Increased focus on drug discovery, accelerated delivery of new treatments for patients, introduction of novel and highly efficient therapies

NEW YORK , NEW YORK, UNITED STATES, September 20, 2021 /EINPresswire.com/ -- According to the current analysis of Reports and Data, the global Multiple Sclerosis Therapeutics market was valued at USD 21.92 Billion in 2019 and is expected to reach USD 26.69 Billion by year 2027, at a CAGR of 2.5 %. Multiple Sclerosis is a disabling condition of the central nervous system that impairs the flow of information within the brain and between the body and the brain. The intensity of Multiple Sclerosis ranges from numbness and tingling to blindness and paralysis. Every person with Multiple Sclerosis has a different symptom, which makes the diagnosis difficult. Increasing research related to the signs and treatments related to Multiple Sclerosis is expected to drive the market growth. Another challenge faced by the Multiple Sclerosis therapeutics market is the lack of awareness among the people associated with the Multiple Sclerosis condition. The demand for Multiple Sclerosis is expected to increase owing to the new drug developments for treating Multiple Sclerosis. For instance, according to an article published on July 31, 2019, by the National MS Society, Dalfampridine tablets are expected to improve the information processing speed in people who have Multiple Sclerosis. Increasing awareness among the people in developing nations, coupled with an increase in the developments in the healthcare sector, is further expected to drive the market for Multiple Sclerosis therapeutics. Additionally, the increasing research and study associated with Multiple Sclerosis are expected to increase the market for Multiple Sclerosis therapeutics in the coming years. University College London researchers explained how the early MRI signs might indicate the future disease course of Multiple Sclerosis.

Progress in treatments and drugs for Multiple Sclerosis is the primary factor driving the growth of the market. The increasing number of Multiple Sclerosis incidences, growing awareness among the people, development in the drugs and therapeutics sector, increasing government support, and increased investments in the healthcare and medical sector is expected to propel the market in the coming years. However, difficulty in identifying the condition of Multiple Sclerosis and expensive medications coupled with increased neglect towards the symptoms by a majority of the people, is the major hindrance for market growth during 2019-2027.

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Key participants include

Biogen Idec, Teva Pharmaceuticals, Bayer Healthcare, Pfizer, Sanofi-Aventis, Merck, and Novartis, AbbVie Inc., Acorda Therapeutics Inc.

Technological advancements and rapid digitization have streamlined the daily operations of the pharmaceutical industry. Increasing spending on medicine due to growing geriatric populace, rising incidence of chronic diseases, increasing number of product launches, and growing number of R&D activities are some key factors contributing to revenue growth of the market. Increasing focus on patient engagement solutions, rising focus to cater to growing unmet clinical demand, adoption of advanced technologies to streamline workflows in healthcare sector, and availability of skilled healthcare professionals has been positively impacting the pharma & healthcare industry. The emergence of COVID-19 pandemic has further increased focus on healthcare facilities, teleconsultation and telemedicine, and increased burden on the healthcare industry compelling governments and companies to invest heavily to cater to the growing global demand.

Further key findings from the report suggest

• Multiple Sclerosis Therapeutics market is growing at a CAGR of 8% in North America followed by Asia Pacific and Europe, with 2.7 % and 2.3% CAGR, respectively. Launch of novel therapeutics is the key factor to accelerate the market growth during forecast period across all regions.

• As of 2019, Immuno-modulators is the dominating Multiple Sclerosis Therapeutics which holds 71.9% of the global market. North American regional market is the chief revenue generating source for this product segment, followed by Asia-Pacific and Europe regions.

• Multiple Sclerosis has no permanent cure, however, many treatments and medications are available to keep manage the symptoms. Drugs are available to slow down the symptoms and intensity of multiple sclerosis.

• One of the major challenges faced by healthcare specialist is that, since Multiple Sclerosis is the condition that affects the brain and the spinal cord, Multiple Sclerosis intensity and symptoms for every person is different. This makes the detection and the treatment of the condition even more difficult.

• A new study funded by the National MS Society has confirmed that nearly one million people are living with MS in the United States, more than twice the original estimate from a previous study.

• Several risk factors, including genes, exposure to infections, and environmental factors, have been identified as growing a person’s vulnerability to developing multiple sclerosis. In addition, there is a growing body of evidence that adolescent obesity can increase the possibility of developing MS.

• May 30th was officially market as the World MS Day. World MS Day Multiple Sclerosis movement’s annual campaign started to increase the awareness among the people and support and connect the people suffering from multiple sclerosis all around the world.

• A recent study published in the journal Multiple Sclerosis and Related Disorders states that, the effect of not taking the medication of Multiple Sclerosis not only affects the management of the MS condition, but also affects the general health of the patient.

• Lifestyle factors are not risk factors for developing MS, for example, diet, exercise, tobacco use, unlike conditions in which these risk factors are very important, such as stroke, heart disease, or diabetes.

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For the purpose of this report, Reports and Data has segmented the Multiple Sclerosis Therapeutics market on the basis of product type, mode of administration type, distribution channel, and region:

Product Type (Revenue, USD Million; 2017–2027)

• Immunomodulators
o Ponesimod
o Glatopa
o Copaxone
o Avonex
o Fingolimod
o Teriflunomide
o Others
• Immunosuppressant
o Cladribine
o Others
• Corticosteroids
o Prednisone
o Methylprednisolone
• Beta interferons
o Betaseron
o Others
• Others

Mode of Administration Type (Revenue, USD Million; 2017–2027)

• Injectable
• Intravenous
• Oral

Distribution Channel (Revenue, USD Million; 2017–2027)

• Healthcare Providers
• Online Pharmacies
• Medical Clinics
• Others

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The report discusses in detail the top companies in the market along with their recent initiatives such as mergers and acquisitions, joint venture, partnerships, corporate and government deals, collaborations, and brand promotions and product launches among others. The report further discusses the companies’ initiatives and investments in key regions across the globe such as North America, Europe, Latin America, Asia Pacific, and Middle East & Africa.

Region analysis Covers:

• North America (U.S.A., Canada, Mexico)
• Europe (U.K., Italy, Germany, France, Rest of Europe)
• Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
• Latin America (Chile, Brazil, Argentina, Rest of Latin America)
• Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)

In conclusion, the report offers a comprehensive analysis of the factors expected to drive the global Multiple Sclerosis Therapeutics market growth over the forecast period of 2021-2028. The report is an all-inclusive document covering the market landscape and a futuristic perspective on its growth and progress. The report also provides an analysis of the entry-level driving and restraining factors for the new entrants contributing to the market. The report also offers strategic recommendations to the established players as well as new entrants to help them gain a strong foothold in the market.

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