The global multiple sclerosis therapeutics
market is expected to reach USD 24.8 billion by 2024
according to a new report by Grand View Research, Inc.
The presence
of high unmet clinical needs in developing regions is one of the highest impact
rendering drivers of the multiple sclerosis therapeutics market. Many
organizations over the globe are actively involved in spreading awareness among
people regarding progressive multiple sclerosis and the symptoms associated
with it. Some notable examples include the National Multiple Sclerosis Society
(NMSS) in the U.S., Multiple Sclerosis International Federation in Canada,
European Multiple Sclerosis Platform (EMSP), and the Multiple Sclerosis Society
(MSC).
Reimbursement
programs are also anticipated to enhance the penetration of multiple sclerosis
drugs. For instance, In June 2014, Biogen Idec Canada, announced that its
TECFIDERA drug for the treatment of MS is available for reimbursement in
British Colombia through B.C PharmaCare.
The
introduction of novel therapeutics with minimal dosage requirement and
cost-effectiveness is further expected to favor market growth. For, instance
Lemtrada by Sanofi needs to be administered 3-5 times per year as compared to
Copaxone, which requires daily administration.
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Further key findings from the study suggest:
- The dominant drug class segment in 2015 was immunomodulators. Avonex, Betaseron, Copaxone, and Rebif were the key drugs capturing over 75% of market share in 2015.The introduction of Tecifedra, an oral immunomodulatory drug in 2015 has been a major breakthrough in this segment.
- The declining revenue of Copaxone, Gilenya, Avonex, and Tysabri is forecasted by considering the factors such as limited usage rates of these drugs owing to the availability of highly potent FDA-approved oral drugs, Aubigio and Tecfidera
- Immunosuppressant,on the other hand, is expected to witness significant growth of over 18.0%. The presence of a strong drug pipeline and its expected commercialization in the coming six years are some factors expected to drive market growth
- In 2015, the injectable drugs market held the largest share owing to high prescription rates & price
- North America dominated the overall multiple sclerosis therapeutics market with revenue estimates at over 13.0 billion in 2015. The increasing prevalence of multiple sclerosis, the introduction of new drugs, and high prices of drugs, such as Tysabri and Aubagio in the U.S., are some factors responsible for its dominance.
- Major companies operating in this market are Biogen Idec, Teva Pharmaceuticals, Bayer Healthcare, Pfizer, Sanofi Aventis, Merck, Novartis, and AbbVie. Market players are upgrading the product portfolio by launching generic versions to sustain its market position. For instance, in 2015, Novartis launched a generic version of Copaxone named Glatopa in the U.S.
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About
Grand View Research:
Grand View Research, Inc. is a U.S.
based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, we offer market intelligence studies
ensuring relevant and fact-based research across a range of industries, from
technology to chemicals, materials and healthcare.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415-349-0058
Toll Free: 1-888-202-9519
Email:
sales@grandviewresearch.com
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