Multiple Myeloma Therapeutics Market

Global Multiple Myeloma Therapeutics Market Size (2022 to 2027)

Globally, the size of the multiple myeloma therapeutics market is estimated to be growing at a CAGR of 4.8% during the forecast period. The size of the market is predicted to value USD 10.48 billion by 2027 from USD 8.29 billion in 2022. North America dominated the market with the highest revenue because of key manufacturers' stability in the region.

Multiple myelomas majorly affect the kidney, bone, and blood. Patients suffering from multiple myeloma generally show several symptoms such as fatigue, loss of appetite, bone pain, and increased urination. Numerous tests are executed to confirm the disease that contains bone marrow tests, urine tests, and blood tests. Multiple Myeloma (MM) is a hematological malignancy considered by the propagation of plasma cells in the bone marrow. The disease is incurable, though, over the few years, there have been substantial developments in therapy, determined by a greater understanding of pathophysiology. Multiple myelomas are common among men as compared to women and also arises commonly with growing age.

MARKET DRIVERS:

The global multiple myeloma treatment market is expected to grow as the disease's incidence in the population increases. The North American Cancer Society stated that at the end of 2014, the United States diagnosed nearly 24,050 new cases of multiple myeloma. Multiple myelomas are more common in men than women and occur more often with age. Thus, during the foreseen period, an increase in the elderly population will undoubtedly drive the North America Multiple Myeloma Therapeutics Market's growth. The World Health Organization (WHO) estimates that by 2050 nearly 2 billion people will be in the elderly population.

Additionally, the global multiple myeloma therapeutics market is favored by factors such as the presence of large companies, and the increased adoption of new therapies are factors that have benefited the regional industry. With many patients in this region and the use of new treatments, North America is presumed to achieve the fastest growth in the forecast period. Also, governments and NGOs' ongoing efforts to raise patient awareness of new treatment options are playing an active role in supporting this vertical. The United States accounts for a significant portion of the North American market.

The prevalence of the disease and the growth of the elderly population are the significant factors that are expected to increase the global multiple myeloma therapeutics market significantly during the forecast period. The complications associated with the treatment of elderly patients will also include supportive measures such as reparative treatment, including transfusion.

MARKET RESTRAINTS:

The high treatment prices and laws and regulations are a significant limitation to the growth of the North American multiple myeloma treatment market. The limited target patient population in the North American multiple myeloma treatment market is a challenging factor that will play a vital role during the projection period.

Impact of COVID-19 on the global multiple myeloma therapeutics market:

The COVID 19 pandemic has ruined many lives in distinct ways. Patients with myeloma have a 7%-to-10% more rate of increased risk of bacterial and viral infections. In transplant-eligible myeloma patients, delaying the stem cell transplant may be available if there are resource issues due to COVID 19. Most of the clinical trials, including cellular therapy trials, were on hold during the pandemic time. All the treatment procedures were postponed in the first half of 2020 where the market shares were declined. However, all the activities were resumed by taking certain preventive measures. The multiple myeloma therapeutics market shares are to grow at a faster rate in the forecast period 2021-2026.  

REPORT COVERAGE:

This research report on the global multiple myeloma therapeutics market has been segmented and sub-segmented based on the treatment type, drug type, and region.

Multiple Myeloma Therapeutics Market - By Treatment Type:

• Chemotherapy      
  • Anthracycline antibiotic
  • Alkylating agent
• Targeted Therapy
  • Proteasome inhibitor

Proteasome inhibitors blocks proteasome, which treats unwanted cellular proteins. These inhibitors create proteins, which cause cancer cells to die. Velcade was the first drug to be approved that proteasome can be considered a therapeutic target. Kyprolis is a second-generation proteasome inhibitor approved for use in patients with relapses.

Multiple Myeloma Therapeutics Market - By Drug Type:

• Corticosteroids     
  • Dexamethasone (Decadron)
  • Prednisone (Deltasone/Orasone)
• Immunomodulatory agents             
  • Thalidomide (Thalomid)
  • Lenalidomide (Revlimid)
  • Arsenic trioxide (Trisenox)
  • Plerixafor (Mozobil)

Based on drug type, Thalomid is very active across the myeloma disease spectrum; Revlimid is more effective than Thalomid. Pomalyst is an overall immunomodulatory agent that is more effective and also has few side effects.

Multiple Myeloma Therapeutics Market - By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• The Middle East and Africa

Geographically, North America had the largest share of the global multiple myeloma therapeutics market in 2019 due to the most significant manufacturers of multiple myeloma drugs are located within the area. The North American multiple myeloma therapeutics market is further driven by an aging population, increasing obesity, rising healthcare costs, and the penetration of new anticancer drugs. Key factors driving market expansion are renewal and effective treatment options, and the same high adoption rates. With the aging of people in countries like the USA and Canada, the regional business is foreseen to expand with a noteworthy growth rate.

Due to the increase in the geriatric population in countries like China and India, Asia-Pacific is expected to witness the forecast period's highest growth rate.

KEY MARKET PLAYERS:

List of key competitors leading the global 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.

RECENT MARKET HAPPENINGS:

• In December 2020, Xpovio (Selinexor) received FDA approval, a three-agent regimen for treating multiple myeloma receiving at least one prior therapy. 
• In May 2020, Johnson & Johnson received the FDA approval for Darzalex Faspro. The drug is a subcutaneous version of J&J for the treatment of blood cancer multiple myeloma. This is to strengthen the position of the company in the market. 
• In February 2019, Abbvie and Teneobio Inc. made a strategic transaction in developing a new treatment for multiple myeloma. TNB-383B, a B-cell maturation antigen, is targeting immunotherapeutic for multiple myeloma, which is recognized as an efficient treatment procedure. The TNB-383B is created to direct the body's immune system targeting and killing the BCMA.