Multiple Sclerosis Therapeutics Market Size (2024 - 2029)

Multiple Sclerosis Therapeutics Market Analysis

The Multiple Sclerosis Therapeutics Market size is estimated at USD 31.03 billion in 2024, and is expected to reach USD 37.52 billion by 2029, growing at a CAGR of 3.87% during the forecast period (2024-2029).

The COVID-19 pandemic significantly impacted the healthcare systems, affecting not only patients infected with COVID-19 but also others, resulting in disruptions in research and development activities for other therapies, including MS therapy, during the initial COVID-19 outbreak. Due to the strain on healthcare systems and concerns about virus transmission, some MS patients faced delays in diagnosis and treatment. Routine check-ups, imaging studies, and elective procedures were postponed, potentially affecting the early management of the disease. For instance, according to the article published in June 2022 in the Current Neurology and Neuroscience Report, there were significant delays in the diagnosis and treatment of MS. These were delays in infusions to minimize potential COVID-19 exposure, and only about half of these delays were advised by the patient’s health care providers. However, the market recovered well post-pandemic due to the introduction of advanced patient management solutions across healthcare facilities. The market is projected to witness high growth opportunities owing to the escalating burden of conditions and rising R&D efforts by pharmaceutical companies.

The market studied is expected to witness a rapid growth rate in the future, owing to factors such as the rise in the prevalence of multiple sclerosis (MS), an increase in research and development, and product launches by the key players. For instance, according to data from the National Multiple Sclerosis Society UK Report published in May 2022, over 130,000 people are living with multiple sclerosis (MS) in the United Kingdom, and every year, around 7,000 people are diagnosed with multiple sclerosis in the country. Thus, this escalating burden of multiple sclerosis is projected to provide lucrative growth opportunities for the market over the forecast period.

Moreover, key pharmaceutical companies are investing heavily in the drug development process, so MS therapeutics. They are planning to target as many indications as possible to cater to many customers. For instance, in October 2023, the FDA approved Tiziana Life Sciences’ drug candidate foralumab, a fully human intranasal anti-CD3 monoclonal antibody, to be taken at home and self-administered for the treatment of patients living with multiple sclerosis (MS). Furthermore, extended applications for MS drugs are one of the major factors boosting the adoption of the drug. For instance, in February 2022, Teva Pharmaceuticals Europe BV confirmed that the SmPC for COPAXONE (Glatiramer Acetate (GA) injection) 20mg/mL and 40mg/mL, indicated for the treatment of relapsing forms of multiple sclerosis (RMS) in Europe. The product is now approved by European Union (EU) health authorities for use in breastfeeding. Thus, the recent product approvals and increased efforts by pharmaceutical companies to develop novel therapeutics are driving market expansion.

Additionally, an increase in research funding, grants, and other investments for the development of multiple sclerosis research is projected to fuel the market growth over the forecast period. For instance, in February 2023, scientists from Menzies School of Health Research received grants, bringing a combined total of USD 818,966 to their MS Research Flagship. MS Research Flagship’s vision is to lower the impact of multiple sclerosis (MS) on individuals and the community.

Thus, owing to the increase in MS prevalence coupled with various organic and inorganic activities of the key players, the market is expected to project growth over the forecast period. However, side effects associated with medications and the high cost of drugs may hinder the growth of the market.

Multiple Sclerosis Therapeutics Industry Segmentation

As per the scope of the report, multiple sclerosis (MS) involves an immune-mediated process in which an abnormal response of the body’s immune system is directed against the central nervous system (CNS). The multiple sclerosis therapeutics market is segmented by drug type (small molecule drugs, large molecule drugs), route of administration (oral, injectable, and other routes of administration), and geography (North America, Europe, Asia-Pacific, Middle East and Africa, and South America). The market report also covers the estimated market sizes and trends for 17 countries across major global regions. The report offers the value (USD) for the above segments.