Europe Multiple Sclerosis Therapeutics Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Drug Class (Immunosuppressant and Immunomodulators), Route of Administration (Injectable and Oral), and Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and E-Commerce)
The Europe multiple sclerosis therapeutics market is expected to reach US$ 13,281.11 million by 2027 from US$ 8,423.83 million in 2019; it is estimated to grow at a CAGR of 6.0% from 2020 to 2027. The growth of the market is attributed to a few key driving factors such as increasing awareness about multiple sclerosis amongst population, and development and launch of innovative products. However, the high cost of the multiple sclerosis treatment hinders the market growth.
Multiple sclerosis (MS) is a chronic disease that affects the brain, spinal cord, and optic nerves. Studies show that there is an increase in the prevalence of multiple sclerosis across the European countries. In recent years, various measures and efforts have been taken to create awareness and educate people regarding neurological diseases, which are facilitating patients to access suitable medications and treatments for such conditions. The Multiple Sclerosis Foundation and affiliated groups have initiated National MS Education and Awareness Month, which is observed in March since 2003 to increase awareness about the disease. The goal of this program is to promote an understanding of multiple sclerosis disease and help the patients in making educated decisions regarding its treatment. Also, the National MS Society created and launched the “MS Kills Connection > < Connection Kills MS” campaign to connect people suffering from MS, people who treat MS patients, and people who run activities to create a world free of MS. Similarly, several players operating in the multiple sclerosis therapeutics market are developing and launching new products. The strategy of geographic and manufacturing capacity expansion, along with the product launches, helps companies cater to a broad customer base. Such developments and launches of new products are emerging as a key trend in the Europe multiple sclerosis therapeutics market.
Europe is recording the growing number of COVID-19 cases. Due to the second wave of COVID-19 outbreak, many countries' governments are working toward boosting up their cell therapies, gene therapies, and regenerative medicines produced by various companies. Increasing COVID-19 cases affect the diagnosis and treatment of diseases due to the diversification of the medical workforce and decision to focus on treating the critically ill patients. Due to the current pandemic, many universities and research institutes stopped clinical trials, as scientists are shifting their focus on controlling the COVID-19 outbreak and are working hard to better study the virus. Thus, the growing focus on COVID-19 outbreak is hindering on the market growth.
The Europe multiple sclerosis therapeutics market, by drug class, is bifurcated into immunosuppressant and immunomodulators. The immunomodulators segment held a larger share of the market in 2019, whereas the immunosuppressants segment is anticipated to register a higher CAGR in the market during the forecast period.
The Europe multiple sclerosis therapeutics market, by route of administration, is bifurcated into injectable and oral. The injectable segment held a larger share of the market in 2019, and the same segment is anticipated to register a higher CAGR in the market during the forecast period.
Based on distribution channel, the Europe multiple sclerosis therapeutics market is segmented into hospital pharmacies, retail pharmacies, and e-commerce. The hospital pharmacies segment held the largest share of the market in 2019. However, the e-commerce segment is estimated to register the highest CAGR in the market during the forecast period.
A few of the primary and secondary sources referred to while preparing the report on the Europe multiple sclerosis therapeutics market are the European Centre for Disease Prevention and Control (ECDC), European Academy of Neurology (EAN), and European Medicines Agency (EMA).
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