Multiple Sclerosis Drugs - Philippines

The Multiple Sclerosis Drugs market in the Philippines is expected to witness a substantial growth in revenue, with projections indicating that it will reach US$29.72m by 2024.
Moreover, the market is anticipated to maintain a steady annual growth rate of 2.25% from 2024 to 2029, resulting in a market volume of US$33.21m by the end of the mentioned period.
When compared globally, United States is projected to generate the highest revenue, amounting to US$11.77bn by 2024.
In the Philippines, the market for Multiple Sclerosis drugs is steadily growing due to increased awareness and availability of treatment options.

Definition:
This market covers drugs to treat the neurological autoimmune disease multiple sclerosis. As there is no cure for multiple sclerosis, the goal is to improve functions after an attack or to prevent attacks. Different types of medication include immunomodulators, immunosuppressants, and interferons. Monoclonal antibodies are now being increasingly used.

Additional information:
Market values represent the revenues generated by manufacture prices paid to primary vendors, either directly or through distribution channels (excluding VAT). Reported market revenues include spending by consumers (B2C), companies (B2B), and governments (B2G).

Company examples: Biogen, Roche, Novartis, Sanofi

Drugs to treat multiple sclerosis
Monoclonal antibodies
Immunosuppressants

Monoclonal antibodies and immunosuppressants for the treatment of other diseases
Treatment of other autoimmune diseases
Alternative medicine

The Multiple Sclerosis Drugs market in Philippines has been growing steadily in recent years.

Customer preferences: Patients suffering from multiple sclerosis in the Philippines prefer to take oral medications as opposed to injectables. This is due to the convenience and ease of taking oral medications, which has led to an increase in demand for oral MS drugs in the Philippines market. Additionally, patients prefer drugs that have fewer side effects and are more affordable.

Trends in the market: The Multiple Sclerosis Drugs market in the Philippines has been experiencing a shift from injectable drugs to oral drugs. This shift is due to the convenience and ease of taking oral medications. Additionally, the market is expected to grow due to the increasing prevalence of multiple sclerosis in the Philippines. The market is also expected to witness an increase in the number of drugs that are approved by regulatory bodies.

Local special circumstances: The Philippines has a high prevalence of multiple sclerosis, which has led to an increase in demand for MS drugs in the country. Additionally, the country has a large population of young adults who are at a higher risk of developing multiple sclerosis.

Underlying macroeconomic factors: The Philippines has a growing economy, which has led to an increase in the availability of healthcare services in the country. This has led to an increase in the number of patients seeking treatment for multiple sclerosis. Additionally, the government of the Philippines has been investing in the healthcare sector, which has led to the development of new healthcare facilities and the adoption of new technologies. This has led to an increase in the availability of MS drugs in the country.

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.

This report presents a comprehensive analysis and additional information on the Health market, in a PDF format.

The global pharmaceutical industry has experienced significant growth during the past two decades, with revenues totaling around 1.6 trillion U.S. dollars in 2023. With growth like that, the industry's size is now comparable to the gross domestic products (GDPs) of countries like Spain, Mexico, or Australia.