Multiple Sclerosis Drugs Market is Poised to Expand at a Robust Pace by 2027April 9, 2021
Global Multiple Sclerosis Drugs Market: Introduction
In terms of revenue, the global multiple sclerosis drugs market is projected to expand at a CAGR of ~6% during the forecast period, due to numerous factors, about which, TMR offers comprehensive insights and forecasts in the global multiple sclerosis drugs market report
Multiple sclerosis is a central nervous system disorder, and a potentially disabling disease of the spinal cord and brain. In multiple sclerosis, the immune system attacks the myelin (protective sheath) that shields the nerve fibers, which causes communication issues between the brain and the rest of the body. Multiple sclerosis can cause permanent deterioration or damage to the nerves. The cause of multiple sclerosis is still unknown. Researchers believe that, genetic and environmental factors contribute to the risk of developing multiple sclerosis. Rise in the prevalence and incidence of multiple sclerosis, rapid rise in the geriatric population leading a surge in population with multiple sclerosis, and increase in awareness about multiple sclerosis are major factors fueling the global multiple sclerosis drugs market.
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Monoclonal Antibodies to Dominate Market
In terms of drug class, the global multiple sclerosis drugs market has been segmented into interferon-β, sphingosine 1 phosphate receptor modulators, mixed polymers, monoclonal antibodies, NF-κB inhibitors, pyrimidine synthesis inhibitors, and others. The inteferon-β segment accounted for a prominent share of the global multiple sclerosis drugs market in 2018. Inteferon-β is a cytokine in the interferon family that is used to treat multiple sclerosis. Inteferons are proteins produced by the human body. Inteferon-β drugs include Avonex, Betaseron, Extavia, Rebif, and Plegridy. However, the monoclonal antibodies segment is expected to dominate the global multiple sclerosis drugs market during the forecast period. Dominance of the segment is likely to be attributed to the launch of new monoclonal antibody products for the treatment of multiple sclerosis, including Ofatumumab and Ublituximab, during the forecast period.
Injectable Route of Administration be Highly Attractive
In terms of route of administration, the global multiple sclerosis drugs market has been bifurcated into injectable and oral. The injectable segment dominated the global multiple sclerosis drugs market, accounting for a significant share in 2018. The segment is expected to dominate the market during the forecast period too. More than 60% of multiple sclerosis drugs are injectable. Moreover, the launch of injectable drugs such as Ocrevus, Cladribine, and Ofatumumab, and increase in the usage of injectable drugs for the treatment of multiple sclerosis are likely to drive the segment during the forecast period.
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Retail Pharmacies to Account for Major Share
Based on distribution channel, the global multiple sclerosis drugs market has been categorized into hospital pharmacies, retail pharmacies, and e-Commerce. The retail pharmacies segment is estimated to constitute a dominant share of the global multiple sclerosis drugs market by 2027. The significant share held by the retail pharmacies segment is primarily attributable to the easy availability of multiple sclerosis drugs at retail pharmacy stores, and the large number of retail pharmacy stores in the U.S., Europe, and developing countries. Increase in the number of retail pharmacy store chains in developing as well as developed countries is likely fuel the segment during the forecast period. However, the e-Commerce segment is anticipated to expand at a high CAGR during the forecast period, due to increase in the sales of multiple sclerosis drugs through online pharmacies and emails.
North America to Create High Incremental Opportunity
In terms of revenue, North America is projected to dominate the global multiple sclerosis drugs market from 2019 to 2027. This can be ascribed to the higher sales of multiple sclerosis drugs in countries such as the U.S. and Canada. Moreover, increase in the prevalence of multiple sclerosis in the region, and favorable medical reimbursement policies in the U.S. and Canada drive the market in North America.
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