The market studied is expected to witness a rapid growth rate in the future, owing to factors, such as the rising prevalence of multiple sclerosis (MS) and the growing focus of companies on pipeline products for MS.
- Big pharmaceutical companies have been investing heavily in the drug development process and are planning to target as many indications as possible, in order to cater to a large number of customers. Owing to this, the MS market has also been benefiting. For instance, the drugs being developed for multiple sclerosis include the drugs for Relapsing-remitting MS, Secondary progressive MS, Primary progressive MS, and Myelin repair or neuroprotection.
- Biogen, a leading player in the market studied has been developing Diroximel fumarate, which is currently in phase III of development; similarly, Novartis has been developing Ofatumumab, which is also in Phase III.
- Similar to the above-mentioned companies, there have been other pharmaceutical players, such as Pfizer Inc., which have been developing drugs for MS. This indicates that pipeline drugs for MS may boost the studied market's growth in the forecast period.
Key Market Trends
The Oral Route of Administration is Expected to Witness Rapid Growth in Future
Classical multiple sclerosis (MS) treatments using first-line injectable drugs, even though they have been widely applied, remain to be a foremost concern in terms of therapeutic adherence and efficacy. Novel oral drugs, recently approved for the treatment of MS, represent significant advances in the therapy. The oral route of administration evidently supports patient satisfaction and increases therapeutic compliance.
If someone is not comfortable with needles, there are oral options for treating MS. Taken daily or twice daily, oral medications require one to maintain a regular dosing schedule. These are the easiest to be self-administered.
The currently available oral multiple sclerosis drugs include Aubagio (teriflunomide), Gilenya (fingolimod), and Tecfidera (dimethyl fumarate).
In March 2019, the US Food and Drug Administration approved Mayzent (siponimod) tablets to treat adults with relapsing forms of multiple sclerosis (MS), including clinically isolated syndrome, relapsing-remitting disease, and active secondary progressive disease.
North America to Dominate the Market
The market for multiple sclerosis therapeutics is expected to show high growth in the North America region, which is majorly attributed to the presence of key players and the rising prevalence of the disease in this region. The United States is the major market for companies, such as Biogen, Novartis AG, and Sanofi SA, among others. Therefore, these companies have been focusing more on establishing their new drugs in this market studied, which ultimately has been contributing to the growth of this region.
Furthermore, as per the National Multiple Sclerosis Society, Canada is a country with the highest prevalence of MS in the world (291 per 100,000). In the case of the United States, the National MS Society estimated that there are around 1 million people in the country living with MS.
Hence, due to the high prevalence and presence of the key players, North America is expected to dominate the market studied.
The market for MS therapeutics is consolidated, as there are few players in this market. These companies are the big pharmaceutical companies that have been focusing on pipeline drugs for multiple sclerosis. With the rising R&D investment in the pharmaceutical industry, it is believed that more companies may enter the market studied in the future, and the competition may increase.
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