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:
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.
Our in-depth analysis of the global relapsing-remitting multiple sclerosis (RRMS) treatment market includes the following segments:
By Drug Type
By Route of Administration
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Radhika Gupta, Shivam Bhutani
Ans: The rising prevalence of relapsing-remitting multiple sclerosis and the rapidly growing aging population are the key factors driving the market growth.
Ans: The market is anticipated to attain a moderate CAGR over the forecast period, i.e., 2022-2030.
Ans: High cost of the treatment is one of the major factors estimated to hamper market growth.
Ans: 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.
Ans: 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.
Ans: 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.
Ans: The market is segmented by drug type, route of administration, end-user, and region.
Ans: 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.