PUBLISHER: Coherent Market Insights | PRODUCT CODE: 1358156
PUBLISHER: Coherent Market Insights | PRODUCT CODE: 1358156
The global interferon beta drugs market is estimated to be valued at US$ 4.22 Bn in 2023 and is expected to exhibit a CAGR of 4.0% during the forecast period (2023-2030).
Report Coverage | Report Details | ||
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Base Year: | 2022 | Market Size in 2023: | US$ 4.22 Bn |
Historical Data for: | 2018 to 2021 | Forecast Period: | 2023 - 2030 |
Forecast Period 2023 to 2030 CAGR: | 4.00% | 2030 Value Projection: | US$ 5.55 Bn |
Interferon beta 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 it slows down the progression of some of the disabling effects and decreases the number of relapses. Interferons are natural substances produced in the human body to help fight infections. Interferon beta drugs are categorized as Interferon Beta-1A, Interferon Beta-1B, and Peginterferon Beta-1A.
Multiple sclerosis is a widespread disabling neurological condition, mostly diagnosed in people in the age group of 20-50 years. According to the Multiple Sclerosis Foundation, a 501 non-profit organization benefiting people with multiple sclerosis and their families, in January 2020, this autoimmune condition affected 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 data published by the Multiple Sclerosis Foundation in 2021, an estimated 400,000 people live with the disease in the U.S., and about 200 new cases are diagnosed every week. According to a survey by Healthline Media, a provider of health information headquartered in California, U.S., in March 2022, 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, the increasing prevalence of multiple sclerosis is a major factor driving the growth of the global interferon beta drugs market.
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