Multiple Sclerosis Market

Market Overview

The global multiple sclerosis market size was valued at USD 26.37 billion in 2023. It is estimated to reach USD 32.93 billion by 2032, growing at a CAGR of 2.5% during the forecast period (2024–2032). The growing prevalence of multiple sclerosis worldwide and rising awareness of this disease created by several governmental and non-governmental organizations are expected to drive the global multiple sclerosis market growth. Moreover, there has been a rise in the research and development of drugs and efficient treatments for multiple sclerosis, which is anticipated to create opportunities for market growth. This has led to developing novel and innovative treatments, further boosting the market expansion.

Highlights

• Immunosuppressants dominate the drug type segment
• Oral segment dominates the route of administration segment
• North America is the highest shareholder in the global market

Multiple sclerosis (MS) is a chronic neurological condition that impacts the central nervous system (CNS), encompassing the brain and spinal cord. Multiple Sclerosis is distinguished by the immune system mistakenly targeting the myelin, which protects nerve fibers. Myelin is crucial for the accurate transmission of nerve signals. The immune system's attack on the myelin results in scar tissue (sclerosis) forming in several central nervous system regions (CNS). The damage hampers the regular transmission of electrical signals across the nerves, resulting in symptoms that can differ significantly among persons with Multiple Sclerosis.

Typical symptoms include exhaustion, impaired mobility, numbness or tingling, muscular weakness, difficulties coordinating movements and maintaining balance, visual impairments, and cognitive and mood disturbances. The precise cause of multiple sclerosis remains incompletely elucidated, while it is postulated to entail a confluence of genetic and environmental influences. Multiple Sclerosis is predominantly diagnosed in young adults, usually ranging from 20 to 50 years of age, and it has a higher prevalence in women compared to men.

Market Dynamics

Global Multiple Sclerosis Market Drivers:

Increasing Prevalence of MS and Rising Awareness About the Disease

As per the Multiple Sclerosis International Federation, the global prevalence of Multiple Sclerosis (MS) rose from 2.3 million individuals in 2013 to 2.8 million individuals in 2020. The increasing prevalence of Multiple Sclerosis can be ascribed to multiple variables, including inheritance, environmental stimuli, alterations in lifestyle, and enhanced diagnostic capabilities. Moreover, individuals in the healthcare industry, lawmakers, patients, and caregivers have all grown more knowledgeable about the disease and its treatment options.

Multiple organizations, including the WHO, the Multiple Sclerosis Foundation, and the National Multiple Sclerosis Society, have initiated campaigns and programs to educate and support individuals affected by multiple sclerosis (MS). WHO partnered with civil society organizations such as the Multiple Sclerosis International Federation (MSIF) to address many important matters and promote advocacy. This collaboration was exemplified during the observance of World Multiple Sclerosis Day on May 30. These factors have led to a rise in the need for efficacious and safe multiple sclerosis treatments.

Innovation and Development of Novel Drugs and Delivery Systems

In recent years, the Multiple Sclerosis market has experienced notable advancements and developments in the form of novel medications and delivery mechanisms. Various innovative drugs with distinct modes of operation, such as monoclonal antibodies, sphingosine-1-phosphate receptor modulators, and neuroprotective medicines, have been authorized or are currently being developed to manage multiple sclerosis.

For instance, in 2020, Adamas Pharmaceuticals disclosed the top-line research findings on ADS-5102, an experimental medication containing a high amantadine dosage. This medication is used once a day and is being investigated for its effectiveness in treating walking difficulties in individuals with multiple sclerosis (MS). The statistics indicate that the drug is linked to a substantial enhancement in walking speed compared to the placebo.

Moreover, the advancement of oral and injectable formulations that provide convenience, effectiveness, and safety to patients has also stimulated the expansion of the market. Oral disease-modifying medications (DMDs) such as Aubagio, Tecfidera, and Gilenya have become increasingly popular among patients with Multiple Sclerosis.

Global Multiple Sclerosis Market Restraint:

High Cost and Side Effects of Multiple Sclerosis Drugs

The Multiple Sclerosis market is marked by the excessive expenses and adverse reactions associated with the existing medications. As per an article published in NLM, the projected medical expenses during a person's lifetime for Multiple Sclerosis are predicted to be USD 4.8 million in the United States. This places Multiple Sclerosis as the second most costly chronic condition, following heart failure. Research indicates that healthcare expenditures can surpass USD 68,000 annually. Moreover, the medications used to treat multiple sclerosis (MS) are linked to a range of negative consequences, including infections, liver damage, irregular heartbeats, and progressive multifocal leukoencephalopathy. These problems impede the patients' adherence and compliance with the treatment regimen, hindering the multiple sclerosis market's growth.

Global Multiple Sclerosis Market Opportunities:

Rising Research and Development

There has been an increase in the ongoing research and development activities focused on multiple sclerosis (MS) to create new treatments and improve the effectiveness of present treatments. For instance, in November 2023, an international team demonstrated the safety and efficacy of injecting a specific type of stem cell into individuals with progressive multiple sclerosis (MS) brains. This treatment was well tolerated and durable, protecting against additional brain damage. Researchers from the University of Cambridge, University of Milan Bicocca, and Hospital Casa Sollievo della Sofferenza in Italy conducted this study. It represents progress in developing a sophisticated cell therapy for progressive Multiple Sclerosis.

