Interferon Beta Drugs: A $3.22 Billion Market Catering to Multiple Sclerosis Patients

Global Interferon Beta Drugs Market

Global Interferon Beta Drugs Market to reach over USD 4.39 billion by the year 2030;

Market Synopsis -

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.

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.

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Several studies have shown that smoking raises one's risk of acquiring multiple sclerosis (M.S.), that low blood vitamin D levels are a risk factor for the disease, and that childhood and teenage obesity, especially in girls, increases the chance of having M.S. later in life. Consequently, it is anticipated that an increase in the number of obese individuals and chain smokers will drive the market for interferon beta medications. Interferon beta medications' potential benefits,

which include their capacity to reduce symptoms and decrease the disease's development and their suitability for combination therapy to treat multiple sclerosis, are further driving the market's expansion. Nevertheless, the demand for interferon beta medications is being restrained by adverse effects such as fever, chills, sweating, muscle aches, and exhaustion. Redness, swelling, and soreness are other adverse effects that may appear during the first week of treatment. They are predicted to impede the growth of the worldwide market for interferon beta medications.

List of Prominent Players in the Global Interferon Beta Drugs Market:

Bayer
Faron Pharmaceuticals
Biogen
Merck
Novartis

Market Dynamics:
Drivers -
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.

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Challenges -
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.

Regional Trends:
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.

Recent Developments:
• In 2021, Faron Pharmaceuticals, a clinical-stage biopharmaceutical company, announced that the US FDA has approved the phase 2 and 3 'HIBISCUS' trial evaluating its intravenous IFN beta-1a 'Traumakine' for the treatment of hospitalized Covid-19 patients.

Segmentation of Global Interferon Beta Drugs Market -

By Products -
• Interferon Beta-1A
• Interferon Beta-1B
• Peginterferon Beta-1A

By Route of Administrations -
• Intramuscular
• Subcutaneous
• Intravenous

By Distribution Channels -
• Hospital Pharmacies
• Retail Pharmacies
• Online Pharmacies

By Region -
North America -
• The U.S.
• Canada
• Mexico

Europe -
• Germany
• The U.K.
• France
• Italy
• Spain
• Rest of Europe

Asia-Pacific -
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific

Latin America -
• Brazil
• Argentina
• Rest of Latin America

Middle East & Africa -
• GCC Countries
• South Africa
• Rest of Middle East and Africa

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