Multiple Sclerosis Drugs - Australia

Australia

The Multiple Sclerosis Drugs market in Australia is forecasted to achieve a revenue of AU €182.40m by the year 2024.
It is expected to exhibit a compound annual growth rate (CAGR 2024-2029) of 1.53%, leading to a market volume of AU €196.80m by 2029.
When compared globally, United States is anticipated to generate the highest revenue in this market, with an estimated AU €10,910.00m by 2024.
The demand for Multiple Sclerosis Drugs in Australia is driven by advancements in medical research and a growing aging population.

Key regions: France, India, United Kingdom, South Korea, Japan

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Analyst Opinion

The market for Multiple Sclerosis Drugs in Australia is showing significant growth in recent years.

Customer preferences: Patients suffering from Multiple Sclerosis in Australia are showing a preference for drugs that can help them manage their symptoms effectively. This has led to an increased demand for drugs that can slow down the progression of the disease and improve the quality of life for patients. Patients are also looking for drugs that can be administered easily and have fewer side effects.

Trends in the market: The Multiple Sclerosis Drugs market in Australia is witnessing an increase in the number of drugs being approved for use. This is due to the growing prevalence of Multiple Sclerosis in the country and the need for effective treatment options. The market is also witnessing an increase in the number of drugs that are being developed using innovative technologies. This is helping to improve the efficacy of the drugs and reduce their side effects.

Local special circumstances: Australia has a well-established healthcare system that provides universal access to healthcare for its citizens. This has helped to increase the demand for Multiple Sclerosis Drugs in the country. The government has also taken steps to improve access to drugs by listing them on the Pharmaceutical Benefits Scheme (PBS). This has made drugs more affordable for patients and has helped to increase their uptake.

Underlying macroeconomic factors: The Australian economy has been performing well in recent years, which has helped to increase the affordability of Multiple Sclerosis Drugs for patients. The country has a strong pharmaceutical industry, which has been investing in research and development to develop new and innovative drugs. The aging population in Australia is also contributing to the growth of the market as the prevalence of Multiple Sclerosis tends to increase with age. Overall, the Multiple Sclerosis Drugs market in Australia is expected to continue growing in the coming years.

Methodology

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.