Multiple Sclerosis Drugs Market

Global Multiple Sclerosis Drugs Market Size (2023 to 2028)

The global multiple sclerosis drugs market is predicted to be worth USD 25.90 billion in 2023 and USD 37.01 billion by 2028, growing at a CAGR of 7.40% during the forecast period.

MARKET DRIVERS:

The growing patient population suffering from multiple sclerosis worldwide is one of the major factors propelling the MS drugs market growth.

Multiple sclerosis is a chronic autoimmune disease. MS patients experience symptoms such as fatigue, vision problems, and difficulties with coordination and balance. North America and Europe have the highest incidence of MS compared to other regions and the incidence of MS is growing in emerging regions such as APAC and Latin America. The number of diagnoses with MS is growing rapidly with each year going by. According to an article published by the National Institutes of Health (NIH), an estimated population of 2.8 million worldwide is suffering from multiple sclerosis. According to the data published by the National MS Society, approximately 1 million adults in the U.S. live with multiple sclerosis. An estimated 1.2 million people in Europe have multiple sclerosis. With the growing patient population, the demand for effective MS treatment procedures and MS drugs is also fuelling. In recent years, awareness regarding MS has grown significantly among people, which is also contributing to the market’s growth rate.

The rising adoption of technological advancements to develop new and advanced MS drugs support the multiple sclerosis drugs market growth.

Technological advancements have been playing a notable role in the development of new and effective MS drugs to address the needs of the increasing MS patient population. The latest technological developments have been used by researchers in recent years to understand the mechanisms of MS and to develop effective MS drugs accordingly. The technological developments are predicted to play a vital role in the development of effective and advanced MS drugs in the coming years and the same is also expected to drive market growth.

The increasing healthcare expenditure is another major factor contributing to the growth of the MS drugs market. Multiple sclerosis is a chronic disease and requires regular management of the disease and treatment and this costs significantly to the patients.  In addition, the growing number of research and developmental activities around MS drugs, favorable government regulations for the development and approval of MS drugs, increasing number of people suffering from autoimmune diseases and rising healthcare spending in developing countries are predicted to favor the growth rate of the MS drugs market during the forecast period. An increasing number of collaborations and partnerships happenings between MS drug manufacturers is accelerating the development of new MS therapies, which is expected to act favorably on the market growth. The development of personalized medicine is helping to improve the effectiveness of MS treatments further contributing to the growth of the MS drugs market.

MARKET RESTRAINTS:

However, the high cost of drugs for treating multiple sclerosis will negatively affect the market's growth rate during the forecast period. Furthermore, factors such as the expiration of patents on major drugs and advancements in biomedical science are the major restraints in the multiple sclerosis drugs market.

Impact of COVID-19 on the global multiple sclerosis drugs market:

The COVID-19 pandemic has had an unfavorable impact on the growth of the multiple sclerosis drugs market. The disruptions in the global supply chains caused by the COVID-19 pandemic resulted in shortages of raw materials that are required for the manufacturing of multiple sclerosis drugs, and this has further resulted in the reduced availability of drugs to patients suffering from multiple sclerosis and negatively impacted the market’s growth rate during the COVID-19 pandemic. An estimated 30% of multiple sclerosis patients have agreed that they had faced difficulties during the COVID-19 pandemic in purchasing MS drugs. Due to the COVID-19 pandemic, the clinical trial activities of new multiple sclerosis drugs were kept on hold by the researchers, which has limited the scope and delayed the development and approval of new drugs to enter the market. As per the report published by the National Institute for Health and Care Excellence (NICE), the approval of new drugs in the UK has been delayed by the COVID-19 pandemic. In addition, the COVID-19 pandemic has also impacted the healthcare outcomes of MS patients. Studies have shown that MS patients who have been infected with the coronavirus have a higher risk of severe disease and hospitalization compared to the general population. Likewise, the COVID-19 pandemic has shown a negative impact on the growth of the MS drugs market. However, the impact of the COVID-19 pandemic is now gradually decreasing and the adoption of new normalization is growing rapidly, which is expected to favor the MS drugs market to recover quickly and grow at a healthy CAGR in the coming years.

REPORT COVERAGE:

This research report on the global multiple sclerosis drugs market has been segmented and sub-segmented based on drug class, disease type, route of administration, distribution channel, and region.

