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Asia Pacific Multiple Sclerosis Drugs Market Size, Share & COVID-19 Impact Analysis, By Drug Class (Immunomodulators, Immunosuppressants, Interferons, and Others), By Route of Administration (Oral and Injection {Intramuscular, Subcutaneous, and Intravenous}), By Distribution Channel (Hospital Pharmacy, Retail Pharmacy, and Online Pharmacy), and Regional Forecast, 2023-2030
Report Format: PDF | Published Date: Aug, 2023 | Report ID: FBI107929 | Status : PublishedAsia Pacific is the second largest region in the global multiple sclerosis drugs market. It is projected to grow at a CAGR of 6.9% during the forecast period. The global market is projected to grow from USD 22.32 billion in 2022 to USD 31.90 billion by 2030.
Multiple sclerosis is defined as an immunological disorder, which hinders the normal functioning of the brain. Treatment methods, such as drugs, therapies, and exercise, help to control the disease progression. The increasing prevalence of multiple sclerosis along with increasing government initiatives to reduce the cost of MS treatment through drugs has been fueling the Asia Pacific multiple sclerosis drugs market growth.
- For instance, in May 2017, the All India Institute of Medical Sciences (AIIMS) urged the Prime Minister of India and the Indian Council of Medical Research (ICMR) to make it mandatory for doctors in India to prescribe the much cheaper and effective Azathioprine (immunomodulators) to treat multiple sclerosis, than other U.S. FDA approved drugs in the Asia Pacific multiple sclerosis drugs market. Furthermore, studies have shown Azathioprine to be effective in treating multiple sclerosis. Hence, such initiatives will strongly propel segmental growth.
Our report on the Asia Pacific market covers the following countries/regions – China, India, Japan, Australia, South East Asia, and the rest of Asia Pacific.
LATEST TRENDS
Increasing Clinical Studies by Market Players to Fuel the Market Growth
Awareness regarding the multiple sclerosis drugs for the effective treatment has increased recently in the Asia Pacific countries. In order to fuel this demand, the pharmaceutical companies increased their development of multiple sclerosis drugs.
- For instance, in October 2021, Merck KGaA announced the enrollment of Evobrutinib for phase 3 clinical trials.
The launch of these drugs in Asia Pacific countries will fuel the Asia Pacific multiple sclerosis drugs market growth in the region.
DRIVING FACTORS
New Product Approvals to Fuel Market Growth in the Region
Pharmaceutical companies have increased their focus on the development and commercialization of MS drugs in Asia Pacific countries.
- In August 2018, Sanofi announced that its business segment Sanofi Genzyme launched its multiple sclerosis treatment drug Aubagio in India.
A rise in such product approvals is expected to fuel market growth in the forecast period.
RESTRAINING FACTORS
Lack of Awareness and Limitations Associated with Disease Diagnosis Tend to Limit the Market Growth
Multiple sclerosis occurs when the immune system damages the protective nerve covering. The symptoms include disruption in the normal functioning of the body. These symptoms sometimes go undiagnosed.
Moreover, sometimes people are not well aware about the symptoms and the disease.
The key examinations include MRI and the lumbar puncture for cerebrospinal fluid. In the emerging countries, owing to the lack of healthcare infrastructure as well as the skilled neurologists, there is a gap between the required diagnostic assistance and their supply.
These factors are expected to affect the growth of the market during the forecast period.
KEY INDUSTRY PLAYERS
Biogen, Novartis AG, and F. Hoffman-La Roche Ltd. are the major players and accounted for significant portion of the Asia Pacific multiple sclerosis drugs market share. The dominance of these players in the market is due to the strong sales of these companies’ MS drugs portfolio.
Other players are Teva Pharmaceutical Industries Ltd., Pfizer Inc., and Bristol-Myers Squibb Company. These companies have been focusing on strategic initiatives such as mergers and acquisitions to strengthen their positions in the market.
LIST OF KEY COMPANIES PROFILED:
- Biogen (U.S.)
- Pfizer Inc. (U.S.)
- F. Hoffmann-La Roche Ltd. (Switzerland)
- Novartis AG (Switzerland)
- Merck & Co., Inc. (U.S.)
- Sanofi (France)
- Teva Pharmaceutical Industries Ltd. (Israel)
- Janssen Pharmaceuticals, Inc. (Johnson & Johnson Corporation) (New Jersey)
- Bristol-Myers Squibb Company (U.S.)
KEY INDUSTRY DEVELOPMENTS:
- October 2020: Janssen Pharmaceuticals, Inc. announced the acquisition of Momenta Pharmaceuticals, Inc. The company is involved in R&D of novel therapies for immune-mediated diseases.
- May 2019: Teva Pharmaceutical Industries Ltd. announced the launch of its product Copaxone for the treatment of relapsing MS.
- May 2019: Merck KGaA joined the global Multiple Sclerosis (MS) community in recognition of World MS Day, an initiative created by the Multiple Sclerosis International Federation (MSIF) to raise awareness of the people worldwide living with this challenging disease.
REPORT COVERAGE
The research report provides qualitative and quantitative insights on the market and a detailed analysis of the Asia Pacific market size & growth rate for all possible segments in the market. Along with the Middle East & Africa market forecast, the report provides an elaborative analysis of the market dynamics and competitive landscape. Various key insights presented in the report are overview of the prevalence of the disease, pipeline analysis, new product launches, key industry developments – mergers, acquisitions & partnerships and, the impact of COVID-19 pandemic on the market.
Report Scope & Segmentation
ATTRIBUTE | DETAILS |
Study Period | 2019-2030 |
Base Year | 2022 |
Estimated Year | 2023 |
Forecast Period | 2023-2030 |
Historical Period | 2019-2021 |
Growth Rate | CAGR of 6.9% from 2023 to 2030 |
Unit | Value (USD Billion) |
Segmentation | Drug Class; Route of Administration; Distribution Channel; and Country/Sub-Region |
By Drug Class |
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By Route of Administration |
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By Distribution Channel |
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By Country/Sub-Region |
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Frequently Asked Questions
At what CAGR is the market Asia Pacific Multiple Sclerosis Drugs projected to grow in the forecast period (2023-2030)?
Growing at a CAGR of 6.9%, the market will exhibit steady growth in the forecast period (2023-2030).
What are the key factors driving the Asia Pacific Multiple Sclerosis Drugs market?
Increasing prevalence of multiple sclerosis and strong presence of pipeline drugs have been fueling the market growth.
Who are the major players in this market?
Biogen, F. Hoffman-La Roche Ltd., Novartis AG, and Sanofi are the major market players in the Asia Pacific market.
Which country held the highest share of the market?
Japan dominated the market in 2022.
- APAC
- 2022
- 2019-2021
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