Multiple Sclerosis Drugs - Asia

Asia

The Multiple Sclerosis Drugs market in Asia is projected to witness a remarkable revenue growth in the coming years.
By 2024, the revenue is estimated to reach a significant amount of €4.07bn.
Moreover, the market is expected to exhibit a steady annual growth rate (CAGR 2024-2029) of 1.76%, resulting in a substantial market volume of €4.44bn by 2029.
When compared globally, it is noteworthy that United States will dominate the market, generating the highest revenue of €10,910.00m in 2024.
In Asia, the demand for Multiple Sclerosis Drugs is rising steadily, driven by an increasing prevalence of the disease and a growing awareness of treatment options.

Key regions: France, India, United Kingdom, South Korea, Japan

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Analyst Opinion

The Multiple Sclerosis Drugs market in Asia has been steadily growing over the past few years due to various factors.

Customer preferences: Patients suffering from Multiple Sclerosis (MS) in Asia are increasingly seeking more effective and convenient treatments. They prefer drugs that not only control the symptoms of the disease but also slow down its progression. Additionally, the preference for oral medications over injectables has been increasing, as it offers more convenience and comfort to the patients.

Trends in the market: Japan is the largest market for MS drugs in Asia, followed by China and South Korea. The market is expected to continue growing due to the increasing prevalence of MS in the region. The introduction of new drugs and therapies is also driving the market growth. For instance, the introduction of oral drugs such as Fingolimod and Teriflunomide has significantly boosted the market growth in recent years. Moreover, the increasing adoption of biosimilars is also driving the market growth, as it offers a cheaper alternative to the expensive branded drugs.

Local special circumstances: In China, the government has been taking initiatives to reduce the cost of MS drugs. For instance, the government has included MS drugs in the national reimbursement drug list, which has significantly reduced the out-of-pocket expenses for the patients. The government has also been promoting the development of biosimilars to reduce the cost of treatment.In South Korea, the government has been promoting the use of generic drugs to reduce the healthcare expenditure. This has led to the increasing adoption of biosimilars in the MS drugs market.

Underlying macroeconomic factors: The increasing prevalence of MS in Asia is one of the major macroeconomic factors driving the market growth. The rising healthcare expenditure and increasing awareness about the disease are also contributing to the market growth. Moreover, the increasing investment in research and development activities by the pharmaceutical companies is leading to the development of new and innovative drugs, which is further driving the market growth.In conclusion, the Multiple Sclerosis Drugs market in Asia is growing due to the increasing prevalence of MS in the region, the introduction of new drugs and therapies, and the rising healthcare expenditure. The preference for more effective and convenient treatments, the increasing adoption of biosimilars, and the government initiatives to reduce the cost of treatment are the major trends in the market.

Methodology

Data coverage:

Data encompasses B2B, B2G, and B2C spend. Figures are based on drug revenues allocated to the country where the money is spent. Monetary values are given at manufacturer price level excluding VAT.

Modeling approach / Market size:

Market sizes are determined by a top-down approach, based on a specific rationale for each market. As a basis for evaluating markets, we use financial information of the key players by market. Next, we use relevant key market indicators and data from country-specific associations, such as industry associations. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, forecasts are based on historical developments, current trends, and key market indicators, using advanced statistical methods. The main driver is healthcare expenditure. Expiring patents and new drugs in the pipeline are also considered.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level. This market comprises prescription drugs and all OTC drugs covered in the Statista OTC Pharmaceuticals market. However, in the OTC Pharmaceuticals market, revenues are based on end-consumer prices.