Multiple Sclerosis Therapeutics Market

Global Multiple Sclerosis Therapeutics Market Size (2024 to 2029)

The size of the global multiple sclerosis therapeutics market is forecasted to be worth USD 29.14 billion by 2029 from USD 24.74 billion in 2024, growing at a CAGR of 3.33% from 2024 to 2029.

MARKET DRIVERS

The growing prevalence of MS worldwide is one of the major factors propelling the growth of the multiple sclerosis therapeutics market.

The patient population of multiple sclerosis is increasing substantially worldwide. As per the statistics published by the National Multiple Sclerosis Society, an estimated 1 million in the U.S. and more than 2.3 million people worldwide suffer from multiple sclerosis. The prevalence of MS is high in North America and Europe regions compared to the other regions. Genetic predisposition, environmental factors and lifestyle changes majorly contribute to the growing prevalence of multiple sclerosis. The growing patient population of MS has created a substantial demand for effective treatment options. Pharmaceutical companies and researchers have been putting rigorous efforts to develop innovative drugs and therapies that can manage the symptoms, slow down disease progression, and improve the quality of life for MS patients.

The rising awareness about early diagnosis and treatment options for MS, the growing number of advancements in research and development leading to the discovery of new therapeutic options, rapid adoption of disease-modifying therapies for MS management and an increasing number of improvements in healthcare infrastructure and access to healthcare services and favorable reimbursement policies for MS treatments drive the multiple sclerosis therapeutics market growth. The growing investments in the development of novel MS therapeutics, technological advancements in drug delivery systems for improved treatment outcomes, increasing number of collaborations and partnerships between pharmaceutical companies and research institutions, supportive initiatives by patient advocacy groups and organizations and rising emphasis on personalized medicine and precision therapies for MS boost the growth rate of the MS therapeutics market.

The growing geriatric population, rising awareness campaigns and educational programs about MS, the expansion of healthcare insurance coverage for MS treatments, emerging biomarkers and diagnostic techniques for early detection of MS, rapid adoption of combination therapies for enhanced efficacy in MS treatment and increasing research on the role of lifestyle factors in managing MS fuel the growth rate of the MS therapeutics market. The growing number of initiatives from several governments to improve MS care and support systems, rising research on the immunopathogenesis of MS and increasing demand for symptomatic relief and improved quality of life among MS patients support the growth rate of the MS therapeutics market.

MARKET RESTRAINTS

The high cost of MS therapeutics is one of the major factors hampering the growth of the MS therapeutics market. Limited availability of effective and safe treatment options for progressive forms of MS, adverse side effects associated with certain MS therapies and challenges in accurately diagnosing MS hinder the market growth. Poor awareness and understanding of MS among healthcare professionals and the general public, stringent regulatory requirements for the approval of new MS therapeutics, limited availability of specialized healthcare professionals and facilities for MS management and lack of standardized treatment guidelines for different subtypes and stages of MS inhibit the market growth. Social stigma and discrimination associated with MS leading to underreporting and delays in seeking treatment is another significant roadblock to the growth rate of the multiple sclerosis therapeutics market.

Impact of COVID-19 on the global multiple sclerosis therapeutics market

The COVID-19 pandemic has had a negative impact on the global multiple sclerosis therapeutics market during the pandemic timeline. The diagnosis and treatment initiation for MS patients has experienced delays during the COVID-19 pandemic due to the pressure of handling the healthcare needs of COVID-19 patients. MS management has also become difficult for patients due to limited access to specialized care. The COVID-19 pandemic has also hampered the financial ability of patients suffering from MS and this has resulted in the reduced affordability and accessibility of MS medications affecting patient adherence and treatment continuation. The COVID-19 pandemic has also impacted the clinical trial activities for the development of novel therapies to treat multiple sclerosis due to the restrictions on traveling and business activities. The diversion of resources and priorities towards COVID-19 research has also impacted the R&D activities of multiple sclerosis and affected the market growth negatively. Likewise, the global multiple sclerosis therapeutics market has had an unfavorable impact from the COVID-19 pandemic. However, the global market is anticipated to recover and pose a healthy CAGR during the forecast period.

REPORT COVERAGE

SEGMENTAL ANALYSIS

Global Multiple Sclerosis Therapeutics Market Analysis By Drug Type

Based on drug type, the immunomodulators segment is expected to dominate the global multiple sclerosis therapeutics market during the forecast period. The ability of immunomodulators to modify the immune response and regulate the immune system in individuals with MS primarily drives segmental growth. The introduction of novel immunomodulators with improved efficacy and safety profiles, the growing prevalence of MS and the rapid adoption of immunomodulatory therapies further boost the growth rate of the immunomodulators segment in the worldwide market.

