The global relapsing-remitting multiple sclerosis (RRMS) treatment market is estimated to grow with a moderate CAGR during the forecast period, i.e., 2022-2030. One of the key factors contributing to the growth of the market is the rising prevalence of relapsing-remitting multiple sclerosis (RRMS). With the growing prevalence of the disease, the demand for advanced treatment has increased significantly, which is one of the crucial factors accelerating the market growth. According to the National Multiple Sclerosis Society (NMSS), RRMS is the most common form of multiple sclerosis, and nearly 85% of people with multiple sclerosis are initially diagnosed with this form. Additionally, the growing geriatric population across the world is also anticipated to fuel the growth of the market in the upcoming years. The world's older population continues to rise at an alarming rate. Globally, the risk of multiple sclerosis is increasing in older people, which is further expected to generate substantial demand for the product. According to the World Bank Data, an estimated 9.099% of the world's total population was 65 years and older in 2019. Further, as notified by the World Population Prospects, it is estimated that 1 in every 6 people globally will be over 65 years of age by 2050. Besides, it was also estimated that by 2020, the number of people belonging to the age group 60 and older would outnumber the population of children younger than 5 years. In addition to this, the world population of 80 years and older is also projected to grow from 143 million in 2019 to approximately 426 million in 2050.
The market is segmented by drug type into beta-interferon, cladribine, dimethyl fumarate, fingolimod, ozanimod, other drugs. The beta-interferon segment is estimated to capture the larger share of the market, in 2021, and is anticipated to grow at a lucrative CAGR during the forecast period. This can be attributed to the product approval by the U.S. Food & Drug Administration (FDA), along with its higher efficiency.
The market has been segmented into oral, injectable, and intravenous based on the route of administration. Over the next few years, the oral segment is anticipated to grow at a lucrative CAGR on account of the increased efficiency rate of the oral route of administration. Further, the increasing approval of oral drugs is also anticipated to contribute to the market segment's growth. Based on end-user, the hospital segment is expected to capture a higher share in 2020 and is further anticipated to grow at a lucrative rate over the forecast period, which is primarily attributed to the growing influx of patients in hospitals. CLICK TO DOWNLOAD SAMPLE REPORT
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
Geographically, the market is segmented into North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa region. Presently, the market in North America captures the larger share of the market, which is primarily attributed to the growing prevalence of RRMS in the region. According to the Multiple Sclerosis Association of America (MSAA), an estimated 1 million people in the United States are currently living with multiple sclerosis. In addition, it has been reported that the risk of developing multiple sclerosis in the U.S. is 3.5 in 1,000 people. Moreover, the favourable reimbursement policies in the country are also projected to drive the market’s growth in the forthcoming years. Another factor contributing to the growth of the market is the rising geriatric population in the region. According to the U.S. Census Bureau, more than 54 million people in the United States are aged 65 years and older. Moreover, it is to be noted that multiple sclerosis is becoming more prevalent in the geriatric population, which is further anticipated to generate a high demand for advanced treatment in the region.
The global relapsing-remitting multiple sclerosis (RRMS) treatment market is further classified on the basis of region as follows:
Our in-depth analysis of the global relapsing-remitting multiple sclerosis (RRMS) treatment market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The rising prevalence of relapsing-remitting multiple sclerosis and the rapidly growing aging population are the key factors driving the market growth.
The market is anticipated to attain a moderate CAGR over the forecast period, i.e., 2022-2030.
High cost of the treatment is one of the major factors estimated to hamper market growth.
The market in the Asia Pacific region will provide ample growth opportunities during the forecast period owing to the increasing prevalence of relapsing-remitting multiple sclerosis in countries, such as, China and India.
The major players dominating the relapsing-remitting multiple sclerosis (RRMS) treatment market are Biogen Inc., Eisai Co., Ltd., Glenmark Pharmaceuticals, Merck KGaA, Novartis AG, Teva Pharmaceutical Industries Ltd., Genentech, Inc., and others.
The company profiles are selected on the basis of revenues generated from the product segment, geographical presence of the company, which determines the revenue-generating capacity as well as the new products being launched into the market by the company.
The market is segmented by drug type, route of administration, end-user, and region.
With respect to the drug type, the beta-interferon segment is anticipated to grow at a lucrative rate over the forecast period owing to the growing number of drug approvals that are accelerating the market segment's growth.
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