Global multiple sclerosis therapeutics market is estimated to witness high growth, owing to increasing prevalence of multiple sclerosis and rising focus on early diagnosis of the disease
Global multiple sclerosis therapeutics market is estimated to be valued at USD 30.12 Bn in 2024, exhibiting a CAGR of 4% over the forecast period (2024-2031). Rising government initiatives to spread awareness about multiple sclerosis can drive the market growth.
Market Dynamics:
Global multiple sclerosis therapeutics market growth is primarily driven by increasing prevalence of multiple sclerosis worldwide. According to the National Multiple Sclerosis Society, nearly 1 million people in the U.S. are affected by multiple sclerosis. The disease is more common in women than men. Rising focus on early diagnosis of multiple sclerosis can also drive the market growth. Timely diagnosis can help patients receive treatment at early stages and slow the progression of the disease. Doctors are also increasingly recommending disease-modifying therapies for patients diagnosed with relapsing-remitting multiple sclerosis to reduce relapse rates. This boosts demand for multiple sclerosis therapeutics.
Increasing awareness and diagnosis rates can drive the global multiple sclerosis therapeutics market growth
Global multiple sclerosis therapeutics market growth is driven by rising awareness and diagnosis rates of multiple sclerosis. In the past few decades, there has been a significant effort by healthcare organizations, patient advocacy groups and governments to educate the general public as well as doctors about the symptoms and risk factors of multiple sclerosis. This has led to an improvement in early diagnosis rates globally. As more people are diagnosed with multiple sclerosis, there has been huge demand for disease-modifying therapies and other treatment options. Several countries have also implemented national healthcare programs that cover costs of multiple sclerosis drugs. Rising approval of new and more effective drug therapies by regulatory authorities can also drive the market growth.
Increasing research into novel drug targets can boost innovation in the global multiple sclerosis therapeutics market
Growing research activity focused on identifying novel drug targets and pathways involved in the pathogenesis of the disease can drive the market growth. Large investments are being made by governments as well as private sector into research involving stem cell therapy, neuroprotective agents, monoclonal antibodies and other biologics. This leads to the development of newer and more precise treatment interventions. The launch of oral and more convenient formulations of existing drugs can drive the market growth. Many biopharmaceutical companies are exploring immunomodulation, neuroprotection and remyelination as promising areas of research with potential to yield breakthrough therapies in the near future. The influx of innovative pipeline drugs can drive the global multiple sclerosis therapeutics market growth.
High treatment costs can hamper the market growth
Global multiple sclerosis therapeutics market growth can be hampered due to exorbitantly high cost of multiple sclerosis drugs and therapies. Many disease-modifying treatments can cost US$ 60,000 to US$ 80,000 per patient annually. This places an enormous financial burden on patients as well as public and private healthcare systems across the world. The high costs make these treatments inaccessible to large populations, especially in developing nations with budget constraints. Even in developed markets, not all patients have thorough insurance coverage for multiple sclerosis drugs. The need for lifelong therapy also contributes to the economic burden. Efforts must be made to make treatments more affordable so that cost does not become a roadblock to effective management of this chronic condition.
Patent expirations of blockbuster drugs can pose challenges
Global multiple sclerosis therapeutics market growth can be hampered due to looming patent cliff of some blockbuster drugs. Monoclonal antibody therapies like Campath, Tysabri and Betaferon have provided major revenue streams for manufacturers for many years. However, most of these first-generation drugs are now off-patent or will face patent expiration in the near future. This will open the door for cheaper generics and biosimilars, thus, significantly reducing prices and brand influence. It will also squeeze profits and trigger pricing wars. Players will need to counter this challenge through accelerated launch of novel therapies in the pipeline and strategic in-licensing or M&A activities to access new drug candidates.
Emerging markets present lucrative opportunities
Flourishing healthcare infrastructure and rising disposable incomes in emerging nations like India, China, Brazil, Turkey, and others offers vast opportunities for global multiple sclerosis therapeutics market players. While diagnosis and treatment rates are still low compared to developed markets, emerging markets are projected to witness strong growth in the future. Several large players are actively working on strategies like partnerships, joint ventures, technology transfers and establishing local manufacturing facilities to leverage opportunities in these rapidly growing economies. Other markets in Latin America, Africa and the Middle East also present scope for penetration with improved healthcare access and acceptance of Western therapies. Tapping into these regions will be crucial for sustained market expansion globally.
Increasing use of combination and personalized therapies
Rising popularity of combination or cocktail therapies and personalized medicine approaches can offer market growth opportunities. Previously, disease-modifying monotherapies were the norm. However, evidence now shows that use of two or more drugs together can provide improved efficacy than single agents alone. It has been recognized that not all multiple sclerosis patients respond similarly to treatments due to differences in disease subtypes and individual genetics. This boosts research into biomarkers, molecular diagnostics and companion diagnostics to enable tailored and optimized therapy regimens for each case.
Link: https://www.coherentmarketinsights.com/market-insight/multiple-sclerosis-therapeutics-market-1310
Key Developments:
- In July 2024, Abata Therapeutics announced that the FDA had approved its Investigational New Drug (IND) application to begin a Phase 1 study of ABA-101 in patients with progressive multiple sclerosis (MS)
- In May 2024, iConquerMS People-Powered Research Network partnered with several institutions, including the VA and GAIA AG, for a four-year clinical trial to study digital therapeutics for treating fatigue in multiple sclerosis (MS). The trial is funded by US$ 4.5 million grant from the Department of Defense's Multiple Sclerosis Research Program.
- In March 2024, Kyverna Therapeutics, Inc. (Kyverna), a patient-centered, clinical-stage biopharmaceutical company focused on developing cell therapies for patients suffering from autoimmune diseases, announced the publication of a report, in Med1, describing the first use of KYV-101, a fully human anti-CD19 chimeric antigen receptor (CAR) T-cell product candidate, in two patients suffering from progressive multiple sclerosis (MS) as part of a named patient program for critically ill patients after both patients failed to respond to conventional therapies
- In February 2024, Roche Pharma India announced the launch of Ocrevus for treating multiple sclerosis (MS) in India. Ocrevus, a leading product available in over 100 countries, is approved in India for both primary progressive and relapsing forms of multiple sclerosis, and aims to meet the needs of multiple sclerosis patients in the country.
Key Players:
Biogen Inc., Novartis AG, Merck KGaA, Sanofi S. A., Acorda Therapeutics, Inc., Teva Pharmaceuticals Industries Ltd., Bristol-Myers Squibb Company, Bayer AG, F. Hoffmann-La Roche AG, Viatris Inc. (Mylan NV), Johnson & Johnson, EMD Serono, Inc., TG Therapeutics, Inc., Genentech, Inc., Celgene Corporation, AbbVie Inc., Amgen Inc., UCB S.A., Sandoz (a Novartis division), Ipsen S.A.
