Ottawa, Aug. 26, 2024 (GLOBE NEWSWIRE) -- The global multiple sclerosis (MS) diagnosis and treatment market size was valued at USD 22.14 billion in 2023 and is predicted to hit around USD 28.48 billion by 2031, according to a study published by Towards Healthcare a sister firm of Precedence Statistics.
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Key Insights, Multiple Sclerosis Diagnosis and Treatment Market:
- North America dominated the global multiple sclerosis therapeutic market with a share of 38.3% in 2023.
- By CAGR, Asia Pacific is expected to grow rapidly with a 7% CAGR in the coming years.
- By type, Relapse-Remitting MS (RRMS), being the most common type, dominated the market in 2023 with over 70% market share.
- By treatment, Medications reported a significant 81% of market share in 2023.
Multiple Sclerosis Diagnosis and Treatment Market: A Path to Recovery
The multiple sclerosis diagnosis and treatment market includes a wide range of products and services aimed at diagnosing and treating this complex condition. In this market includes diagnostics tools such as advanced amazing system like MRI machines, biomarkers, laboratory testing kits. The market offers a variety of disease modifying therapies, symptomatic treatments and rehabilitation services.
In recent years, the market has seen significant growth driven by advancements in diagnostic techniques and the development of more effective treatment options. Pharmaceutical companies are investing huge amounts in research and development to create a new therapy that can better manage the disease or slow its progression. Emerging technologies such as personalized medicine and telemedicine, also making it easier for patients to receive timely tailored care. The increasing awareness of MS, combined with a growing patient population has led to a rise in demand for both diagnostic and treatment solutions.
North America Dominated in 2023, to Sustain as a Leader
In 2023 North America continues to lead the multiple sclerosis diagnosis and treatment market. Countries in North America particularly U.S. Have advanced healthcare infrastructure and high levels of research and development which helps the region dominate the healthcare sector. The United States has seen significant advancements in both treatment options and diagnostics. North America has a huge availability of cutting-edge technologies, such as magnetic resonance imaging and new disease modifying therapies which play a crucial role in the management of MS.
For example, in August of 2020, Novartis introduced Kesimpta (ofatumumab), Which is the first self-administrated, targeted B-cell therapy for relapsing multiple sclerosis. This development shows the region's commitment to innovative treatments. However high drug costs and disparities in access to specialized care, especially in rural areas, remains a challenge.
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Asia Pacific on to Grow at a Rapid Growth Rate
The region Asia Pacific is experiencing rapid growth in the market for multiple sclerosis diagnosis and treatment. This growth is driven by increasing healthcare investments and rising awareness. Countries like Japan, China, Australia and Singapore which are leading the charge with advanced diagnostic tools and treatment options. The country Australia awarded over USD 4.5 million in research grants in February 2024 to support multiple sclerosis research and development.
India is also emerging market player for the multiple sclerosis diagnosis treatment market. With growing investments in healthcare and research by private organizations and support by government institutions the country is craving its path in MS diagnosis.
In November of 2023 the National Multiple Sclerosis Society allocated USD 4 million towards new research initiatives, which highlights the country’s commitment to improving multiple sclerosis care.
| Region | Key Developments | Recent Examples |
| North America | Introduction of Kesimpta (August 2020) | Novartis’s self-administrated targeted therapy |
| Europe | Launch of Dimethyl fumarate HEXAL (June 2022) | Sandoz’s cost-effective MS treatment in Germany |
| Asia Pacific | Research grants for MS (February 2024) | Australia’s USD 4.5 million investment in MS research |
| India | Increased focus on affordable treatments (November 2023) | National Multiple Sclerosis Society’s USD 4 million grant |
Recent Developments, Multiple Sclerosis Diagnosis and Treatment Market
| Company Name | Roche Pharma India |
| Headquarters | Basel, Switzerland (Roche Holding AG), Europe |
| Development | Roche Pharmaceuticals India introduced Ocrevus in February 2024 as a treatment option for individuals with multiple sclerosis (MS) in India. Ocrevus, a leading product available in over 100 countries, has been approved for both primary progressive and relapsing forms of MS in India. |
| Company Name | Neuraxpharm Group |
| Headquarters | Monheim am Rhein, Germany, Europe |
| Development | In February 2024, Neuraxpharm Group launched BRIUMVI in Europe for adult patients with relapsing multiple sclerosis. |
| Company Name | Multiple Sclerosis Australia |
| Headquarters | Melbourne, Australia, Oceania |
| Development | In February 2024, Multiple Sclerosis Australia awarded 17 new research grants totaling over $4.5 million for various projects across the country. These grants support different studies and fellowships, lasting from one to five years, all aimed at essential areas of M.S. research. |
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Key Market Players in Multiple Sclerosis Diagnosis and Treatment Market:
- Siemens Healthineers AG
- General Electric Company
- F. Hoffmann-La Roche Ltd.
- Biogen Inc.
- Merck & Co., Inc.
- Novartis AG
- Sanofi S.A.
- Bristol Myers Squibb Company
- Teva Pharmaceutical Industries Ltd.
- Abbott Laboratories
Driver
R&D Activities to Fuel the Market’s Growth
In recent years, in the field of neurological therapies research and development has gained substantial momentum, particularly in the treatment of multiple sclerosis. Pharmaceutical companies all over the world have been focusing on developing novel therapies to address the complexities of multiple sclerosis conditions. Because of this the market for multiple sclerosis diagnosis and treatment is witnessing a period of innovation and development, which is driven by significant R&D investments and clinical trials features aimed at improving outcomes for the patient.
