According to a report by Market Research Future, the global multiple sclerosis treatment market is expected to expand at 3.5% CAGR over the forecast period 2017-2023.
Factors like growing demand for improved treatment options and increasing patient pool mostly impact the multiple sclerosis treatment market globally.
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The dynamic nature of the disease and progress in comprehending the disease mechanisms have introduced almost 12 disease-modifying therapies (DMTs) into the market in many nations.
Though, treatment is hindered by contrary effects and by inadequate indication of efficiency in more unconventional ‘progressive’ MS. Often, patients do not have DMTs for a long period after diagnosis, or they are intimated that medicine can no longer aid as their ill health is deteriorating. This in turn, affects the global multiple sclerosis treatment market adversely. Additionally, the expense related to the therapies and treatments plays a major role in having negative influence on the market, specifically in middle-income and low-income nations.
The market comes with wide scope for research and development attributing to the lack of availability of effective cures.
The worldwide multiple sclerosis treatment market is segmented as per route of administration, drug type, end-users and diagnosis.
According to the route of administration, the global multiple sclerosis treatment market has been segmented into injectable, oral, and others.
According to drug type, the worldwide multiple sclerosis treatment market has been segmented into immunomodulators, immunosuppressant, and others.
According to end-users, the worldwide multiple sclerosis treatment market has been segmented into hospitals, clinics, and others.
According to diagnosis, the worldwide multiple sclerosis treatment market has been segmented into lumbar puncture, magnetic resonance imaging (MRI) scans, simple electrical stimulation tests, and others.
The multiple sclerosis treatment market has wide presence across regions like Europe, Asia Pacific, America, and the Middle East & Africa.
America occupies the major market share owing to the rapid progress in research and development activities towards improved cure for diseases and wide-ranging technological advancement in the medical sector. Precisely, America has 40% of the entire multiple sclerosis treatment market. The growing number of hospitalization techniques on account of healthcare penetration in the U.S. and Canada, is projected to boost the market growth. Besides, reasonable reimbursement rates and high assemblage of major health centers makes it a prospective market for multiple sclerosis treatment.
Europe is expected to hold the second position in the multiple sclerosis treatment market. The evolution is credited to the expanding healthcare business along with healthcare dispersion. The region is dominated by economies like Germany and France, where Germany is seen as the fastest budding market owing to the prevalence of its large pharmaceutical business.
The Asia Pacific is expected to grow swiftly and is supposed to dominate the market due to the large unmet demands coupled with the rapid advancement of healthcare sector in this area. South East Asian economies like Malaysia, China, and India, highly contribute to the prosperity of multiple sclerosis treatment market globally.
The UAE and Saudi Arabia are estimated to drive the Middle East & African market. The other Middle Eastern countries having a promising market multiple sclerosis treatment includes Jordan, Iran, Kuwait, and Egypt. The African market is anticipated to experience a downward progress owing to the poor political and economic conditions, and mediocre healthcare development initiatives. Regions like sub Saharan Africa are expected to be laggards because of the tribal identities and extremely poor progress in the social development part.
The key players ruling the global multiple sclerosis treatment market include Bayer Healthcare (Germany), Teva Pharmaceuticals (Isreal), Pfizer Inc. (US), Biogen Idec (US), Merck (US), Sanofi Aventis (France), AbbVie (US), and Novartis (Switzerland).
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