Multiple Sclerosis (MS) Market, By Type (Clinically isolated syndrome (CIS), Relapse-remitting MS (RRMS), Primary progressive MS (PPMS), Secondary progressive MS (SPMS)), Treatment (Medications, Stem Cell Therapy, Physical Therapy, Plasma Exchange, Others), Drug Class (Immunomodulators, Immunosuppressants, Interferons, Others), Diagnosis (Magnetic Resonance Imaging (MRI), Simple Electrical Stimulation Tests, Lumbar Puncture, Others), Route of Administration (Oral, Parenteral, Others), End-Users (Hospitals, Specialty Clinics, Homecare, Others), Distribution Channel (Hospital Pharmacy, Retail Pharmacy, Online Pharmacy, Others) and region (North America, Europe, Asia-Pacific, Middle East and Africa and South America).
The global Multiple Sclerosis (MS) market size was estimated at USD 25.2 billion in 2023 and is projected to reach USD 34.9 billion in 2030 at a CAGR of 4.76% during the forecast period 2023-2030.
Multiple sclerosis is a chronic inflammatory disease that causes demyelination, cutting of axons and degeneration of neurons in the brain and spinal cord. The body's immune system targets neurons in the central nervous system and damages the myelin sheath. It is a potentially debilitating disease that causes disturbances in the body's communication and coordination. Symptoms of multiple sclerosis vary greatly depending on the extent of the damage and the number of neurons affected. Some of the observed symptoms include fatigue, numbness, spasticity, bladder dysfunction, cognitive changes, emotional changes and depression. A person with severe MS has speech and movement problems. Multiple sclerosis can be divided into four types: RRMS, SPMS, PPMS and PRMS.
The growth is due to the fact that major market players have invested in R&D to develop innovative medicines. For example, in December 2020, Adamas Pharmaceuticals Inc. announced Results of a phase 3 clinical trial of amantadine ADS-5102 for the treatment of MS patients. Product launches, increasing government initiatives to improve access to treatment and care, and increasing prevalence of multiple sclerosis are expected to drive global market expansion.
On the other hand, high cost of drugs may hamper the market growth to some extent.
The emergence of COVID-19 slowed the demand for multiple sclerosis drugs due to lower patient volumes going for the disease diagnosis and delays in treatment processes. Key players in the market experienced slow growth in their revenues due to the COVID-19 pandemic. The reallocation of healthcare resources for COVID-19 treatment, fewer people going for the disease diagnosis, and supply chain disruptions impacted the sales of these drugs for the treatment of MS.
The pandemic had a considerable impact on businesses globally, with nations like India and China bearing the brunt of the virus's outbreak. The growth of the multiple sclerosis drug market is supported by government and non-governmental organization support. The government and non-governmental organizations fund several schemes and programs to offer their support to improve the quality of life of people with multiple sclerosis. Companies are rapidly increasing their efforts to focus on new products to meet the growing demand for MS drugs. Multiple sclerosis requires lifelong treatment, which increases the overall cost of patient care. In order to provide better and more effective treatments for multiple sclerosis in the market, companies are developing specific drugs for the treatment of multiple sclerosis.In addition, some notable changes in recent past for the treatment of the RRMS, and continuous drug development for treating multiple sclerosis is also expected to aid the growth in this market. These factors have led to the expansion of the market and increased demand for Multiple Sclerosis (MS) solutions.
North America to Dominate the Market