Multiple Sclerosis Drugs Market: Interferon beta segment accounted for a major share of the Market
Future of Multiple Sclerosis Drugs Market Hinges on FDA Approval and Research Activities
Multiple sclerosis is classified as a chronic, autoimmune, and inflammatory disease of the central nervous system, which affects the communication between different parts of the body and the brain. According to the National Multiple Sclerosis Society, over 1 million individuals have multiple sclerosis in the U.S. alone, and around 2.3 million people worldwide. These numbers continue to grow each year, which in turn makes it imperative to discover multiple sclerosis drugs with improved effectiveness and minimum side effects. Government and non-government entities in developed and developing regions are stepping up their efforts toward spreading awareness related to multiple sclerosis and are allocating substantial funds for research and development of new drugs.
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Progress in life sciences and healthcare in the past decade, number of promising pipeline drug development projects, surge in the number of incidences of multiple sclerosis, and unmet needs pertaining to multiple sclerosis are some of the leading factors that are expected to accelerate the growth of the multiple sclerosis drugs market during the forecast period (2019-2027). Thus, the global multiple sclerosis drugs market, which was valued at ~US$ 20 Bn in 2019, is expected to reach ~US$ 31.5 Bn by 2027.
Stakeholders Prioritize Development of New Drugs
Although prevalence of multiple sclerosis dates back to more than a hundred years, the first wave of drugs that exhibited moderate efficacy levels to treat multiple sclerosis gained approval 25 years ago. Since then, despite significant research, stakeholders were yet to find a treatment or a drug to cure multiple sclerosis.
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In 2017, the Food and Drug Administration (FDA) gave the approval for Ocrevus ™ (ocrelizumab), a newly developed medication that has shown promising results in slowing down the progression of multiple sclerosis, and is also one of the first drugs to receive the approval for the treatment of primary-progressive multiple sclerosis. Clinical trials revealed that patients who were given doses of ocrelizumab exhibited fewer brain lesions and a significantly lower relapse rate. Furthermore, this drug showed greater efficacy in minimizing the annual relapse rate and a number of lesions that could be seen on MRI scans than interferon beta 1a (one of the most extensively used drugs to treat multiple sclerosis).
At present, monoclonal antibodies and Interferon-β are some of the most popular drugs used in the treatment of multiple sclerosis. Monoclonal antibodies drug class segment are likely to retain the lead the multiple sclerosis drugs market during the forecast period and account for a market share of ~40% by the end of 2027.
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New Multiple Sclerosis Medication in Research Pipeline Promises Better Results
Although there is no known cure for multiple sclerosis, the adoption of new medications to slow down the progression of multiple sclerosis and manage symptoms is on the rise. In the current scenario, research and development is playing a key role in the development of new treatments. Traditionally, disease-modifying therapies (DMTs) are the main type of medication used to treat multiple sclerosis. Players operating in the multiple sclerosis drugs market are focusing their efforts on gaining approval from the FDA for their newly developed drugs.
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In recent times, the FDA has approved a range of disease-modifying therapies to treat different types of multiple sclerosis. Most recently, the FDA approved Fingolimod (Gilenya) to treat pediatric multiple sclerosis and glatiramer acetate injections (Glatopa). While new treatments and medications are receiving FDA approval, several other multiple sclerosis drugs are in the research pipeline and expected to enter the multiple sclerosis drugs market during the forecast period. For instance, a relatively recent phase III clinical trial revealed that siponimod, a potential multiple sclerosis drug, could reduce the relapse rate among individuals suffering from secondary progressive multiple sclerosis. Similarly, the findings from a recent phase II clinical trial suggested that ibudilast could potentially hamper the progression of disability in patients with multiple sclerosis.
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Despite the onset of new oral medications, injectable multiple sclerosis drugs are expected to have a higher demand during the forecast period. Thus, in terms of route of administration, the parenteral segment of the multiple sclerosis drugs market is expected to reach a market value of ~US$ 12.7 Bn in 2020 and hold a market share of ~ 63% in the same year.
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