The multiple myeloma therapeutics market in the Asia Pacific was worth USD 1.59 billion in 2022 and is estimated to be growing at a CAGR of 5.5%, reaching USD 2.08 billion by 2027.
As the frequency of multiple myeloma in the population rises, the Asia Pacific multiple myeloma treatment market is predicted to develop. Multiple myelomas are more frequent in males than in women, and they become more common as people get older. As a result, increasing the older population would surely boost the Asia Pacific Multiple Myeloma Therapeutics Market's growth during the forecast period. According to the World Health Organization (WHO), the aged population will number about 2 billion individuals by 2050.
Furthermore, factors such as the presence of key market players and the rising adoption of innovative therapies have boosted the Asia Pacific multiple myeloma therapeutics market. With many patients and the usage of novel treatments, Asia Pacific is expected to grow the fastest during the projected period. In addition, governments and non-governmental organizations (NGOs) ongoing initiatives to improve patient knowledge of novel treatment alternatives are actively supporting this sector.
The rising frequency of the disease and the aging population are two significant reasons projected to significantly boost the Asia Pacific multiple myeloma treatments market during the forecast period. In addition, supportive interventions, such as reparative treatment, including transfusion, will be included in the complications connected with the care of older individuals.
The Asia Pacific multiple myeloma treatment market is being held back by high treatment prices and legislation and regulations. In addition, the Asia Pacific multiple myeloma treatment market's tiny target patient population is a tough element that will play a vital role over the forecast period.
The COVID 19 pandemic has wreaked havoc on many people's lives in various ways. Patients with myeloma are at an elevated risk of bacterial and viral infections by 7% to 10%. If there are resource concerns because of COVID 19, postponing the stem cell transplant may be an option for transplant-eligible myeloma patients. Most clinical experiments, including cellular therapy trials, were put on hold during the pandemic. As a result, all treatment procedures were postponed in the first half of 2020, resulting in a decrease in market share.
This research report on the APAC multiple myeloma therapeutics market has been segmented and sub-segmented into the following categories
By Treatment Type:
By Drug Type:
The development of innovative treatments with significantly improved clinical outcomes across all stages of the disease and the lack of standard competition in countries like China, Japan, and Australia will fuel the expansion of the multiple myeloma therapeutics market. Evolving multiple myeloma medicines are likely to provide options in the lapsed or refractory disease scenario and the second and third lines of treatment, boosting the APAC market. Furthermore, the limited efficacy of current medications, the rising prevalence of the disease, and the growing elderly population are likely to provide a significant platform for new drug development. Several pipeline pills present process segment III medical trials with superb medical consequences are anticipated to engender a surge withinside the enterprise boom upon the release of those novel pills at some stage in the forecast period.
China is anticipated to dominate the Asia Pacific Multiple Myeloma Therapeutics marketplace at some stage in the forecast period. The presence of massive groups and excessive adoption prices for more modern remedy alternatives are the elements contributing to the region's dominance.
Japan had the second-largest share in the Asia Pacific Multiple Myeloma Therapeutics market in 2020 attributed to factors such as the massive affected person base and developing adoption of novel remedy strategies withinside the region; Japan is anticipated to witness the quickest boom at some stage in the forecast period.
KEY MARKET PLAYERS:
Companies playing a notable role in the APAC multiple myeloma therapeutics market profiled in this report are AB Science SA, AbbVie Inc., Ablynx NV, Acceleron Pharma Inc., IGF Oncology LLC. , ImmunGene Inc., Millennium Pharmaceuticals Inc., MimiVax LLC, Mirna Therapeutics, RedHill Biopharma Ltd., Rhizen Pharmaceuticals S.A., Terpenoid Therapeutics Inc., Teva Pharmaceutical Industries Ltd., TG Therapeutics Inc., and Johnson and Johnson.
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