The multiple myeloma therapeutics market in Latin America was worth USD 1.08 billion in 2023 and is estimated to be growing at a CAGR of 5.33% and worth USD 1.41 billion by 2028.
The Latin American multiple myeloma therapeutics market is projected to be primarily driven by the increasing aging population, rising prevalence for multiple myeloma, increasing obese population, rising healthcare expenditures, and increased focus on customized drugs. The worldwide incidence of multiple myeloma is currently at approximately 160,000, and the mortality is around 106,000. Likewise, the age-standardized incidence of multiple myeloma ranges between 0.54 and 5.3 per 100,000. Furthermore, the various benefits of therapeutic drugs have increased with consumer awareness of the disease, which, coupled with the growing rate of tests that help with early detection of the disease, is anticipated to drive the market's growth rate.
Additionally, increased efforts by various governments and public health organizations to support new treatment options for the patients positively impact the market. Continuous advancements in newer emerging therapies like monoclonal antibodies show promising results in treating patients with multiple myeloma and drive market growth. In recent years, several drugs have been explored to reduce the number of side effects seen in the patient during and after the post-recovery stage of using these anti-cancer drugs.
Unmet market demand and growing supply chain strategies for multiple myeloma therapeutics drugs will provide new growth opportunities for the market to grow during the upcoming years.
On the other hand, the limited target population of patients, the high price of therapeutic drugs and procedures, and the increased chances of end-stage complications are key factors that will harm the Latin America multiple myeloma therapeutics market during the forecast period. In addition, the long-term burden of taking anti-cancer drugs will result in many complications due to the narrow range of action in certain patients with pre-existing mortalities. The lack of knowledge about new and innovative cancer therapeutics in low economy countries with inadequate healthcare infrastructure poses a challenge to the market.
This research report on the Latin America multiple myeloma therapeutics market has been segmented and sub-segmented into the following categories
By Treatment Type:
By Drug Type:
In 2022, the regional market in Brazil dominated the Latin America multiple myeloma therapeutics market and is projected to continue with this trend over the forecast period. Various factors such as high demand for disease-specific treatments, increased adoption of new technologies, improving health care infrastructure, a higher level of patient awareness, and a high prevalence of multiple myeloma will drive the market in this region. In the Latin American region, the estimated number is 1.71 for incidence and 1.31/100,000 for mortality for multiple myeloma.
Mexico is considered the second growing regional market due to key players in this region, the significant increase in medical tourism, and the increase in population growth. In an important study conducted in 2015, 2569 patients with MM were reviewed, out of which 2039 unique patients were hospitalized and approximately 1169 deaths. The incidence rate for multiple myeloma was recorded at 1.16/100,000 inhabitants-year during the study period.
Other Latin American regions such as Peru, Argentina, Ecuador, and Columbia will grow due to the increase in generic manufacturers, rise in disposable income, and increasing healthcare infrastructure.
KEY MARKET PLAYERS:
Companies playing a significant role in the Latin America 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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