple sclerosis drugs. Players in the multiple sclerosis drugs market are innovating to minimize the financial adverse effects of the medications in situ the prevalent biological side effects of multiple sclerosis drugs.
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Analysts’ View on the Multiple Sclerosis Drugs Market
Analysts of the multiple sclerosis drugs market have a positive outlook for the growth of the market during the forecast period of 2019-2027. Currently, interferon-β and monoclonal antibodies account for a significant amount of market share as compared to other drug options. However, consumers are reluctant to try out new multiple sclerosis drugs and prioritize out-of-pocket expenses over the effectiveness and safety of drugs. As such, market players need to create awareness about new drugs and offer lucrative discounts on the taxes and prices of multiple sclerosis drugs. For instance, EMD Serono — a biopharmaceutical of Merck KGaA, Germany, announced the launch of Mavenclad (cladribine) — medicinal tablets to treat relapsing forms of multiple sclerosis in adults.
Global Multiple Sclerosis Drugs Market: Overview
- Rise in the prevalence and incidence of multiple sclerosis, rapid rise in the geriatric population leading to increasing cases of multiple sclerosis, increase in awareness about multiple sclerosis, and rise in research grants and funding for multiple sclerosis are anticipated to drive the global multiple sclerosis drugs market.
- The global multiple sclerosis drugs market was valued at ~US$ 22 Bn in 2018, and is expected to reach ~US$ 32 Bn by 2027, expanding at a CAGR of ~6% from 2019 to 2027.
Growing Customer Awareness about Multiple Sclerosis
- Government as well as non-government organizations across the globe are taking initiatives to spread awareness regarding multiple sclerosis.
- Organizations are also raising funds to support clinical research & development for the better treatment of the disease. For instance, May 30 is marked as World Multiple Sclerosis Day, every year.
- Various events and campaigns are held throughout the month of May. This day brings the global multiple sclerosis community together to create awareness, and campaigns share stories for everyone affected by multiple sclerosis.
- The central campaign theme and message was developed by staff at the Multiple Sclerosis International Federation, together with an international working group. The working group has representatives from countries such as Ireland, the U.K., Argentina, Australia, Egypt, Spain, Greece, and the U.S.
- The 2019 multiple sclerosis campaign was called 'My Invisible MS', and the theme was Visibility. The aim of the campaign is to challenge the misconceptions about multiple sclerosis, and help people understand how to offer the right support to those individuals who are suffering from multiple sclerosis.
North America to be Highly Attractive Market for Multiple Sclerosis Drugs
- North America is projected to dominate the global multiple sclerosis drugs market from 2019 to 2027. This can be ascribed to the higher sales of multiple sclerosis drugs in countries such as the U.S. and Canada.
- Moreover, increase in the prevalence of multiple sclerosis in the region and favorable medical reimbursement policies in the U.S. and Canada drive the multiple sclerosis drugs market in North America.
- The multiple sclerosis drugs market in Asia Pacific is expected to expand at a relatively high CAGR during the forecast period. The multiple sclerosis drugs market in Asia Pacific is driven by a large pool of patients with multiple sclerosis disease in China and Japan, approval and launch of new products, and rise in investments by leading players in the region in therapeutic drugs for multiple sclerosis disease.
Strategic Collaborations, Investments, and New Product Launches to Strengthen Market Position
- In June 2019, the U.S. Food and Drug Administration (FDA) accepted Celgene’s New Drug Application (NDA) for ozanimod, for the treatment of people with relapsing forms of multiple sclerosis (RMS) in the U.S. Additionally, the European Medicines Agency (EMA) accepted Marketing Authorization Application (MAA) of ozanimod for the treatment of adults with relapsing-remitting multiple sclerosis (RRMS) in the European Union.
- In January 2019, Biogen Inc. and Skyhawk Therapeutics, Inc. entered into a strategic collaboration. According to this agreement, companies are expected to leverage Skyhawk Therapeutics’s SkySTAR technology platform for the development of innovative small molecule treatments for neurological diseases, including multiple sclerosis and spinal muscular atrophy.
- In August 2018, Sanofi launched multiple sclerosis drug treatment, Aubagio, in India. The drug offers the efficacy and convenience of once-a-day oral treatment to patients diagnosed with multiple sclerosis.
