Covid19 Impact on Multiple Sclerosis Treatment Market Insights, Growth Drivers, Covid19 Impact, Top Trends, Global Analysis and Forecast 2023
Research Reports
Dec 29, 2020
Chronic ailment multiple sclerosis affects the central nervous system, specifically the communication between the brain and other parts of the body. Treatment for this ailment is a big market in the medical sector. Market Research Future (MRFR) has published a report about the global multiple sclerosis treatment market that predicts a raise for this market with 3.5% CAGR (Compound Annual Growth Rate) between 2017 and 2023.
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During the forecast period, the factors primarily driving the growth of this market include the greater screening and need for better treatment options and increasing patient population. The significant gap between early diagnosis and the actual initiation of therapy is still a restraining factor that can harm market growth. The lack of cure and limitations regarding effective treatment can dillydally the growth of the global multiple sclerosis treatment market.
The global multiple sclerosis treatment market has been segmented on the basis of diagnosis, drug types, end users, route of administration, and lastly region. The diagnosis-based segmentation of this market lumbar puncture, Magnetic Resonance Imaging (MRI) scans, simple electrical stimulation tests, and others. By drug types, the market has been segmented into immunomodulators, immunosuppressant, and others. Based on end users, the global multiple sclerosis treatment market has been segmented into clinics, hospitals, and others. As per the route of administration, the market has been segmented into injectable, oral, and other.
The regional segmentation of the global multiple sclerosis treatment market segments the market into regional markets namely The Americas (North America and South America), Europe, Asia Pacific and Middle East & Africa (MEA). Among these markets, The Americas is the biggest market. Due to advanced medical facilities and a more powerful economy, North America is a bigger market than South America. The United States of America (USA) dominates North American market due to huge development in the medical sector, increasing the disposable income of patients, and increased research institutes for better treatment of diseases. With healthcare getting better in the USA, the number of hospitalization procedures is rising. Many key players in the global multiple sclerosis treatment market are based in the USA. Another important country-specific market in this region is Canada.
After the Americas, Europe is the second largest market. Due to reasons same as the Americas, Western Europe is a bigger market than Eastern Europe. In Europe, the market is growing due to the growing healthcare industry and healthcare penetration. Countries leading the European market include France, Germany, Italy, Spain and the United Kingdom (UK), followed by rest of Europe. During the forecast period, Germany is expected to be the fastest growing market due to its large pharmaceutical industry. Europe has always invested in advanced technology for better treatment solutions.
The Asia Pacific region is the third largest regional market. The leading country-specific markets in this region are China and India that are expected to grow at the fastest rate during the forecast period. In these countries, fast-growing healthcare sector and large unmet needs drive the market growth. Most of the market growth is expected to come from countries like China, India, and Malaysia. Australia, Japan, and South Korea are other important markets in this region. Although the third largest market, Asia Pacific region is expected to witness the fastest growth during the period. Presence of huge patient population suffering from different infectious diseases is the major driving factor for the market growth in this region.
In the MEA region, the market is limited due to lack of awareness, lack of education, lack of technological development, political instability, poor healthcare, and healthcare not considered a priority by most governments. The condition of the Middle East markets is better than Africa. In the Middle East, the most important country-specific markets are Egypt, Iran, Jordan, and Kuwait.
Key Players
The key players in the global multiple sclerosis treatment market include AbbVie (USA), Bayer Healthcare (Germany), Biogen Idec (USA), Merck (USA), Novartis (Switzerland), Pfizer Inc. (USA), Sanofi Aventis (France), and Teva Pharmaceuticals (Israel).
Latest Industry News
- GeNeuro has reacquired from the worldwide rights to commercialize and develop the investigational humanized antibody GNbAC1 for the treatment of multiple sclerosis (MS) from Servier. 19 SEP 2018
- Cleveland Clinic researchers have discovered a new subtype of multiple sclerosis. This subtype features neuronal loss but no demyelination of the brain’s white matter. The new categorization provides a better understanding of the individualized nature of the disease. 21 AUG 2018
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NOTE: Our team of researchers are studying Covid19 and its impact on various industry verticals and wherever required we will be considering covid19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.
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