LONDON, March 14, 2012 /PRNewswire/ -- Limited awareness about the disease and its overall occurrence and progression among end-users is hampering the European multiple sclerosis (MS) market. This is being exacerbated by the limited availability of accurate diagnostic tools. There is, therefore, an immediate need for innovative and enhanced therapeutic and diagnostic tools that support improved diagnosis and expand the range of treatment options.
New analysis from Frost & Sullivan (http://www.pharma.frost.com), Analysis of the European Multiple Sclerosis Market, finds that the market earned revenues of approximately $3.2 billion in 2010 and estimates this to reach approximately $5.38 billion in 2017, growing at a compound annual growth rate (CAGR) of 7.2 per cent from 2010-2017. The segments covered include: immunosuppressants, immunomodulators and corticosteroids.
"The rising number of people suffering from MS is resulting in higher demand for therapeutics," notes Frost & Sullivan Research Analyst Deepika Pramod Chopda. "This, coupled with strong pipeline development, is pushing robust growth in the overall market."
MS is characterised as a chronic disease, commonly diagnosed in patients between 20-50 years of age. It affects more than 2.5 million people across the world, with Europe accounting for nearly 550,000 cases.
Significant research is currently underway to efficiently treat MS. Innovative treatment therapies, including biologics and oral drugs, are favouring market prospects.
"Refined drug delivery technologies, mode of drug delivery (oral or injectable), and several other factors will encourage the use of MS drugs among patients," adds Deepika. "Novel treatment options will also promote the concept of combination therapies, accelerating market development."
A key challenge at present is the inaccuracy in disease diagnosis due to the lack of sensitive diagnostic tools. Another issue is the absence of established treatment procedures.
"Non-compliance with MS treatment procedures remains a major challenge," explains Deepika. "Establishing end-user confidence has become difficult due to unsatisfactory therapeutic results."
Cumbersome and painful procedures discourage the progress of therapy. Simple advances, like the use of oral drugs instead of injections, will prove beneficial to promoting compliance with therapeutic regimes.
"Awareness raising through public healthcare forums and organisations about new developments and innovative treatment options will contribute toward establishing greater end-user confidence," concludes Deepika. "In the meantime, precautionary measures like adopting healthy lifestyle practices will help limit the incidence of the disease."
If you are interested in more information on this study, please send an e-mail with your contact details to Janique Morvan, Corporate Communications, at [email protected].
Analysis of the European Multiple Sclerosis is part of the Pharmaceuticals & Biotechnology Growth Partnership Service programme, which also includes research in the following markets: European Biosimilars Market, Global Generics Market and European Autoimmune Diseases Therapeutics Market. All research included in subscriptions provide detailed market opportunities and industry trends that have been evaluated following extensive interviews with market participants.
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SOURCE Frost & Sullivan