USD 25.45 billion
Multiple Sclerosis Market Size, Share, Growth Analysis, By Drug type(Immunomodulators, and Immunosuppressant), By Route of Administration(Injectables, Oral, and Others), By Diagnosis(Magnetic Resonance Imaging (MRI) Scans, Simple Electrical Stimulation Tests, and Lumbar Puncture), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG35G2271 |
Region:
Global |
Published Date: April, 2024
Pages:
214
|Tables:
89
|Figures:
71
Multiple Sclerosis Market Insights
Global Multiple Sclerosis Market size was valued at USD 25.45 billion in 2022 and is poised to grow from USD 26.04 billion in 2023 to USD 30.55 billion by 2031, growing at a CAGR of 2.31% in the forecast period (2024-2031).
Multiple sclerosis (MS) is an immune-mediated illness that affects the central nervous system. Its defining traits include demyelination, inflammation, degenerative processes such as increased brain and spinal cord atrophy, and neuroaxonal loss. Monoclonal antibodies are being used to treat multiple sclerosis. Using these antibodies, various clinical trials are being done to develop novel multiple sclerosis drugs. Furthermore, most immunosuppressive drugs used to treat this disease are humanized monoclonal antibodies, which are in high demand worldwide. Multiple sclerosis diagnosis and therapy are becoming increasingly important worldwide as the disease's prevalence rises. As a result, the government actively promotes the multiple sclerosis treatment process.
Multiple sclerosis symptoms vary widely depending on the severity of the damage and the number of affected neurons. Fatigue, numbness, stiffness, urine incontinence, cognitive issues, emotional difficulties, and sorrow are among the symptoms that have been reported. The rise of the multiple sclerosis drug industry can be attributed to main market participants' increased emphasis on R&D to develop novel medications. Along with growing research effort, various research agreements between pharmaceutical companies and academic institutes have boosted the market for multiple sclerosis medicines even more.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Classified into Injectables
Fastest Growth
Oral
Growth Rate
2.31% CAGR
Global Multiple Sclerosis Market ($ Bn)
Country Share for Asia Pacific (%)
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Multiple Sclerosis Market Segmental Analysis
The global multiple sclerosis market is segmented based on drug type, route of administration type, diagnosis type and regional type. In terms of drug type, the market is segmented into Immunomodulators and Immunosuppressant. Based on route of administration type, the market is bifurcated into injectables, oral and other. Based on diagnosis type, the market is bifurcated into magnetic resonance imaging (MRI) scans, simple electrical stimulation tests and lumbar puncture. Based on region, the market is segmented into North America, Europe, Asia Pacific, Central & South America and Middle East & Africa. Route of administration is the most dominant segment, owing to its expanding market base and potential for future advancements.
Analysis by Route of Administration
As per categorization by route of administration type, the market is classified into injectables, oral, and others. Among these, injectables earned the largest share and continue to dominate the market. Innovations in injectable therapy for multiple sclerosis (MS) have considerably improved disease management around the world. Patient compliance and convenience have increased with the introduction of innovative formulations and delivery systems, such as long-acting agents and autoinjectors. Furthermore, the growing list of injectable medications gives doctors and patients additional alternatives for tailoring treatment regimens based on disease severity and individual needs, resulting in better results and quality of life for MS patients worldwide.
The transition to oral drugs is expected to be the fastest-growing trend in the worldwide multiple sclerosis (MS) market due to several causes. Oral medicines are more convenient and easier to administer than injectables, which may improve patient adherence. Furthermore, advances in medication discovery have introduced extremely effective oral therapies with acceptable safety profiles. The preference for oral drugs is consistent with patient preferences for non-invasive solutions, resulting in strong expansion in this area of the worldwide MS market.
Analysis by Diagnosis Type
Magnetic resonance imaging (MRI) technology advancements have transformed the diagnosis and treatment of multiple sclerosis (MS) worldwide. High-resolution MRI scans allow clinicians to detect and monitor MS lesions with better accuracy, allowing for earlier diagnosis and more personalized treatment regimens. Advanced imaging techniques, such as diffusion-weighted imaging and magnetization transfer imaging, provide information on disease activity and development, which aids in therapeutic decision making. The broad use of MRI in clinical practice demonstrates its critical role in improving patient treatment and results in the global MS market.
