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Press Release: Interferon Beta Drugs Market to Surpass US$ 4,825.8 Million by 2027
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Interferons are a family of naturally occurring proteins that are produced by eukaryotic cells and mostly show action against viral infections and other biological inducers. There are three major forms of interferons that have been distinguished as alpha, beta, and gamma. The interferon beta drug represents the first class of disease modifying therapies (DMTs) for multiple sclerosis (MS) and also contributed to reseacrhers’ understanding of immunomodulatory mechanisms in MS. The drug is administered through intramuscular or subcutaneous route of administration. There are five types of interferon beta drugs; Avonex, Betaseron, Extavia, Plegridy, and Rebif in the market. The drug is available in different dosage forms such as solution, and kit (lyophilized powder in a single-dose vial for reconstitution).
The global interferon beta drugs market is estimated to be valued at US$ 3,795.3 million in 2020 and is expected to exhibit a CAGR of 3.5% during the forecast period (2020-2027).
Figure 1. Global Interferon Beta Drugs Market Share (%), by Product Type, 2020
Global Interferon Beta Drugs Market - Drivers
The increasing focus of market player on development of novel interferon beta drugs is another factor driving the growth of the global interferon drugs market. For instance, on July 22nd 2020, Synairgen, a company based in Southampton, UK, announced positive results from a clinical trial of SNG001 in hospitalised COVID-19 patients. SNG001 is an inhaled formulation of interferon beta. According to the study, the risk of developing severe COVID-19 symptoms during the treatment period of 16 days was reduced by 79% in the patients receiving SNG001.
Moreover, the increasing prevalence of the multiple sclerosis is expected to boost the growth of the global interferon beta drugs market. For instance, according to data published Multiple Sclerosis Trust (MST) in 2020, an estimated 2,500,000 people in the world have multiple sclerosis. Research suggests the proportion of women with MS is increasing and that around two to three women have MS. The prevalence of MS varies according to region. According to the MTS, Asia, Africa and America that lie on the equator have low prevalence of MS, while Canada and Scotland have particularly high prevalence.
| Report Coverage | Details | ||
|---|---|---|---|
| Base Year: | 2019 | Market Size in 2020: | US$ 3,795.3 Mn |
| Historical Data for: | 2016 to 2019 | Forecast Period: | 2020 to 2027 |
| Forecast Period 2020 to 2027 CAGR: | 3.5% | 2027 Value Projection: | US$ 4,825.8 Mn |
| Geographies covered: |
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| Segments covered: |
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| Companies covered: |
Biogen Idec., Merck KGaA, Novartis Pharmaceuticals Corporation, and Bayer. |
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| Growth Drivers: |
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| Restraints & Challenges: |
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Global Interferon Beta Drugs Market - Restraints
Interferon beta drugs are most commonly used in the treatment of multiple sclerosis. The condition can also be treated with alternative therapies such as corticosteroids, monoclonal antibodies, antineoplastic agents. Moreover, approval and launch of therapies is expected to hamper demand for interferon beta drugs. For instance, in 2017, the FDA approved Genentech’s Ocrevus (ocrelizumab) a humanized monoclonal antibody targeting B-cells with CD20 molecule. Ocrevus is the only therapy approved for both relapsing and primary progressive forms of multiple sclerosis. Thus, approval for such products is likely to hamper the growth of the global interferon beta drugs market.
Figure 2. Global Interferon Beta Drugs Market Value (US$ Mn), by Region, 2020
Global Interferon Beta Drugs Market - Regional Analysis
On the basis of region, the global interferon beta drugs market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa.
The Europe interferon beta drugs market is expected to exhibit significant growth during the forecast period owing to presence major players, approval of interferon beta drugs, and the increasing prevalence of the MS in the region. For instance, in 2017, BIOCAD, a biotechnology company in Russia, received approval from the Russian Ministry of Health interferon beta-1a non-originator biological drug, BCD-033. The drug is a non-originator biological of Merck’s multiple sclerosis blockbuster Rebif (interferon beta-1a). Moreover, presence of major players such as Bayar, Novatis, and Merck KGaA in Europe, another factor contributing to growth of the Europe interferon beta drugs market.
Key Players:
Major players operating in the global interferon beta drugs market are Biogen Idec., Merck KGaA, Novartis Pharmaceuticals Corporation, and Bayer.
Interferon beta drug is used to treat relapsing forms of multiple sclerosis (MS), including clinically isolated syndrome, relapsing-remitting disease, and active secondary progressive disease. The drug does not completely cure the condition, but slows down progression of some of the disabling effects and decreases the number of relapses of the disease. Interferons are natural substances produced in the human body to help fight infections. Interferon beta drugs are categorized in Interferon Beta-1A, Interferon Beta-1B, and Peginterferon Beta-1A.
Market Dynamics
Multiple sclerosis is a widespread disabling neurological condition, mostly diagnosed in people in the age group 20–50 years. According to the Multiple Sclerosis Foundation, in 2017, this autoimmune condition affects 2.5 million people with an annual global incidence of around 7 cases per 100,000 people. The study also states that prevalence rates vary between ethnic and geographical latitudes, ranging from 50 to 120 people per 100,000. Moreover, according to the Multiple Sclerosis Foundation, 2015, an estimated 400,000 people live with the disease in U.S., and about 200 new cases are diagnosed every week. According to a survey by Healthline Media, 2015, multiple sclerosis ranks second after congestive heart failure with direct and indirect health care costs ranging from US$ 8,528 to US$ 54,244 per patient per year. Thus, increasing prevalence of multiple sclerosis is a major factor driving the growth of global interferon beta drugs market.
Key features of the study:
Detailed Segmentation:
“*” marked represents similar segmentation in other categories in the respective section.
*Browse 28 market data tables and 30 figures on " Global Interferon Beta Drugs Market – Global forecast to 2027”.
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