- For instance, recently, Biogen made notable advancements in multiple sclerosis treatment by developing a drug called diroximil fumarate. Biogen announced positive results from its Phase III EVOLVE-MS-1 trial. This study demonstrated that diroximil fumarate significantly reduced disease activity in multiple sclerosis patients. This development further underscores the role of ongoing clinical research in pushing the boundaries of multiple sclerosis treatment.
| Company | Drug/Therapy | Trail Phase | Indication | Recent Update | Expected Impact |
| Sanofi | Tolebrutinib | Phase III | Relapsing MS non-relapsing secondary progressive MS (nrSPMS) Primary Progressive MS (PPMS) | expected submission in 2024-2025 | potential new treatment for various MS forms |
| Biogen | Diroximel Fumarate | Phase III | Multiple Sclerosis | positive trial outcomes, reduced disease activity (2019) | new potential drug for reducing MS progression |
| Novartis | Ofatumumab | Approved | Relapsing forms of MS | Approved by FDA in August 2020 | First self-administrated B-cell therapy for MS |
| Bristol Myers Squibb | Zeposia (Ozanimod) | Approved | Relapsing forms of MS | Approved by FDA in August 2020 | Aims to reduce disease progression |
| Roche | Ocrelizumab | Phase III | Primary Progressive MS | Long-term data shows positive results (2023) | Effective in reducing disability progress |
Restraint
High Drug Costs Limit Treatment Access
Due to advancements and increased government support for multiple sclerosis treatments, the market is growing but the high cost of drug remains still a significant barrier for multiple sclerosis and treatments market. The expenses which are associated with the disease modifying therapies (DMTs) often makes it challenging to meet the needs for affected individuals.
DMTs are effective in managing multiple sclerosis, but the increasing costs create financial strain for the patients. In the last year this train decreased adherence to treatment and inadequate disease management. The high cost of DMTs can lead to stringent insurance restrictions, further complicating access to these therapies.
WebMD LLC published a research paper in October of 2023, which stated that the median annual cost of DMT was approximately USD 94,000 as of February 2022. This figure is huge and reflects a sharp increase over previous years. The price of Ms. medications increased by more than USD 20,000. This rise in costs impacts the market and creates challenges for many patients and is expected to impact the adoption of MS treatments.
By Type Segment, Relapse-Remitting Segment Dominated in 2023
In 2023 relapse-remitting multiple sclerosis segment by type in the multiple sclerosis diagnosis and treatment market dominated. Relapse-remitting MS Is the most prevalent form of MS, which occupies over 70% of the market. Relapse-Remitting MS is characterized by distinct periods of worsening symptoms followed by partial or complete recovery, the symptoms appear in episodes or relapses followed by periods of recovery. The prominence of relapse-remitting MS in the market is due to the high number of diagnosis and the broad range of treatment options available specifically for this type, which is influencing market demand as well as product development.
By Diagnosis, Imaging Testing Segment Dominates
In 2023, imaging tests dominated the diagnosis segment of multiple sclerosis diagnosis and treatment market. Imaging tests, particularly magnetic resonance imaging, also known as MRI, dominated the segment. MRI provides detailed images of the brain and spinal cord, which helps doctors and researchers identify lesions and track disease progression. This method is crucial for early diagnosis and ongoing monitoring of multiple sclerosis. Which makes it a leading diagnostic tool. The ability of magnetic resonance imaging to visualize changes in the central nervous system is essential for accurate diagnosis and effective treatment planning.
Medications Holds 81% of the Market in Treatment Segment
Medications hold the largest share in the treatment segment of multiple sclerosis diagnosis and treatment market in 2023, accounting for 81% of the market. In this category various disease modifying therapies (DMTs) which are essential for managing symptoms and slowing disease progression are included. FDA has approved numerous drugs which are helpful in these treatments. Drugs like Fingolimod and Dimethyl Fumatare, Medications provide significant benefits in the controlling multiple sclerosis symptoms and improving patient outcomes.
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Multiple Sclerosis Diagnosis and Treatment Market Segments
By Type
- Clinically Isolated Syndrome (CIS)
- Relapse-Remitting MS (RRMS)
- Primary Progressive MS (PPMS)
- Secondary Progressive MS (SPMS)
By Diagnosis
- Imaging Tests
- Spinal Fluid Analysis
- Other Tests
By Treatment
- Medications
- Injectables
- Beta Interferons
- Glatiramer Acetate
- Oral Medications
- Fingolimod
- Dimethyl Fumarate
- Teriflunomide
- Cladribine
- Diroximel Fumarate
- Siponimod Tablets
- Infusion Treatments
- Natalizumab
- Ocrelizumab
- Alemtuzumab
- Mitoxantrone
- Injectables
- Physical, Occupational or Speech Therapy
- Mental Health Counselling
By Geography
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- South America
Discover our detailed Table of Contents (TOC) for the Industry, providing a thorough examination of market segments, material, emerging technologies and key trends. Our TOC offers a structured analysis of market dynamics, emerging innovations, and regional dynamics to guide your strategic decisions in this rapidly evolving healthcare field - https://www.towardshealthcare.com/table-of-content/multiple-sclerosis-diagnosis-and-treatment-market-sizing
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Towards Healthcare is a leading global provider of technological solutions, clinical research services, and advanced analytics to the healthcare sector, committed to forming creative connections that result in actionable insights and creative innovations. We are a global strategy consulting firm that assists business leaders in gaining a competitive edge and accelerating growth. We are a provider of technological solutions, clinical research services, and advanced analytics to the healthcare sector, committed to forming creative connections that result in actionable insights and creative innovations.
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