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North America Multiple Sclerosis Therapeutics Market Research Report – Segmented By Drug Type, Route of Administration, Distribution Channel & Country (The United States, Canada and Rest of North America) – Industry Analysis on Size, Share, Trends, COVID-19 Impact & Growth Forecast (2023 to 2028)

Published: March, 2023
ID: 13095
Pages: 100
Formats: report pdf report excel report power bi report ppt

North America Multiple Sclerosis Therapeutics Market Size (2023 to 2028)

The North American market size for multiple sclerosis therapeutics was valued at USD 8.10 billion in 2023 and is estimated to be worth USD 9.29 billion by 2028, growing at a CAGR of 2.77% from 2023 to 2028.

The growth of the North American multiple sclerosis market is primarily driven by the Y-O-Y rise in the incidence of various types of multiple sclerosis along with technological developments, such as the creation of effective monoclonal bodies, immunomodulators, immunosuppressants, and interferons. Another key factor propelling the market is the increasing use of monoclonal antibodies for treating multiple sclerosis. Numerous clinical research focuses on utilizing these antibodies to generate new multiple sclerosis medications. Humanized monoclonal antibodies comprise most immunosuppressive drugs used to treat this condition. One of the drugs in 2021 is Ocrevus, which F. Hoffmann-La Roche Ltd. introduced in March 2017.

Growing awareness among the public, progress in the drug and therapeutics industries, an increase in public and private initiatives to raise awareness, an increase in drug approvals and launches, an increase in the geriatric population and a constant change in lifestyle, growing government support, and an increase in investments in the healthcare and medical sectors are all factors that are contributing to the rise in multiple sclerosis research and study.

Disease-modifying medicines have received FDA approval to treat various forms of multiple sclerosis. For example, the FDA recently approved glatiramer acetate injections and tingolimod to treat pediatric multiple sclerosis (Glatop). The factors influencing the market's growth during the forecast period include receiving FDA approval for new treatments and medications and researching several other multiple sclerosis drugs.

However, lack of awareness of the condition associated with multiple sclerosis, a lack of trained professionals and healthcare infrastructure, high costs of the treatment treating various sclerosis, patent expiry of major drugs, difficulty diagnosing the condition, expensive medications, and increased neglect of the symptoms by most people are the factors limiting the market growth. Additionally, the COVID-19 outbreak's impact on clinical visits has hampered the market’s growth rate.

This research report on the North American multiple sclerosis therapeutics market has been segmented and sub-segmented into the following categories.

By Drug Type:

  • Immunosuppressants
  • Immunomodulators

By Route of Administration:

  • Oral
  • Injectable and Others

By Distribution Channel:

  • Hospital Pharmacy
  • Retail Pharmacy
  • Online Pharmacy

By Country:

  • The United States
  • Canada
  • Rest of North America

Geographically, North America had the largest share in the global market in 2022, owing to the high prevalence of the condition and the rising economic burden of the disease leading to the adoption of novel therapeutics. The U.S. dominates the market due to development in the medical sector and rising research institutes for better treatment of diseases. In 2015 nearly 400,000 people lived with the condition in the U.S., per the Multiple Sclerosis Foundation reports, and about 200 new cases are diagnosed weekly. Significant players like Pfizer, Novartis, and Bayer are present in this region, which helps expand the market. In addition, other companies such as Novartis AG, Sanofi S.A., and Biogen have strong market positions in the United States and continue to emphasize introducing new drugs.

The government and non-government organizations funded several schemes and programs to support increasing the quality of life of people with multiple sclerosis (M.S.). For example, the Canadian Prospective Cohort Study received $ 1 million from the government of Alberta in partnership with the Department of Economic Development, Trade, and Tourism in Canada to understand the progression of Multiple Sclerosis (CanProCo) to support the research and innovations to improve awareness and treatment for M.S. disease. CanProCo is a program to combine the work of nearly 50 M.S. researchers across Canada from diverse academic fields. To raise a total of $10 million. Other initiatives include Canada Brain Research, Biogen Canada, the M.S. Society of Canada, and Hoffmann-La Roche Limited (Roche Canada). As a result, financial support from the government and non-government organizations boosts the growth of the multiple sclerosis therapeutics markets.

KEY MARKET PLAYERS:

Merck & Co., Inc., Novartis AG, Bayer AG, Sanofi, Bristol-Myers Squibb Company, Horizon Therapeutics plc, and Takeda Pharmaceutical Company Limited are some noteworthy players in the North American multiple sclerosis therapeutics market profiled in this report.

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