The use of simple electrical stimulation tests and lumbar punctures is expected to be the fastest-growing trend in the worldwide sclerosis market due to its diagnostic and prognostic value. These tests provide non-invasive methods for assessing nerve activity and analyzing cerebrospinal fluid, which aids in the early detection and monitoring of multiple sclerosis (MS). With a growing emphasis on early intervention and personalized treatment methods, these easily available diagnostic techniques are projected to expand rapidly, improving patient care worldwide.
Global Multiple Sclerosis Market By Route of Administration (%)
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Multiple Sclerosis Market Regional Insights
As the Asia Pacific region's healthcare sector grows rapidly, there will be an increased demand for healthcare experts. China and India are expected to dominate the multiple sclerosis treatment markets due to their large populations and high prevalence of the condition. China, India, and Malaysia will all make significant contributions to the Southeast Asian market's growth rate. Multiple sclerosis diagnoses are predicted to rise in Asian countries, particularly in the Asia Pacific area, as the demand for health care services grows. Asia-Pacific is predicted to expand the quickest over the projection period.
Multiple sclerosis treatment is the world's second-largest market, thanks to Europe's expanding healthcare industry and healthcare coverage. Germany and France are leading the market growth for multiple sclerosis treatment in Europe. With its enormous pharmaceutical business, Germany is predicted to experience the fastest growth during the assessment period. Several markets dominate the multiple sclerosis market, with Europe coming in second behind Asia Pacific. The North American multiple sclerosis treatment market is expected to reach USD 14.76 billion at a CAGR of 6.76% by 2030, owing to rapid development of the medical sector in the United States and an increase in the number of research institutions for better disease treatment. The United States dominates the market. Multiple sclerosis is also driven by increased healthcare penetration in the United States and Canada, which results in a greater number of procedures.
Global Multiple Sclerosis Market By Geography
- Largest
- Fastest
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Multiple Sclerosis Market Dynamics
Drivers
Increasing Cases of Multiple sclerosis
- The increasing frequency of multiple sclerosis is a major driver of the market's expansion. Multiple sclerosis is classified into four types: relapsing-remitting multiple sclerosis (RRMS), primary-progressive MS (PPMS), secondary-progressive MS (SPMS), and progressive-relapsing MS (PRMS), and their high incidence rate would have an impact on market dynamics during the projection period.
Opportunity to Expand in Future
- The multiple sclerosis market's growth rate is driven by increased healthcare expenditure, which aids in the improvement of its infrastructure. The multiple sclerosis market will grow as public and private organisations ramp up their awareness campaigns. High disposable income and increased development of novel monoclonal antibodies, immunosuppressants, immunomodulators, and interferons will lead to market expansion for multiple sclerosis. Along with this, the expanding senior population and ever-changing lifestyle would accelerate the market's growth pace.
Restraints
Growing Healthcare Prices
- On the other hand, the high cost of treating multiple sclerosis will slow market expansion. The multiple sclerosis market will face challenges due to a shortage of skilled experts and healthcare infrastructure in developing economies. Furthermore, a drop in clinical visits due to the COVID-19 outbreak, as well as a lack of knowledge among individuals, would act as a restraint on the market's growth rate during the projection period of 2022-2029.
Workforce Shortage
- A key constraint for the worldwide multiple sclerosis industry is a scarcity of competent specialists. This scarcity affects a wide range of healthcare professions, including neurology, nursing, and rehabilitation services, which are critical for providing complete MS care. In developing nations, particularly, the scarcity of skilled specialists impedes rapid diagnosis, optimal therapy initiation, and continued management of MS patients. Addressing labour shortages through focused training programmes and retention tactics is critical for ensuring enough access to quality care and improving outcomes in the worldwide multiple sclerosis market.
