The size of the Middle East and Africa multiple myeloma therapeutics market was worth USD 733.18 Million in 2023 and estimated to be growing at a CAGR of 4.74%, to reach USD 924.22 Million by 2028.
The MEA multiple myeloma therapeutics market is projected to grow due to various reasons, including the rapid increase in the aging population, rising healthcare costs, and the development of inaccurate diagnostic tests and treatment modalities. Owing to the extensive research and development taking place in oncology, the following line of drugs for multiple myeloma has shown promising results, with biologic drugs and stem cell therapies gaining popularity among physicians and patients alike. Major players in the multiple myeloma therapeutics market are accelerating product launches and clinical trials with partnerships, collaborations, and outsourcing among various start-ups.
The increasing number of drug approvals, mainly monoclonal antibodies and corticosteroids, used to treat multiple myeloma is projected to drive the growth of the MEA multiple myeloma therapeutics market. Studies have shown that cytolytic antibody directed against CD38 is effective for treating multiple myeloma in adult patients. The development of new innovative products and combination therapies for multiple myeloma is becoming a significant factor contributing to the growth of this market in the near future.
Moreover, several technological advancements, such as the development of microRNA therapies and nanomedicines, are also used as growth factors that can facilitate the delivery of macromolecular agents to the bone marrow and catalyze antitumor responses. All these aforementioned factors will provide ample growth opportunities for the MEA multiple myeloma therapeutics market during the forecast period.
On the other hand, several factors such as the high cost of treatment and limited target population of patients may hinder the growth of the MEA multiple myeloma therapeutics market. In addition, the equipment and products needed for therapies such as chemotherapy and radiotherapy are required skilled professionals and well-equipped medical facilities, which cannot be seen in emerging economies in the region due to poor healthcare infrastructure. Apart from this, the lower number of people with severe multiple myeloma showing symptoms and requiring treatment is estimated to be another factor responsible for limiting the market's growth during the forecast period.
This research report on the MEA multiple myeloma therapeutics market has been segmented and sub-segmented into the following categories
By Treatment Type:
By Drug Type:
During the forecast period, the Saudi Arabian market is projected to hold the largest share in the MEA multiple myeloma therapeutics market due to driving factors such as high awareness associated with early diagnosis and treatment of cancer, supportive policies reimbursement, and the development of healthcare infrastructure. According to the WHO country listing, multiple myeloma and lymphoma accounted for between 9.62% and 11% cancer-related deaths. According to the 2014 Saudi Cancer Registry, multiple myeloma had accounted for 1% of all cancer cases, with an incidence of 1% in men and 0.7% in women.
The United Arab Emirates dominates the studied market due to faster approval rates, better healthcare facilities, favorable healthcare policies, and significant players in this region. In addition, the growing awareness associated with a cancer diagnosis and the development of healthcare infrastructure responsible for the wide accessibility of modern technology will drive the regional market.
Improving healthcare reimbursement policies and the high probability of occurring in the elderly population will be responsible for growing the African regional market.
KEY MARKET PLAYERS:
Companies playing a vital role in the MEA 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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