The North America multiple sclerosis therapeutics market is expected to reach US$ 15,269.74 million by 2027 from US$ 9,144.98 million in 2019; it is estimated to grow at a CAGR of 6.8% from 2020 to 2027.
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North America multiple sclerosis therapeutics market Introduction
Multiple sclerosis (MS) is a chronic autoimmune disorder that targets the central nervous system, leading to disruptions in communication between the brain and the rest of the body. Most commonly diagnosed in individuals aged 20 to 50, MS is one of the most prevalent disabling neurological conditions. The disease can result in significant physical and cognitive impairments, impacting a patient’s overall quality of life.
The growth of the North America multiple sclerosis therapeutics market is primarily driven by two key factors: the increasing prevalence of MS and the rising levels of funding dedicated to MS research. According to a 2017 study by the National Multiple Sclerosis Society, approximately 1 million adults in the U.S. (up to 913,925) were living with MS. This high and growing patient population is contributing significantly to market expansion.
Moreover, enhanced research funding is fueling innovation in the development of novel therapies and investigative efforts into the underlying causes of MS. Organizations such as the National Institute of Neurological Disorders and Stroke, the National MS Society, and the Parkinson’s Action Network are leading numerous initiatives aimed at advancing MS treatment options. These efforts are accelerating the introduction of new and more effective therapeutics into the market.
However, the high cost of MS treatment remains a significant barrier to market growth. Expensive therapies and limited access can restrict adoption rates, especially among underinsured populations.
The COVID-19 pandemic has also impacted the market dynamics. In North America, the rise in COVID-19 cases led to delays in treatment for chronic neurological conditions like MS. Additionally, many pharmaceutical companies postponed clinical trials and product launches due to resource reallocations. Nevertheless, the pandemic also sparked new research into the neurological effects of COVID-19. U.S.-based institutions have initiated several programs to investigate, diagnose, and treat the neurological complications associated with the virus. These efforts, while not directly targeting MS, have had a positive secondary effect on the broader neurological research landscape, contributing modestly to market resilience during the pandemic.
North America Multiple Sclerosis Therapeutics Market Segmentation
North America multiple sclerosis therapeutics market By Drug Class
- Immunosuppressant
- Immunomodulators
North America multiple sclerosis therapeutics market By Route of Administration
- Injectable
- Oral
North America multiple sclerosis therapeutics market By Distribution Channel
- Hospital Pharmacies
- Retail Pharmacies
- E-Commerce
North America multiple sclerosis therapeutics market By Country
- US
- Canada
- Mexico
North America multiple sclerosis therapeutics market Company Profiles
- Merck & Co., Inc.
- Novartis AG
- Bayer AG
- Sanofi
- Bristol-Myers Squibb Company
- Horizon Therapeutics plc
- TEVA PHARMACEUTICAL INDUSTRIES LTD
- Takeda Pharmaceutical Company Limited
- F. HOFFMANN-LA ROCHE LTD
- Biogen
North America multiple sclerosis therapeutics market Strategic Insights
Strategic insights for the North America Multiple Sclerosis Therapeutics provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.
North America multiple sclerosis therapeutics market Regional Insights
The geographic scope of the North America Multiple Sclerosis Therapeutics refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.
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Author’s Bio:
Suryakant Gadekar
Senior Market Research Expert at Business Market Insights