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Multiple Sclerosis Market Competitive Landscape
Manufacturing locally to reduce operating costs is one of the primary business strategies used by manufacturers in the Multiple Sclerosis Treatment industry to benefit customers and expand the market segment. The Multiple Sclerosis Treatment industry has recently provided medicine with significant benefits. Major Multiple Sclerosis Treatment market participants such as Teva Pharmaceuticals, Bayer Healthcare, Biogen Idec, Pfizer Inc., and others are striving to boost market demand by supporting R&D efforts.
Top Player’s Company Profiles
- Pfizer Inc. (US)
- Novartis AG (Switzerland)
- Bayer AG (Germany)
- Eli Lilly and Company (US)
- Merck & Co., Inc. (US)
- Allergan (Ireland)
- AstraZeneca (UK)
- AbbVie Inc. (US)
- Johnson & Johnson Private Limited (US)
- Cipla Inc. (US)
- Abbott (US)
- Merck KGaA (Germany)
- Actelion Pharmaceuticals Ltd (Switzerland)
- Opexa Therapeutics, Inc. (US)
- Bayer AG (Germany)
Recent Developments
- In November 2022, In the United States, Roche announced the subcutaneous formulation of Ocrevus (ocrelizumab) for the treatment of relapsing forms of MS and primary progressive MS, giving patients another way to take this popular medication.
- In March 2023, The European Commission approved Novartis' oral drug, Kesimpta (ofatumumab), as a treatment for adults with relapsing forms of MS, such as clinically isolated syndrome, relapsing-remitting illness, and active secondary progressive disease.
- In October 2023, Biogen published favorable Phase 3 clinical trial findings for their investigational medication, BIIB098, demonstrating considerable efficacy in lowering disease activity and disability progression in individuals with relapsing forms of multiple sclerosis (MS).
Multiple Sclerosis Key Market Trends
- Significant R&D Investments: Clinical research and R&D investments are drawing a lot of attention in the multiple sclerosis treatment sector. MS is a disease that numerous pharmaceutical companies are seeking to address. For example, Pipeline Therapeutics is using its PIPE-307, a selective M1 receptor antagonist, through clinical studies for multiple sclerosis. In addition to expanded research activity, several research agreements have been developed between pharmaceutical companies and research institutes, which has boosted the market for multiple sclerosis treatment. Pharmaceutical businesses of all sizes have been expanding their pipeline portfolio by conducting more research on innovative candidates. The debut of these pipeline prospects is likely to accelerate market expansion for multiple sclerosis treatments.
- Rising Disease Burden Propels Expansion of the Multiple Sclerosis Market: The increasing frequency of multiple sclerosis is a major driver of the market's expansion. Multiple sclerosis is classified into four types: relapsing-remitting MS (RRMS), primary-progressive MS (PPMS), secondary-progressive MS (SPMS), and progressive-relapsing MS (PRMS), and their high incidence rate will influence market dynamics over the forecast period.
Multiple Sclerosis Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, the increasing prevalence of multiple sclerosis, which is classified into several forms, serves as a main stimulus for market expansion. Increased healthcare spending, combined with increased awareness campaigns, drives market expansion, aided by the development of new treatments and demographic trends towards an ageing population and changing lifestyles. The high cost of multiple sclerosis treatment, combined with workforce shortages and healthcare infrastructure limitations in developing countries, creates significant market expansion challenges, which are exacerbated by decreased clinical visits due to the COVID-19 pandemic and low public awareness.
Recent advances in medicine within this area have provided significant benefits. Major market participants such as Teva Pharmaceuticals, Bayer Healthcare, Biogen Idec, and Pfizer Inc. are actively funding R&D projects to boost market demand. Significant R&D investments in the multiple sclerosis therapy market are gaining traction, with many pharmaceutical companies focusing on this condition. For example, Pipeline Therapeutics is testing PIPE-307, a selective M1 receptor antagonist, for multiple sclerosis. The expanding disease burden, typified by various kinds of multiple sclerosis, is a primary driver of market growth, with high incidence rates impacting market dynamics over the projection period.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 25.45 billion |
| Market size value in 2031 | USD 30.55 billion |
| Growth Rate | 2.31% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
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| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Multiple Sclerosis Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Multiple Sclerosis Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Multiple Sclerosis Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Multiple Sclerosis Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Multiple Sclerosis Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Multiple Sclerosis Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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