Additionally, in December 2023, researchers from CAMH discovered promising small-molecule drugs that could serve as a novel treatment for multiple sclerosis (MS). This study specifically targets the glutamate system instead of the immune system, which sets it apart from current medications for multiple sclerosis (MS). The drug has shown efficacy in alleviating symptoms resembling those of multiple sclerosis and demonstrated promise in restoring impaired myelin in two animal models. This groundbreaking methodology represents a substantial advancement toward conducting clinical studies, providing fresh optimism for individuals with multiple sclerosis. All of these factors present opportunities for the expansion of the market.

Regional Analysis

Based on region, the global multiple sclerosis market share is bifurcated into North America, Europe, Asia-Pacific, Central and South America, and the Middle East and Africa. 

North America Dominates the Global Market

North America is the most significant global multiple sclerosis market shareholder and is expected to expand substantially over the forecast period. The North American region is projected to have the highest market share globally due to its high incidence of Multiple Sclerosis, sophisticated healthcare facilities, access to innovative medications, increased investment in research and development, and advantageous reimbursement policies. As per the National Multiple Sclerosis Society, Canada has the highest occurrence rate of Multiple Sclerosis globally, with a prevalence of 291 cases per 100,000 people. Likewise, according to the National MS Society, around 1 million individuals in the United States are afflicted with multiple sclerosis. Businesses such as Sanofi SA, Novartis AG, and Biogen have established a solid presence in the US market and are consistently concentrating more on developing novel therapies.

For instance, in August 2023, the FDA approved Sandoz's natalizumab-sztn (Tyruko) injection treatment as the first biosimilar for multiple sclerosis (MS) in the United States. Furthermore, in January 2024, the Kessler Foundation's research team was awarded a grant of USD 39,994 by the Consortium of Multiple Sclerosis Centers. The grant aims to study the potential cognitive benefits of combining aerobic cycling with virtual reality in individuals diagnosed with multiple sclerosis (MS). The study will primarily examine processing speed, which refers to the duration it takes for an individual to absorb, comprehend, and react to information. This cognitive function is frequently compromised in individuals with multiple sclerosis (MS). Moreover, research has demonstrated that reduced processing speed adversely affects the overall quality of life in individuals with Multiple Sclerosis. Hence, substantial funding from governmental and non-governmental entities propels the market expansion.

Asia-Pacific is expected to experience the highest growth rate in the global market. This is due to a significant and unexplored patient population, the development of better healthcare infrastructure, rising disposable income, and increased government efforts to assist the Multiple Sclerosis community in the region. Moreover, various organizations have increased research spending in this area, which accelerates the development and testing of multiple sclerosis medications and treatments. For instance, with an initial investment of USD 4 million, the inaugural adaptive clinical study for Australians suffering from Multiple Sclerosis aims to cure neurological damage caused by progressive multiple sclerosis.

The experiment, scheduled to begin in January 2024, will allow researchers to simultaneously examine the possible advantages of many drugs. This offers hope to those suffering from one of the most severe types of multiple sclerosis, who now have very few treatment choices available to them. The PLATYPUS trial, a multi-arm, multi-stage (MAMS) adaptive and innovative design, will evaluate the efficacy of two repurposed drugs in multiple sclerosis. This trial seeks to deliver timely and definitive results regarding treatment effectiveness by collaborating with clinicians and researchers from national and international backgrounds. These factors contribute to the regional multiple sclerosis market growth.

Segmental Analysis

The global multiple sclerosis market is bifurcated into drug type and route of administration.

Based on drug type, the global market for multiple sclerosis is segmented into immunomodulators, immunosuppressants, interferons, and corticosteroids. 

The immunosuppressants segment owns the highest market share. The segment dominated the multiple sclerosis industry due to its great efficacy in treating patients with RRMS. The increasing approvals of medicines for treating Multiple Sclerosis strengthen the segment's expansion. The medications offer several additional benefits, including efficient administration at low doses, little side effects, and high effectiveness, contributing to the market's growth.

Alemtuzumab, fingolimod, natalizumab, interferon-beta preparations, glatiramer acetate, dimethyl fumarate, ocrelizumab, and teriflunomide are among the immunosuppressants that have been licensed for the treatment of relapsing forms of Multiple Sclerosis. Moreover, the segment of immunosuppressants is projected to experience the most rapid expansion, driven mainly by the emergence of innovative medications like Ocrevus and Lemtrada that specifically target the B cells and T cells implicated in the development of multiple sclerosis.

Based on the route of administration, the global market for multiple sclerosis is bifurcated into oral and parenteral. 

The oral segment dominates the global market. Due to patients' and physicians' preference for oral medications over injectable drugs, the oral category is projected to have the highest market share. Oral drugs are the preferred choice for the majority of individuals with multiple sclerosis who seek treatment for chronic and progressive neurological conditions, as per findings from Rutgers researchers. This can be attributed to various factors, including convenience, customer incentives, and endorsement by health insurance providers.

Moreover, the market expansion is strengthened by significant clinical advancements in orally administered drugs licensed for Multiple Sclerosis therapy, including fingolimod, teriflunomide, and dimethyl fumarate. The segment growth is driven by the launch of new oral medications such as Ozanimod, Laquinimod, Tecfidera, and Siponimod (BAF312).

Recent Developments

• September 2023- Sandoz's monoclonal antibody Tyruko® received approval in Europe as the initial biosimilar for treating relapsing forms of multiple sclerosis (MS), encompassing all indications of the reference drug.
• December 2023- Vanda Pharmaceuticals Inc. obtained the rights to PONVORY® (ponesimod) in the United States and Canada from Actelion Pharmaceuticals Ltd. (Janssen), a subsidiary of Johnson & Johnson. PONVORY® has received approval from the U.S. Food and Drug Administration (FDA) and Health Canada for treating adults who have relapsing forms of multiple sclerosis (RMS).