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

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.