Global multiple sclerosis drugs market in 2019 worth $20.83 billionApril 17, 2020
DUBLIN–(BUSINESS WIRE)–The “Multiple Sclerosis Drugs Market Global Report 2020” report has been added to ResearchAndMarkets.com’s offering.
The global multiple sclerosis drugs market was worth $20.83 billion in 2019. North America is expected to be the largest region in the forecast period. Major players in the market are Biogen, Novartis, Roche, Bayer HealthCare, Pfizer, Merck & Co, Sanofi, Teva Pharmaceutical Industries, GlaxoSmithKline and Acorda Therapeutics.
The growth of multiple sclerosis drugs market is aided by the support from government as well as non-government organizations. The government and non-government organizations fund several schemes and programs to offer their support to enhance the quality of life of people affected with multiple sclerosis (MS). For instance, in 2019, the government of Alberta in partnership with the department of Economic Development, Trade and Tourism in Canada invested $1 million towards the Canadian Prospective Cohort Study to Understand Progression in Multiple Sclerosis (CanProCo) to support the research and innovations to enhance understanding and treatment for MS disease. CanProCo is an initiative to consolidate the efforts of nearly 50 MS researchers from various disciplines across Canada. The initiative was further funded by the Canada Brain Research, Biogen Canada and the MS Society of Canada, as well as Hoffmann-La Roche Limited (Roche Canada) to raise a total of $10 million. Appropriate financial support from the government and non-government organizations boosts the growth of multiple sclerosis drugs market.
The high cost of drugs to treat multiple sclerosis (MS) restricts the growth of the multiple sclerosis drugs market. The MS is a cureless disease with high chances of disability and requires lifelong treatment. Despite the heavy competition among the drug companies, the cost of MS drugs is high, increasing the overall cost of treatment. The companies operating in the multiple sclerosis drugs market often have to work towards reducing the cost of these drugs to justify its cost-effectiveness to its consumers. As reported by Institute for Clinical and Economic Review (ICER) in 2017, the MS drugs costs roughly between $63,000 and $104,000 annually. For instance, in 2019, after receiving criticism by National Multiple Sclerosis Society on the high price of Vumerity, a drug to treat relapse MS, Biogen and Alkermes had to reduce the prices of the drug to $88,000 per year in order to make it affordable to the patients. The high cost of drugs, which are required lifelong negatively affects the growth of the multiple sclerosis drugs market.
The companies are rapidly intensifying their efforts to focus on new product launches to cater to the rising demands for MS drugs. The multiple sclerosis requires a lifelong treatment, which increases the overall cost of treating a patient. In order to provide better and effective treatment companies in the multiple sclerosis market are developing drugs specific to the treatment of multiple sclerosis. Following the trend, in 2019, FDA approved Novartis’ Mayzent (siponimod) and EMD Serono’s Mavenclad (cladribrine) for the treatment of relapsing remitting multiple sclerosis (RRMS), and active secondary progressive multiple sclerosis (SPMS). Both the drugs were launched as an easy-to-consume oral drug.
In 2019, Bristol-Myers Squibb, a USA based pharmaceutical company, acquired Celgene for $74 billion. Through the acquisition Bristol-Myers Squibb aims to increase its product portfolio by utilizing the existing products of Celgene along with its technical and pipeline support. Ozanimod is one of the Celgene’s pipelined drugs for the treatment of relapsing multiple sclerosis. The drug is currently in phase III clinical trials to be approved by FDA. Celgene is a USA based producer and marketer of medicines for cancer and inflammatory disorders such as multiple sclerosis.
Key Topics Covered:
1. Executive Summary
2. Multiple Sclerosis Drugs Market Characteristics
3. Multiple Sclerosis Drugs Market Size and Growth
3.1. Global Multiple Sclerosis Drugs Historic Market, 2015-2019, $ Billion
3.1.1. Drivers of the Market
3.1.2. Restraints on the Market
3.2. Global Multiple Sclerosis Drugs Forecast Market, 2019-2023F, 2025F, 2030F, $ Billion
3.2.1. Drivers of the Market
3.2.2. Restraints on the Market
4. Multiple Sclerosis Drugs Market Segmentation
4.1. Global Multiple Sclerosis Drugs Market, Segmentation by Drug Class, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion
4.2. Global Multiple Sclerosis Drugs Market, Segmentation by Distribution Channels, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion
- Hospital Pharmacy
- Retail Pharmacy
- Online Stores
4.3. Global Multiple Sclerosis Drugs Market, Segmentation by Route of Administration, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion
- Oral drugs
- Parenteral drugs
5. Multiple Sclerosis Drugs Market Regional and Country Analysis
- AbbVie Inc.
- Acorda Therapeutics Inc.
- Actelion Pharmaceuticals (Johnson & Johnson)
- Bayer HealthCare
- EMD Serono (Merck KGaA)
- Merck & Co. Inc.
- Pfizer Inc.
- Teva Pharmaceutical Industries Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/djauac
Laura Wood, Senior Press Manager
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900