- In March 2017, Acorda Therapeutics, Inc. announced the launch of its Alexa Skill, MS Awareness Facts. The launch of Alexa Skill was a part of the company’s activities in recognition of Multiple Sclerosis Awareness Month. This Alexa Skill helps patient living with multiple sclerosis to learn more about the condition, and find helpful information on multiple sclerosis and its symptoms.
Multiple Sclerosis Drugs: Companies in the Market
- Key players in the global multiple sclerosis drugs market have been profiled based on key aspects such as company overview, product portfolio, financial overview, recent developments, and competitive business strategies.
Major companies profiled in the global multiple sclerosis drugs market report are
- Bayer AG
- Teva Pharmaceutical Industries Ltd.
- Novartis AG
- F. Hoffmann-La Roche Ltd.
- Celgene Corporation
- Acorda Therapeutics, Inc.
- Biogen Inc.
- Actelion Pharmaceuticals (Johnson & Johnson)
- EMD Serono (Merck KGaA).
Multiple Sclerosis Drugs Market – Scope of the Report
TMR’S report on the multiple sclerosis drugs market studies the past as well as current growth trends and opportunities, to gain valuable insights of the same indicators for the said market over the forecast period of 2019 to 2027. The report provides the overall market revenue of the multiple sclerosis drugs market for the 2017-2027 period, with 2018 as the base year, and 2027 as the forecast year. The report also provides the compound annual growth rate (CAGR) for the multiple sclerosis drugs market for the 2019-2027 forecast period.
The report is prepared after an extensive research. Primary research involved bulk of the research efforts, wherein, analysts carried out interviews with industry leaders and opinion makers. Extensive secondary research involved reaching out to key players’ product literature, annual reports, press releases, and relevant documents to understand the multiple sclerosis drugs market.
Secondary research also includes Internet sources, statistical data from government agencies, websites, and trade associations. Analysts employed a combination of the top-down and bottom-up approach to study the various phenomena in the multiple sclerosis drugs market.
The report includes an elaborate executive summary along with a snapshot of the growth behavior of various segments in the scope of the study. Further, the report throws light on the changing competitive dynamics in the multiple sclerosis drugs market. These indices serve as valuable tools for existing market players as well as for entities interested in participating in the multiple sclerosis drugs market.
The report delves into the competitive landscape of the multiple sclerosis drugs market. Key players operating in the multiple sclerosis drugs market are identified, and each one of them is profiled for their distinguishing business attributes. Company overview, financial standings, recent developments, and SWOTs are some of the attributes of players in the multiple sclerosis drugs market that are profiled in this report.
Key Questions Answered in the Multiple Sclerosis Drugs Market Report
- How does the development of multiple sclerosis drugs provide scope of growth for the multiple sclerosis drugs market?
- How are alliances and partnerships between players widening the scope of of treatment for multiple sclerosis?
- What are the revenue share projections of key segments under various criteria in the multiple sclerosis drugs market over the forecast period?
- Which segment is likely to register leading revenue until the end of the forecast period in 2027?
- How is the evolving healthcare system in developing countries of Asia Pacific having an impact on the overall multiple sclerosis drugs market?
Multiple Sclerosis Drugs Market – Research Objectives and Research Approach
The comprehensive report on the multiple sclerosis drugs market begins with an overview of the said market, followed by the scope and objectives of this study. Following this, the report provides detailed explanation of the objectives behind this study and healthcare compliances laid down by accredited agencies in the purview of line of treatment of multiple sclerosis.
For reading comprehensibility, the report is compiled in a chapter-wise layout, with each section further divided into small sections. The entire report comprises an exhaustive collection of graphs and tables that are appropriately interspersed in the entire compilation. Pictorial representation of the actual and projected values of key segments is visually appealing to readers. This also allows comparison of the market shares of key segments in the past and at the end of the forecast period.
The report analyzes the multiple sclerosis drugs market in terms of drug class, route of administration, distribution channel, and region. Key segments under each criteria are studied at length, and the market share for each of them at the end of 2027 provided herein. Such valuable insights enable market stakeholders in making informed business decisions for investments in the multiple sclerosis drugs market.
Multiple Sclerosis Drugs Market - Segmentation
Sphingosine 1 Phosphate Receptor Modulators
Pyrimidine Synthesis Inhibitors
Route of Administration
Middle East & Africa