The immunosuppressants segment is anticipated to account for a considerable share of the global market during the forecast period owing to the ability of immunosuppressants to modulate the immune system and reduce inflammation. The effectiveness of immunosuppressants in treating severe and refractory cases of MS and continuous advancements in immunosuppressant drugs propel the growth rate of the immunosuppressants segment.

Global Multiple Sclerosis Therapeutics Market Analysis By Route of Administration

Based on the route of administration, the oral segment is expected to grow rapidly in the global MS therapeutics market during the forecast period. The convenience, patient compliance, and ease of administration associated with the oral mode majorly drive segmental growth. Oral administration also eliminates the need for injections or infusions, which can be uncomfortable or inconvenient for some patients. The availability of oral medications also expands treatment options and enhances patient preference, which is further anticipated to contribute to segmental growth.

The injectable and others segment is predicted to grow at a healthy rate during the forecast period. The established efficacy and safety profiles of injectable medications in managing the symptoms and modifying the course of MS primarily drive segmental growth. The development of more convenient and patient-friendly injectable delivery systems, such as autoinjectors and prefilled syringes further boosts the growth rate of the segment.

Multiple Sclerosis Therapeutics Market Analysis By Distribution Channel

Based on the distribution channel, the hospital pharmacy segment had the largest share of the global market in 2022 and is expected to continue showing domination in the global market throughout the forecast period. Hospital pharmacies are the primary distribution channel for MS medications and are well-equipped to handle complex prescriptions, provide specialized services and offer comprehensive care to patients with MS; these factors drive the growth of the hospital pharmacy segment. The accessibility and availability to a wide range of MS therapeutics and can efficient manage inventory in hospital pharmacies and the growing number of collaborations between healthcare professionals further contribute to the growth of the hospital pharmacy segment.

The retail pharmacy segment accounted for a considerable share of the global market and is expected to grow at a healthy CAGR during the forecast period. The presence of retail pharmacies in various community settings enables patients to access MS therapeutics close to their homes majorly propelling the growth of the retail pharmacy segment.

The online pharmacy segment is estimated to grow at a promising CAGR during the forecast period. The growing trend of online purchasing and the convenience it offers majorly drive the growth of the online pharmacy segment. The growth of e-commerce platforms and advancements in digital healthcare technologies further support the growth of the online pharmacy segment in the global MS therapeutics market.

REGIONAL ANALYSIS

North America held the major share of the global MS therapeutics market in 2023. The North American regional market is also predicted to showcase a healthy CAGR during the forecast period. The high prevalence of MS, advanced healthcare infrastructure and growing investments in research and development in North America primarily drive the North American market growth. The presence of key market players, strong healthcare reimbursement systems and supportive government initiatives for MS treatment further propel market growth in North America. The U.S. had the largest share of the North American market in 2023, followed by Canada.

Europe is another lucrative regional market for MS therapeutics and is expected to hold a considerable share of the global market during the forecast period. Factors such as the availability of advanced healthcare systems, well-established research facilities, and a robust regulatory framework for drug approvals propel the European market growth. The growing awareness about MS, early diagnosis initiatives and favorable reimbursement policies majorly drive the growth of the European MS therapeutics market.

APAC is estimated to witness the highest CAGR among all the regions in the global market during the forecast period. The presence of a large population base, increasing healthcare expenditure, and rising awareness about MS primarily fuel the APAC market growth. The growing number of improvements in the healthcare infrastructure, improving access to healthcare services and growing investments in research and development of MS therapeutics further promote the growth rate of the APAC market. The growing number of collaborations between international pharmaceutical companies and local players to develop and commercialize innovative MS treatments contribute to the growth rate of the APAC market.

Latin America is forecasted to hold a considerable share of the global market during the forecast period. The growing population, increasing healthcare infrastructure, improving access to healthcare services and rising awareness about MS and initiatives to improve disease management drive the Latin American market growth.

MEA is expected to capture a moderate share of the worldwide market during the forecast period. The growing population, increasing healthcare expenditure, rising prevalence of MS, improving healthcare infrastructure, advancements in diagnostic technologies and increasing efforts to raise awareness about MS support the MS therapeutics market in MEA.

KEY MARKET PARTICIPANTS

Merck & Co., Inc., Novartis AG, Bayer AG, Sanofi, Bristol-Myers Squibb Company, Horizon Therapeutics plc, and Takeda Pharmaceutical Company Limited are some of the major companies in the global multiple sclerosis therapeutics market.

DETAILED SEGMENTATION OF THE GLOBAL MULTIPLE SCLEROSIS THERAPEUTICS MARKET INCLUDED IN THIS REPORT

This research report on the global multiple sclerosis therapeutics market has been segmented and sub-segmented into the following categories.

By Drug Type

• Immunosuppressants
• Immunomodulators

By Route of Administration

• Oral
• Injectable and Others

By Distribution Channel

• Hospital Pharmacy
• Retail Pharmacy
• Online Pharmacy

By Region

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