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Europe is the second largest region in the global multiple sclerosis drugs market. It is projected to grow at a CAGR of 5.7% 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 an immune system disorder in which the immune system degrades the protective covering of the nerves. The damage to the nerves disrupts the communication between the brain and the body, disrupting the body's normal functioning. Treatment can be done through medication, therapy, and exercise. The increasing prevalence of the disease has been fueling the demand for multiple sclerosis drugs for effective treatment.
Our report on the European market covers the following countries/regions – the U.K., Germany, France, Italy, Spain, Scandinavia, and the rest of Europe.
Increasing Emphasis of Market Players on Clinical Trials for Effective Drug Development to Propel Industry Growth
The increasing prevalence of multiple sclerosis has increased the demand for the development of effective multiple sclerosis drugs. Market players have increased their emphasis on clinical trials for effective drug development.
The launch of multiple sclerosis drugs in European countries is expected to fuel the European market growth in the region.
Increasing Drug Approval for the Disease Treatment to Fueling the Market Growth
To fulfil the demand for effective treatment to control the progression of the disease, regulatory bodies in the region have increased their emphasis on the approval of effective drugs for the treatment.
Such product approvals are expected to fuel the Europe multiple sclerosis drugs market growth over the forecast period.
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Limitation in the Diagnosis Due to Non-Distinguishable Symptoms to Limit Market Growth
Multiple sclerosis is an acquired neurological disorder of central nervous system. Various forms of multiple sclerosis have been identified by clinicians, which differ in their respective symptoms and patterns. However, no distinct symptoms of multiple sclerosis can help identify the disease from physical examination. Moreover, no specific clinical or non-clinical diagnostic test is available for diagnosing the disease, which is a key restraint for relatively fewer people diagnosed with multiple sclerosis across the globe.
Due to this, comparatively limited number of people get effective treatment for the disease, thereby limiting the market growth.
In terms of competitive landscape, Biogen and F. Hoffman-La Roche Ltd. are the major players in the region accounting for significant Europe multiple sclerosis drugs market share. The growth of these industry players in the region is attributed to their increasing focus on its multiple sclerosis drug approvals in this market.
Other prominent players in the market include Novartis AG and Sanofi Pharma due to the strong sales of their multiple sclerosis drugs. Some of the other major players are Teva Pharmaceutical Industries Ltd., Pfizer Inc., Bristol-Myers Squibb Company, and others. These companies have been focusing on R&D for effective drug development to fuel its growth in the European market.
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The research report provides qualitative and quantitative insights on the market and a detailed analysis of the European market size & growth rate for all possible segments in the market. Along with the market forecast, the research report provides an elaborative analysis of the market dynamics and competitive landscape. Various key insights presented in the report are overview of the number of procedures, an overview of price analysis of types of products, overview of the regulatory scenario by key countries, pipeline analysis, new product launches, key industry developments – mergers, acquisitions & partnerships, and the impact of COVID-19 pandemic on the market.
ATTRIBUTE | DETAILS |
Study Period | 2019-2030 |
Base Year | 2022 |
Estimated Year | 2023 |
Forecast Period | 2023-2030 |
Historical Period | 2019-2021 |
Growth Rate | CAGR of 5.7% 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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Growing at a CAGR of 5.7%, the market will exhibit steady growth in the forecast period (2023-2030).
The key factors driving the market are new product launches, increasing government initiatives to improve the accessibility of care & treatment, rising prevalence of multiple sclerosis, and significant R&D investments.
Biogen, F. Hoffman-La Roche Ltd., Novartis AG, and Sanofi are the major players in the Europe market.
Germany dominated the market in 2022.
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