Latin America Multiple Sclerosis Drugs Market

Latin America Multiple Sclerosis Drugs Market Size (2023 to 2028)

The Latin America multiple sclerosis drugs market size is estimated to reach USD 3.03 billion by 2028. In 2023, the market was sized at USD 2.03 billion, at a CAGR of 8.31% during 2023 - 2028.

Multiple sclerosis is a chronic, inflammatory, autoimmune disease that affects the central nervous system (CNS), particularly the communication between the brain and other areas of the body. Multiple sclerosis (MS) in particular is a demyelinating disease that damages the insulating linings of nerve cells in the brain and spinal cord.

The Latin American multiple sclerosis drugs market growth is attributed to several key factors, including an increase in the prevalence of multiple sclerosis and an increase in funding for multiple sclerosis research. In addition, multiple sclerosis is becoming more common at an alarming rate, posing a threat to health care, professionals, and the government. Because of the disease’s increasing prevalence, the government has been forced to implement preventative measures in guidelines and recommendations. Aside from that, government organizations are launching many public awareness campaigns to inform patients about several treatment options available.

Multiple sclerosis is growing more common, and funding for disease research is expanding, propelling the multiple sclerosis medicines market ahead. As a result of increased financing, significant research is being performed on developing new medicines and therapies for multiple sclerosis and innovative approaches for detecting probable causes of multiple sclerosis. In addition, companies have made various attempts to develop novel multiple sclerosis medicines, driving the market.

Furthermore, a number of other factors, including genetic and environmental factors, contribute to the increased occurrence of multiple sclerosis. Multiple sclerosis has also been linked to the development of autoimmune disorders such as Type 1 diabetes and infections such as infectious mononucleosis. Therefore, the need for multiple sclerosis treatments is expected to increase in the coming years as the disease’s prevalence rises, leading to the market’s expansion. Demand for multiple sclerosis medications has increased as the prevalence of the disease has increased, resulting in market expansion. In addition, product demand would rise as per capita health expenditure rises, boosting the Latin America multiple sclerosis drugs market expansion.

However, The high cost of medicines used to treat multiple sclerosis will have a negative impact on the growth rate of multiple sclerosis drugs during the forecast period.

This research report on the Latin America multiple sclerosis drugs market has been segmented & sub-segmented into the following categories:

 By Drug Class:

• Interferon Beta
• Sphingosine 1 Phosphate Receptor Modulators
• Mixed Polymers
• NF-κB Inhibitor
• Pyrimidine Synthesis Inhibitor
• Monoclonal Antibodies
• Corticosteroids
• Adrenocorticotropic Hormone
• Others

By Disease Type:

• Relapsing-remitting MS (RRMS)
• Primary-progressive MS (PPMS)
• Secondary-progressive MS (SPMS)
• Progressive-relapsing MS (PRMS)

By Route of Administration:

• Parenteral
• Oral

By Distribution Channel:

• Hospital Pharmacies
• Retail Pharmacies & Drug Stores
• Online Pharmacies

By Country:

• Brazil
• Argentina
• Chile
• Mexico
• Rest of Latin America

The Latin America multiple sclerosis drugs market is projected to witness a moderate share during the forecast period. The market growth is expected to be driven by several important causes, including greater population awareness of multiple sclerosis and innovative products. In addition, some prominent driving aspects for the market’s growth include the rising prevalence of multiple sclerosis and increased financing for multiple sclerosis research. As a result, Brazil, Argentina, Mexico, Chile, and the rest of the Latin American regions are contributing to the regional multiple sclerosis drugs market.

According to the data released by the Brazilian Congress of Neurology, the average prevalence of multiple sclerosis disease in Brazil in 2020 was 8.69 per 100,000 people. As a result, the market for multiple sclerosis drugs in Latin America is developing due to the rising prevalence of the disease. Furthermore, extensive research is being carried out on creating novel drugs and therapies for multiple sclerosis and alternative techniques of potential causes of multiple sclerosis caused by an increase in financing across Latin America.

At the Centro de Esclerosis Multiple Buenos Aires, Argentina, a study named “Estimating the risk of COVID-19 in multiple sclerosis patients in Buenos Aires, Argentina” was done. As the number of COVID-19 patients in the region grows exponentially, there is a growing demand for data showing the impact of the novel coronavirus on multiple sclerosis.

KEY MARKET PLAYERS:

Bayer AG, Teva Pharmaceutical Industries Ltd., Novartis AG, Sanofi, F. Hoffmann-La Roche Ltd., Celgene Corporation, Acorda Therapeutics, Inc., Biogen, Inc., Actelion Pharmaceuticals (Johnson & Johnson), EMD Serono (Merck KGaA) and AbbVie, Inc. are a few of the promising companies operating in the Latin America multiple sclerosis drugs market.