Multiple Sclerosis Therapeutics Market Analysis, Competitive Landscape, and Forecast by 2031

The Multiple Sclerosis Therapeutics Market size was estimated to be US$ 29.84 billion in 2023 and is expected to reach US$ 53.77 billion by 2031; it is estimated to record a CAGR of 6.8% till 2031. Development of novel therapies for treatment of multiple sclerosis, rise in R&D activities for development of drugs, and increasing cases of multiple sclerosis are likely to remain key Multiple Sclerosis Therapeutics Market trends.

Multiple Sclerosis Therapeutics Market Analysis

The companies are focusing on development of various therapies for treatment of multiple sclerosis. For instance, in Feb 2024, Roche Pharma India launched Ocrevus (Ocrelizumab) which is the first and only approved disease modifying therapy for both Relapsing Remitting Multiple Sclerosis (RRMS) and Primary Progressive Multiple Sclerosis (PPMS) in India.

Multiple Sclerosis Therapeutics Market Overview

Multiple sclerosis (MS) is an autoimmune disease affecting the central nervous system. The immune system attacks the nerves which causes communication problems between the brain and rest of the body. Immunosuppressants and immunomodulators along with physiotherapy is widely used to treat MS. The MS therapeutics have evolved over the last few years with development of high efficacy disease modifying therapies targeting various mechanisms including immuno suppression or immuno modulation and enhance immune cell sequestration. The emerging therapy for MS includes CNS-penetrant Bruton's tyrosine kinase inhibitors and autologous hematopoietic stem cell transplantation.

Multiple Sclerosis Therapeutics Market: Strategic Insights

Multiple Sclerosis Therapeutics Market Drivers and Opportunities

Increasing Prevalence of Multiple Sclerosis to Favor Market

According to World Health Organization (WHO), in 2023, over 1.8 million people globally suffer from multiple sclerosis. Further, according to the National Multiple Sclerosis Society, about 1 million people in 2021 were affected by multiple sclerosis in the US. According to the South African Medical Journal, the burden of multiple sclerosis in sub-Saharan Africa is increasing, with approximately 6.1% in 2021. As of 2021, seven in 10,000 people—or 684 people—were reported to have multiple sclerosis in the UAE, with the average age of diagnosis being 28. Increase in prevalence of multiple sclerosis globally is fueling the growth of the multiple sclerosis therapeutics market.

Increasing Research Grants – An Opportunity of Multiple Sclerosis Therapeutics Market

Rise in funding is driving extensive multiple sclerosis research across the world to identify new treatments for the disease. For instance, in February 2023, researchers from the University of Tasmania’s Menzies Institute for Medical Research received research grant awarded by MS Australia in the funding round of multiple sclerosis research. They received US$ 818,966 for their MS research. In December 2023, the European Union is funding the international research consortium BEHIND-MS as part of its HORIZON Europe programme, which aims to identify specific biomarkers and to develop targeted therapies. The consortium, led by the German Cancer Research Center, will receive US$ 7.57 million (7.1 million euros) over a period of five years.

Multiple Sclerosis Therapeutics Market Report Segmentation Analysis

Key segments that contributed to the derivation of the Multiple Sclerosis Therapeutics Market analysis are type and application.

• Based on drug class, the Multiple Sclerosis Therapeutics Market is bifurcated into immunosuppressant and immunomodulators. The immunosuppressant segment held the largest market share in 2023. Immunosuppressants are class of drugs that suppress or reduce the strength of the body’s immune system. These are widely used to treat autoimmune diseases. These are also used to reduce the body's ability to reject a transplanted organ. Multiple sclerosis is an autoimmune disease affecting the central nervous system. Immunosuppressive therapy is the most commonly used treatment to treat multiple sclerosis (MS) for more than 30 years. Commonly used immunosuppressive agents for MS are cyclophosphamide, azathioprine, methotrexate, and mitoxantrone. Immunosuppressants are inhibitors of components of the immune system and are used in early treatment of multiple sclerosis.
• By route of administration, the market is segmented into injectable and oral. The injectable segment held the largest share of the market in 2023.
• In terms of distribution channel, the market is segmented into hospital pharmacies, retail pharmacies, and e-commerce. The hospital pharmacies segment dominated the market in 2023.

Multiple Sclerosis Therapeutics Market Share Analysis by Geography

The geographic scope of the Multiple Sclerosis Therapeutics Market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America.

North America has dominated the Multiple Sclerosis Therapeutics Market. In North America, the US holds the significant share of the multiple sclerosis therapeutics market. The growth of the market in the country is primarily driven by vast number of R&D activities, financial aids by governments, other private, and non-private organizations for research, collaborations within pharmaceuticals and technology companies for development of products, and increasing prevalence of multiple sclerosis in the country. Additionally, increasing awareness regarding the multiple sclerosis treatment outcomes is expected to boost the adoption and acceptance of the products during the forecast period. Furthermore, the implementation of regulatory policies for approval of treatment of multiple sclerosis is likely to offer significant opportunity for the growth of the market during the forecast period. Asia Pacific is anticipated to grow with the highest CAGR in the coming years.

Multiple Sclerosis Therapeutics Market Regional Insights

The regional trends and factors influencing the Multiple Sclerosis Therapeutics Market throughout the forecast period have been thoroughly explained by the analysts at The Insight Partners. This section also discusses Multiple Sclerosis Therapeutics Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Multiple Sclerosis Therapeutics Market Report Scope

Multiple Sclerosis Therapeutics Market Players Density: Understanding Its Impact on Business Dynamics

The Multiple Sclerosis Therapeutics Market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Multiple Sclerosis Therapeutics Market News and Recent Developments

The Multiple Sclerosis Therapeutics Market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for multiple sclerosis therapeutics and strategies:

• The US Food and Drug Administration approved Tyruko (natalizumab-sztn), the first biosimilar to Tysabri (natalizumab) injection for the treatment of adults with relapsing forms of multiple sclerosis (MS). (Source: Food and Drug Administration, Press Release, 2023)
• Neuraxpharm Group launched BRIUMVI (ublituximab) in Europe for the treatment of adult patients with relapsing multiple sclerosis (RMS) with active disease. Germany is the first country in Europe to see the launch of ublituximab. This follows Neuraxpharm’s agreement with TG Therapeutics, announced in August 2023, to commercialise ublituximab outside the United States (US), Canada, Mexico and excluding certain Asian countries that have been previously partnered. (Source: William Reed, Company Website, 2024)

Multiple Sclerosis Therapeutics Market Report Coverage and Deliverables

The “Multiple Sclerosis Therapeutics Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:

• Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• Market dynamics such as drivers, restraints, and key opportunities
• Key future trends
• Detailed PEST/Porter’s Five Forces and SWOT analysis
• Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
• Detailed company profiles