Government as well as non-government groups are promoting the understanding of the condition and thus are likely to encourage growth of the global multiple sclerosis drugs market. The government and non-governmental groups support a range of efforts and programmes to help people with multiple sclerosis improve their quality of life.
The World Health Organization (WHO) produced an Essential Medicines List (EML) in 2020, as there are now no medications on the EML that are used to treat multiple sclerosis (MS). In conjunction with the World Federation of Neurology and the Regional Committees for Treatment and Research in Multiple Sclerosis (TRIMS), the Multiple Sclerosis International Federation (MSIF) had produced a proposal in& the 2019 EML that included disease-modifying medicines for MS.
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Some prominent players that are found in the global multiple sclerosis drugs market include companies such as Actelion Pharmaceuticals (Johnson & Johnson), F. Hoffmann-La Roche Ltd., Teva Pharmaceutical Industries Ltd., EMD Serono (Merck KGaA), Celgene Corporation, and Bayer AG
The global multiple sclerosis drugs market is projected to expand at a CAGR of ~6% during the forecast period, from 2017 to 2027. The huge increase in the number of research projects concentrating on the identification of novel multiple sclerosis medications with increased effectiveness is largely responsible for the expansion of the global multiple sclerosis drugs market. Stakeholders need to concentrate on getting FDA clearance for their newly developed multiple sclerosis treatments while also pursuing mergers and acquisitions to expand their presence in the existing multiple sclerosis drugs market. Stakeholders should also concentrate on optimizing their distribution networks and exploring market prospects in e-Commerce platforms.
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Increased Sale of MS Medications to Drive Growth of the North America Market
Geographical classifications are expected to give a better understanding of the market forces at play at the regional level.
North America is expected to lead the global multiple sclerosis drugs market in terms of revenue throughout the forecast period, from 2019 to 2027. This is due to increased sales of multiple sclerosis medications in nations like Canada and the U.S. Furthermore, the North America market is driven by an increase in the incidence of multiple sclerosis in the area as well as advantageous medical reimbursement policies in the U.S. and Canada.
The multiple sclerosis drugs market in Asia Pacific, on the other hand, is predicted to grow at a comparatively high growth rate over the forecast period. The market in Asia Pacific is likely to be fueled by a huge pool of multiple sclerosis patients in Japan and China, as well as the approval and introduction of new treatments. In addition, the approval and introduction of new medications, as well as increased investments by major regional companies in therapeutic medications for multiple sclerosis illness, is estimated to boost the market in Asia Pacific.
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Rise in the Incidence of MS Globally to Spell Growth for the Market
Major drivers responsible for the growth of the global multiple sclerosis drugs market include an increase in the occurrence of multiple sclerosis, and more knowledge about multiple sclerosis. A massive rise in the elderly population leading to an increase in instances of multiple sclerosis is also expected to drive market. Multiple sclerosis is a condition of the central nervous system. It is a spinal cord and brain condition that has the potential to be devastating.
The immune system assaults the myelin (protective coating) that surrounds nerve fibers in multiple sclerosis, causing communication problems between the brain and other parts of the human body. Multiple sclerosis can produce nerve loss or degeneration that is irreversible. The reason for multiple sclerosis is still not known. Multiple sclerosis is believed to be caused by a combination of hereditary as well as environmental factors.
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Despite the fact that there is no real remedy for multiple sclerosis, new drugs to reduce the disease’s course and treat symptoms are becoming more popular. Research and development is now playing an important role in the creation of innovative therapies. Disease-modifying therapies (DMTs) have traditionally been the most common kind of medicine used to treat multiple sclerosis. Companies in the global multiple sclerosis drugs market are concentrating their efforts on obtaining FDA clearance for their newly produced treatments.
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