Globally, the multiple myeloma therapeutics market is estimated to be growing at a CAGR of 4.8% during the forecast period. The market is predicted to be USD 10.98 billion by 2028 from USD 8.68 billion in 2023. North America dominated the market with the highest revenue because of key manufacturers' stability in the region.
Multiple myelomas majorly affect the kidney, bones, and blood. Patients suffering from multiple myeloma generally show several such as fatigue, loss of appetite, bone pain, and increased urination. Therefore, numerous tests are executed to confirm the disease containing bone marrow, urine, 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 compared to women and arise commonly with growing age.
The growth of the global multiple myeloma treatment market is majorly driven by the YOY rise in the incidence of multiple myeloma.
The 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, an increase in the elderly population will undoubtedly drive the growth of the multiple myeloma therapeutics market during the forecast period. The World Health Organization (WHO) estimates that by 2050 nearly 2 billion people will be in the elderly population. Therefore, the increasing prevalence of the disease and the growth of the elderly population are the significant factors expected to accelerate the growth of the global multiple myeloma therapeutics market. In addition, the complications associated with treating patients will also include supportive measures such as reparative treatment, including transfusion.
Furthermore, the global multiple myeloma therapeutics market is favored by factors such as the presence of large companies and the increased adoption of new therapies that have benefited the regional industry. With the growing patient volume in countries such as the United States and new treatments, the market is anticipated to grow steadily during the forecast period. Also, governments and NGOs' ongoing efforts to raise patient awareness of new treatment options play an active role in supporting this vertical. As a result, the United States accounts for a significant portion of the North American market.
The high treatment prices and laws and regulations are significant limitations to the growth of the North American multiple myeloma therapeutics market. In addition, 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 forecast 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% higher 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 clinical trials, including cellular therapy trials, were on hold during the pandemic. All treatment procedures were postponed in the first half of 2020 when the market's growth rate declined. However, all the activities were resumed with specific preventive measures. As a result, the multiple myeloma therapeutics market will grow faster in the forecast period. The pandemic initially had a negative impact on the multiple myeloma therapeutics market due to the closure of all other therapeutics and the attention of healthcare centers shifting toward the covid patients and research centers shifting toward vaccine development. However, the market is expected to bounce back in the post covid era.
Market Size Available
2022 to 2028
2023 to 2028
By Treatment Type, Drug Type, and Region
Various Analyses Covered
Global, Regional & Country Level Analysis, Segment-Level Analysis; DROC, PESTLE Analysis; Porter's Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities
North America, Europe, APAC, Latin America, Middle East & Africa
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:
Proteasome inhibitors blocks proteasome, which treats unwanted cellular proteins. These inhibitors create proteins that cause cancer cells to die. Velcade was the first drug approved for proteasome to be considered a therapeutic target. Kyprolis is a second-generation proteasome inhibitor approved for use in patients with relapses.
However, the chemotherapy segment is also expected to show significant growth during the forecast period due to the recent prevalence of chemotherapy sessions. In addition, chemotherapy allows the medication to spread directly to the bloodstream throughout the body and is recommended for fast relief. Therefore, chemotherapy is often used as a mixed treatment mode along with drugs, especially before stem cell therapies.
Multiple Myeloma Therapeutics Market - By Drug Type:
Based on the drug, 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 has few side effects. Immunomodulatory agents are the most used drug type, dominating market revenue.
However, the corticosteroids segment is also expected to show growth during the forecast period due to the rising use of corticosteroids to reduce the side effects of chemotherapy, like vomiting and nausea. Even though some risks are associated with the long-term use of corticosteroids, most of these problems gradually reduce and are gone when you stop the prescription.
Multiple Myeloma Therapeutics Market - By Region:
Geographically, the North American multiple myeloma therapeutics market had the most significant global market share in 2022 due to the most significant manufacturers of multiple myeloma drugs 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, effective treatment options, and high adoption rates. In addition, with people aging in countries like the USA and Canada, the regional market is foreseen to expand with a promising growth rate.
The Asia-Pacific multiple myeloma therapeutics market is anticipated to register the fastest CAGR during the forecast period owing to the significantly growing geriatric population in countries such as China and India. Furthermore, the market in this region is further anticipated to grow due to a demand for better infrastructure and growing disposable incomes. In addition, rising awareness about multiple myeloma in the region promotes the market's growth.
The multiple myeloma therapeutics market in Europe is driven by the rising presence of key players in the market and the growing approvals of new products in the region. Additionally, advanced healthcare systems in countries like the U.K., France, Italy, Germany, etc., support market growth.
The multiple myeloma therapeutics market in Latin America is expected to project a steady CAGR during the forecast period.
The multiple myeloma therapeutics market in the Middle East and Africa is anticipated to showcase a moderate CAGR during the forecast period due to the rising care toward healthcare.
KEY MARKET PLAYERS:
A few of the notable players operating in the global multiple myeloma therapeutics market profiled in this report are A.B. 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., T.G. Therapeutics Inc., and Johnson and Johnson.
RECENT MARKET HAPPENINGS:
The global multiple myeloma therapeutics market size was worth USD 7.91 billion in 2021.
Geographically, the APAC is anticipated to be the grow at the fastest CAGR among all the regions in the global market during the forecast period.
The Europe multiple myeloma therapeutics market was worth USD 2.4 billion in 2021.
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