Globally, the prevalence of multiple sclerosis has increased due to genetic and environmental factors. Another reason which could be attributed to the increasing prevalence is the advances in diagnostic techniques in this therapy area. The prevalence of autoimmune diseases such as type 1 diabetes and certain infections such as infectious mononucleosis also increases the risk of multiple sclerosis.
In 2008, the global prevalence of multiple sclerosis was estimated to be 0.031 percent, which increased to 0.032 percent in 2013. The prevalence of multiple sclerosis in Europe is also high. High disease prevalence drives the demand for drugs, thereby driving the growth of the market. Our analysts have predicted that the multiple sclerosis drugs market will register a CAGR of close to 6 percent by 2023.
With the increase in the prevalence of multiple sclerosis, there is a high unmet need for a strong pipeline of disease-modifying drugs. Current drugs for multiple sclerosis slow down the disease progression, but in many patients’ responses to drugs are often variable and suboptimal.
Ongoing R&D for the development of new drugs has resulted in the development of a strong drug pipeline for the treatment of multiple sclerosis. Therefore, the drug development initiatives by companies are expected to dive the market in the forecast period.
The side effects associated with multiple sclerosis drugs can range from mild to serious. Therefore, side effects associated with these drugs can lead to low patient compliance and may hinder the growth of the global multiple sclerosis drugs market.
The market appears to be moderately concentrated and with the presence of limited vendors. This market research report will help clients identify new growth opportunities and design unique growth strategies by providing a comprehensive analysis of the market’s competitive landscape and offering information on the products offered by companies.