The market size of the Global Interferon Beta Drugs Market in the year 2021 is valued at 3.03 billion and is predicted to reach 4.39 billion by the year 2030 at a 4.4% CAGR during the forecast period.
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Globally, the rising prevalence of multiple sclerosis (M.S.) is driving market growth. It is a disabling brain and spinal cord (central nervous system) disease in which the immune system attacks the protective sheath (myelin) that covers nerve fibres, causing communication problems between the brain and the rest of your body. According to several studies, low vitamin D levels in the blood are a risk factor for the development of M.S., smoking increases a person’s risk of developing M.S., and obesity in childhood and adolescence, particularly in girls, increases the risk of later developing M.S. As a result, an increasing number of chain smokers and obese people are expected to drive the market demand for interferon beta drugs. Furthermore, potential factors associated with interferon beta drugs, such as the ability to slow the progression of the disease while simultaneously reducing symptoms, and the ability to be used in combination therapies for the treatment of multiple sclerosis, are enhancing market growth. However, the side effects of interferon beta drugs such as fatigue, chills, sweating, muscle aches, and fever are limiting the development of the interferon beta drugs market. Other side effects that can be seen in the first week of treatment include redness, swelling, and pain and are expected to limit the growth of the global interferon beta drugs market.
List of Prominent Players in the Global Interferon Beta Drugs Market:
Some factor driving the growth of the global interferon drugs market is the increasing focus of market players on the development of novel interferon beta drugs. For instance, in July 2020, Synairgen, a company based in Southampton, U.K., announced positive results from a clinical trial of SNG001 in hospitalized COVID-19 patients. SNG001 is an inhaled interferon beta formulation. According to the research, patients who received SNG001 had a 79% reduced risk of developing severe COVID-19 symptoms during the 16-day treatment period. Moreover, the rising prevalence of multiple sclerosis is expected to drive the global interferon beta drug market. According to the report published by the Multiple Sclerosis Trust (MST) in 2020, an estimated 2,500,000 people worldwide have multiple sclerosis. The prevalence of M.S. differs by region. According to the MTS, the equatorial regions of Asia, Africa, and America have a low prevalence of M.S., whereas Canada and Scotland have a particularly high prevalence.
Interferon beta drugs are commonly used to treat multiple sclerosis. Alternative therapies such as corticosteroids, monoclonal antibodies, and antineoplastic agents can also be used to treat the condition. Furthermore, the approval and launch of new treatments are expected to reduce the demand for interferon beta drugs. For instance, in 2019, the FDA approved Genentech’s Ocrevus (ocrelizumab), a humanized monoclonal antibody targeting B-cells with the CD20 molecule. Ocrevus is the only approved therapy for relapsing and primary progressive multiple sclerosis. As a result, approval for such products is likely to hamper the global interferon beta drugs market’s growth.
The presence of significant players, approval of interferon beta drugs, and the increasing prevalence of M.S. in the region are expected to drive substantial growth in the Europe interferon beta drugs market during the forecast period. For instance, in 2019, BIOCAD, a Russian biotechnology company, received approval from the Russian Ministry of Health for BCD-033, an interferon beta-1a non-originator biological drug. The drug is a biological non-originator of Merck’s multiple sclerosis blockbuster Rebif (interferon beta-1a). Furthermore, the presence of major players in Europe such as Bayar, Novartis, and Merck KGaA are factors attributing to the growth of the Europe interferon beta drugs market. Besides, North America is also leading the interferon beta drugs market with a notable revenue share. In 2020, the region gained potential growth due to the presence of major players and authorized organizations (FDA) in the region.
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Segmentation of Global Interferon Beta Drugs Market –
By Products –
By Route of Administrations –
By Distribution Channels –
By Region –
North America –
Latin America –
Middle East & Africa –
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