Global Multiple Sclerosis Drugs Market 2019-2023
About this market
Globally, the prevalence of multiple sclerosis has increased due to genetic and environmental factors. Another reason which could be attributed to the increasing prevalence is the advances in diagnostic techniques in this therapy area. The prevalence of autoimmune diseases such as type 1 diabetes and certain infections such as infectious mononucleosis also increases the risk of multiple sclerosis. In 2008, the global prevalence of multiple sclerosis was estimated to be 0.031%, which increased to 0.032% in 2013. The prevalence of multiple sclerosis in Europe is also high. High disease prevalence drives the demand for drugs, thereby driving the growth of the market. Technavio’s analysts have predicted that the multiple sclerosis drugs market will register a CAGR of close to 6% by 2023.
Strong drug pipeline
With the increase in the prevalence of multiple sclerosis, there is a high unmet need for a strong pipeline of disease-modifying drugs. Current drugs for multiple sclerosis slow down the disease progression, but in many patients' responses to drugs are often variable and suboptimal. Ongoing R&D for the development of new drugs has resulted in the development of a strong drug pipeline for the treatment of multiple sclerosis. Therefore, the drug development initiatives by companies are expected to dive the market in the forecast period.
Side effects of multiple sclerosis drugs
The side effects associated with multiple sclerosis drugs can range from mild to serious. Therefore, side effects associated with these drugs can lead to low patient compliance and may hinder the growth of the global multiple sclerosis drugs market.
For the detailed list of factors that will drive and challenge the growth of the multiple sclerosis drugs market during the 2019-2023, view our report.
The market appears to be moderately concentrated and with the presence of limited vendors. This market research report will help clients identify new growth opportunities and design unique growth strategies by providing a comprehensive analysis of the market’s
competitive landscape and offering information on the products offered by companies.
Technavio Announces the Publication of its Research Report – Global Multiple Sclerosis Drugs Market 2019-2023
Technavio recognizes the following companies as the key players in the global multiple sclerosis drugs market: Bayer AG, Biogen, Merck KGaA, Novartis AG, Sanofi.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is the introduction of favorable reimbursement policies.”
According to the report, one of the major drivers for this market is the rising prevalence of multiple sclerosis has increased due to genetic and environmental factors.
Further, the report states that one of the major factors hindering the growth of this market is the challenges associated with diagnosis of multiple sclerosis.
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