Multiple Sclerosis Drugs Market – By Drug Class:

• Interferon Beta
• Sphingosine 1 Phosphate Receptor Modulators
• Mixed Polymers
• NF-κB Inhibitor
• Pyrimidine Synthesis Inhibitor
• Monoclonal Antibodies
• Corticosteroids
• Adrenocorticotropic Hormone
• Others

Based on the drug class, the immunomodulators segment accounted for a significant market share in 2022 owing to the new product launches and research. In addition, immunomodulators constitute a substantial part of the treatments for relapsing-remitting MS (RRMS), which is a primary diagnosis requiring multiple sclerosis drugs for treatment. Therefore, the immunomodulators drug class is expected to dominate the market during the forecast period. Glatiramer acetate (GA) is one of the few immunomodulators approved for RRMMS treatment. 

However, the antineoplastics and molecular antibodies are also expected to show significant revenue during the forecast period due to the recent application in the MS treatment procedures for the drug class. In addition, the antibodies are considered the first line of treatment in any multiple sclerosis disease, thus promoting market revenue. 

Multiple Sclerosis Drugs Market – By Disease Type:

• Relapsing-remitting MS (RRMS)
• Primary-progressive MS (PPMS)
• Secondary-progressive MS (SPMS)
• Progressive-relapsing MS (PRMS)

The relapse-remitting multiple sclerosis segment is expected to dominate the market during the forecast period due to the prevalence of the disease. In addition, the RRMS is the most common type of multiple sclerosis requiring treatment and attracts more market revenue. The RRM affects around 80% of all numerous sclerosis patients. Thus, many consumers are diagnosed with the disease expanding the segment.

However, the primary and second progressive segments are also expected to show fast growth due to the growing cases of diseases in the segment and the need to develop research and drugs for the minor types of multiple sclerosis. 

Multiple Sclerosis Drugs Market – By Route of Administration:

• Parenteral
• Oral

Based on the route of administration, the oral segment is expected to dominate the market during the forecast period due to the ease of administration through the oral segment and the easy availability of orally consumable drugs in hospitals and retail stores. In addition, the oral segment is the most non-invasive procedure to take medicines compared to injections or saline administration, making it the safest way to administer drugs. Therefore, the masses prefer the oral procedure, leading to its dominance in the market.

However, the parenteral drug administration segment, like injections and infusion, is also expected to grow at a fast pace due to the efficiency of the process. The parenteral administration is a relatively quicker treatment process and is effective immediately after administration; therefore, the rising cases of emergency cases requiring immediate assistance have increased the demand for the segment. 

Multiple Sclerosis Drugs Market – By Distribution Channel:

• Hospital Pharmacies
• Retail Pharmacies & Drug Stores
• Online Pharmacies

The hospital pharmacies segment is expected to dominate the market due to the growing number of hospitals worldwide. Hospitals have high-end infrastructure and widespread connections and aim to provide the best services. Moreover, hospitals have a significant patient influx due to the credibility they earn because of the presence of qualified professionals and trustworthy medical environments. Therefore, hospital pharmacies have the most vivid availability of drugs leading to the segment's dominance. Hospitals are also a hub where you can get a diagnosis, consultation, and medicines all at the same place leading to market dominance.

The retail pharmacies segment is also expected to show fast and significant growth in the market due to the growing number of retail pharmacies worldwide and the emergence of new pharmacies aside from the involvement of the existing ones like CVS, Walgreens, etc. Additionally, many multiple sclerosis drugs are now approved to be available in retail, pushing the market expansion.

The online segment has received recent attention after the pandemic due to the shift of other systems to online mode and the acceptance of IT advancement in the healthcare industry. 

Multiple Sclerosis Drugs Market – By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa

The North American multiple sclerosis drug market is estimated to hold a significant share of the global multiple sclerosis drug market during the forecast period due to its increased awareness of multiple sclerosis and its treatment. In addition, the North American market is expected to be driven by the increasing cost of drugs, and the demand for multiple sclerosis treatment is increasing. On the other hand, Asia-Pacific and Europe regions are expected to show substantial growth rates owing to policies supporting healthcare reimbursement during the forecast period. Furthermore, the future of the MS drugs market is expected to be bright due to the increase in the distribution networks of pharmaceutical companies during the forecast period.

The multiple sclerosis drugs market in Europe is also expected to grow at a healthy CAGR during the forecast period due to the growing support from the EU governments. Europe held the second largest proposition in the global market in 2021 due to increased health expenditure per capita.

