A key driver for the global multiple sclerosis drugs market will be the rising prevalence of multiple sclerosis. The prevalence of multiple sclerosis has been increasing significantly across the world owing to genetic and environmental factors. The prevalence of autoimmune diseases such as type 1 diabetes and certain infections such as infectious mononucleosis also increases the risk of multiple sclerosis. High disease prevalence significantly drives the demand for drugs, thereby leading to the growth of the multiple sclerosis drugs market.
As per Technavio, the development of novel drugs will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global multiple sclerosis drugs market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
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Global multiple sclerosis drugs market: Development of novel drugs
In recent years, there has been an increase in the development of novel drugs for the treatment of multiple sclerosis. For instance, a new drug known as siponimod has been discovered by researchers that can slow the progression of symptoms of secondary progressive multiple sclerosis. Secondary progressive multiple sclerosis develops in people who are initially diagnosed with the relapsing-remitting form of multiple sclerosis. The individual may experience symptoms such as flare-ups and develop disabilities. Siponimod can also reduce the risk of disabilities. Likewise, researchers are developing a number of new drugs for the treatment of multiple sclerosis, which will fuel market growth during the forecast period.
“The growing prevalence of multiple sclerosis is leading to several initiatives by patient advocacy organizations and pharmaceutical companies to increase disease awareness. Such initiatives will drive the demand for multiple sclerosis drugs during the forecast period,” says a senior research analyst at Technavio.
Global multiple sclerosis drugs market: Segmentation analysis
This research report on the multiple sclerosis drugs market segments the market by type (oral and parenteral) and geography (Asia, Europe, North America, and ROW).
The parenteral segment held the largest multiple sclerosis drugs market share in 2018. However, the market dynamics are expected to change during the forecast period with the launch of new oral drugs. The oral segment is expected to witness an improvement in its position in the overall market and surpass the parenteral segment by 2023.
North America accounted for the highest share of the market in 2018. The market in North America is led by the US and Canada because of the presence of major vendors such as Biogen and CELGENE CORPORATION and the high revenue generated by the sales of drugs in the region. High sales can be attributed to high patient access to neurological facilities and reimbursement for multiple sclerosis drugs.
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Five Forces Analysis
- Regional comparison
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- Vendors covered
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- Competitive scenario
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