Multiple Sclerosis Therapeutics Market Size (2024 - 2029)

Multiple Sclerosis Therapeutics Market Analysis

The Multiple Sclerosis Therapeutics Market size is estimated at USD 31.03 billion in 2024, and is expected to reach USD 37.52 billion by 2029, growing at a CAGR of 3.87% during the forecast period (2024-2029).

Multiple sclerosis (MS) affects cognitive, emotional, motor, sensory, and visual functions and is caused by the immune system attacking the brain and spinal cord. In recent years, the burden of multiple sclerosis has been observed to be on the rise, which is boosting the demand for therapeutic drugs for proper multiple sclerosis disease management. For instance, according to the August 2023 update of the World Health Organization (WHO), more than 2.8 million people globally are now estimated to live with MS, including 1 million in the United States in 2022. Thus, this escalating burden of multiple sclerosis will provide lucrative growth opportunities for the market during the forecast period.

Moreover, critical pharmaceutical companies invest significantly in drug development, such as MS therapeutics. They plan to target as many indications as possible to cater to the increasing demand for therapeutics. For instance, in October 2023, Tiziana Life Sciences received FDA approval for its drug candidate, foralumab. This intranasal anti-CD3 monoclonal antibody, a fully human formulation, is intended for at-home self-administration. It is designed for patients with multiple sclerosis (MS). Thus, the recent product approvals and increased efforts by pharmaceutical companies to develop novel therapeutics are leading to market expansion.

Additionally, an increase in research funding, grants, and other investments for developing multiple sclerosis research is projected to fuel the market growth during the forecast period. For instance, in December 2022, the United Kingdom initiated a groundbreaking trial to evaluate stem cell transplants as the primary treatment for multiple sclerosis. The StarMS study, funded at GBP 2.3 million (USD 2.91 million), is the first to compare the effectiveness of autologous hematopoietic stem cell transplantation (AHSCT) with four other drug treatments that have demonstrated positive results in clinical trials, which are alemtuzumab, ocrelizumab, ofatumumab, and cladribine. Therefore, an increase in clinical studies is expected to surge the introduction of novel products, thereby expanding the treatment options for multiple sclerosis.

Thus, owing to the increase in MS prevalence and various organic and inorganic activities of the key players, the market is expected to grow during the forecast period. However, side effects associated with medications and the high cost of drugs may hinder the market's growth.

Multiple Sclerosis Therapeutics Industry Segmentation

As per the scope of the report, multiple sclerosis (MS) involves an immune-mediated process in which an abnormal response of the body’s immune system is directed against the central nervous system (CNS). The multiple sclerosis therapeutics market is segmented by drug type, route of administration, and geography. By drug type, the market is segmented into small-molecule drugs and large-molecule drugs. By route of administration, the market is segmented into oral, injectable, and other routes of administration. By geography, the market is segmented into North America, Europe, Asia-Pacific, the Middle East and Africa, and South America. For each segment, the market size is provided in terms of USD value.