The multiple sclerosis drugs market in Asia-Pacific is predicted to grow at a CAGR of 9.35% from 2022 to 2027 and be worth USD 8.58 billion by 2027, owing to the increasing prevalence of multiple sclerosis and increased funding for considerable sclerosis research. In addition, increased approvals of new drugs for MS. Asia Pacific is expected to grow with the fastest CAGR during the forecast period as the high demand for multiple sclerosis treatment is increasing rapidly owing to the increasing geriatric population and awareness of the treatment of multiple sclerosis. However, China will dominate the APAC regional market due to the change in environmental factors and the growing prevalence of multiple sclerosis.

The African region is estimated to grow with a substantial growth rate during the MEA MS drugs market forecast due to the increased awareness of the disease. On the other hand, the Latin American market growth is attributed to some key factors, such as the increased awareness of the multiple sclerosis population and the development and launch of innovative products.

KEY MARKET PLAYERS:

Bayer AG, Teva Pharmaceutical Industries Ltd., Novartis AG, Sanofi, F. Hoffmann-La Roche Ltd., Celgene Corporation, Acorda Therapeutics, Inc., Biogen, Inc., Actelion Pharmaceuticals (Johnson & Johnson), EMD Serono (Merck KGaA) and AbbVie, Inc. are a few of the promising companies operating in the global multiple sclerosis drugs market.

RECENT MARKET DEVELOPMENTS:

• In September 2022, to resolve a long-running MS kickback lawsuit, Biogen finalized a $900M settlement. As a result, after years of a whistleblower lawsuit alleging improper kickbacks to doctors, Biogen can finally end the legal story as the struggling pharmaceutical company handles a corporate restructure.
• The Department of Justice announced Monday that Biogen had agreed to pay $900 million to settle a lawsuit in which a former employee claimed the Massachusetts biotech paid kickbacks to doctors over five years beginning in 2009 to increase sales of its multiple sclerosis medications. Biogen declared that the $900 million transaction had been reached in principle in July. However, Biogen didn't acknowledge any wrongdoing, as many businesses have done in response to lawsuits brought under the False Claims Act alleging kickbacks.
• In October 2022, from 2023 on, Merck KGaA will start to examine "larger-scale" acquisitions. In an endeavor to increase its global revenues to 25 billion euros by 2025, Merck KGaA has been making significant investments in its biopharma division. Its expansion drive might start the next year and involve M&A.
• The multinational company announced before its capital markets day that it would consider "larger-scale" acquisitions in 2023. In the future, the company anticipates that its "Big 3" businesses process solutions and life science services, innovative healthcare products, and semiconductor materials—will account for 80% of its growth. Merck KGaA has already invested in boosting MilliporeSigma, its life science division, and establishing a new plant in France.
• In October 2022, the US Supreme Court denied Biogen Inc.'s request to restart its multiple sclerosis medication. In a dispute with Viatris Inc subsidiary Mylan Pharmaceuticals Inc., the US Supreme Court on Monday declined to hear Biogen Inc.'s (BIIB.O) request for a patent on the company's popular multiple sclerosis medicines Tecfidera reinstated.
• In a judgment that paved the way for Mylan's generic version of Tecfidera, the justices rejected Biogen's appeal of a lower court's decision to void the patent, according to a report by the news agency Reuters. In 2017, Biogen sued Mylan, a subsidiary of the Pennsylvania company Viatris in Canonsburg, West Virginia by Biogen for violating the company's patents with its proposed generic version of the drug Tecfidera.
• In August 2020, Mylan NV received FDA approval and launched the generic drug for dimethyl fumarate in 120 mg and 240 mg capsules to treat relapsing forms of multiple sclerosis. The newly launched drug is therapeutically equivalent to Biogen's Tecfidera capsules.
• In June 2020, Bristol-Myers Squibb Company, the parent company of CELGENE CORPORATION, announced the launch of its new oral medication for a relapsing form of multiple sclerosis (MS) called ZEPOSIA (ozanimod).
• In August 2020, Novartis AG received US FDA approval for its drug Kesimpta (ofatumumab) in treating relapsing multiple sclerosis. The approval of the new drug received by the company for its only self-administered B-cell-based targeted therapy for patients with relapsing MS has increased its demand in the market, resulting in increased revenue going forward.
• In August 2020, Sanofi signed an acquisition agreement with Principia Biopharma Inc., a company dedicated to developing treatment solutions for immune-mediated diseases. This acquisition enabled the company to enhance its research activities in ​​multiple sclerosis, among other immune-mediated conditions.
• In July 2019, Teva Pharmaceuticals USA, Inc. launched Copaxone as glatiramer acetate in injection form in the YpsoMate pre-filled autoinjector. This launch helped patients manage drug dosages and allowed them to work independently without needing a drug manager. In addition, this initiative improved the product portfolio and led it to generate more revenue.