Market Research Future published a half-cooked research report on global Multiple Sclerosis Treatment Market.
The global multiple sclerosis treatment market is expecting a steady growth in the near future owing to increasing prevalence of muscle weakness related problems and increasing elderly population.
Multiple sclerosis has no permanent cure and can be diagnosed and treated, which can reduce the progression of MS. The increasing patient population, greater screening, and need for better treatment options are major factors for growth of this market during forecasted period. The disease is more common in aging population. Which is likely to boost the growth of the market.
Nevertheless, the significant gap between early diagnosis and the actual initiation of therapy remains a critical restraining factor to market growth. The lack of cure and effective treatment is a major drawback of the current treatment. Advent of a new drug with even partial cure rates will be welcomed by the market with a minimum cost and marketing efforts. Thus research and development strategy is expected to yield the highest benefit with huge gains and benefits for the first comer.
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On the regional basis, the multiple sclerosis market is segmented into America, Europe, Asia Pacific, and the Middle East & Africa. America commands the largest share of the market due to its huge development in the medical sector coupled with the increasing aging population and prevalence of diseases, which is likely to boost the growth of this market. Huge development in the medical sector, and increasing research institutes for better treatment of diseases is responsible for making the US dominate the market. Additionally, the greater number of hospitalization procedures due to greater healthcare penetration in the U.S. and Canada drives the multiple sclerosis market. The high concentration of the major hospitals in the developed countries of this region coupled with good reimbursement rates is adding fuel to the market growth. The consolidation of large healthcare players in the U.S. also cause the growth of the market due to increasing buying power of the healthcare players, which results in the economies of scale.
Europe is the second largest market due to increasing patient population. Prevalence rate in Europe is 100 per 100,000 patients as per the European CRA analysis report. 80% of patients suffering from MS need regular treatment to reduce the progression of MS in the body. Europe is increasing the funds to bring better treatment technology to the market. Many European nations are focusing on advanced diagnostic methods for early detection of MS. These are major driving forces for the growth of the market in this region. Rapid development in technology and increasing different treatment methods has led the growth of the market. The European market growth is led by countries such as Germany and France. Germany is expected to be the fastest growing market over the assessment period due to its large pharmaceutical industry. Europe is the second largest market for multiple sclerosis followed by Asia Pacific. Europe has always invested in advancement technology for better treatment solutions.
Asia Pacific region is expected to grow rapidly; China and India are likely to lead this market due to fast growing healthcare sector and large unmet needs over the forecast period. South East Asian countries such as China, India, and Malaysia are projected to contribute highly to the market growth. The growing penetration of healthcare industry in the Asia Pacific region is expected to drive the future multiple sclerosis market in the region. Asia Pacific region is expecting the fastest growth in the market during forecasted period. Presence of huge patient population suffering from different infectious diseases is the major driving factor for the market in Asia Pacific region.
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Gulf nations such as Saudi Arabia and the UAE are estimated to drive the Middle East & African market. Other Middle East nations to watch out for are Kuwait, Jordan, Egypt and Iran. The African region is expected to witness a poor growth owing to poor economic and political conditions, and poor healthcare development. Other regions are expected to be laggards due to poor social development and tribal identities such as sub Saharan Africa. Due to lack of knowledge in medical sector, less development in medical facilities in Middle East & Africa is expected to have limited growth in the market
The major key players in global multiple sclerosis market are Teva Pharmaceutical industries Ltd ,Bayer AG (Germany), Biogen Idec (US), Pfizer Inc. (US), Sanofi Aventis (France), Merck & Co (US), Novartis AG (Switzerland), AbbVie (US)