The size of the multiple myeloma therapeutics market in North America was worth USD 2.81 billion in 2022 and is estimated to be growing at a CAGR of 4.37%, reaching USD 3.48 billion by 2027.
The North America Multiple Myeloma market is expected to be primarily driven by an aging population, rising obesity rates, rising healthcare costs, and greater use of innovative cancer therapies. The emergence of new innovative products on the market, the trend of combination therapy, and the possibility of new players are key changes in this market. The substantial growth is expected due to the FDA's clearance of newer pharmaceuticals on the market. Furthermore, the limited efficacy of currently available medications and the rising prevalence of the disease is likely to provide a significant platform for new drug development. Multiple myeloma has ranked as the third most common blood cancer worldwide in the recent decade. Advanced diagnostic methods such as imaging devices and tailored diagnostic tests are available to make the diagnosing procedure easier. However, the current therapy choices' complexity, inefficiency, and high costs necessitate improved methods that would significantly extend the lives of multiple myeloma patients.
The rising prevalence of various types of blood cancers, including multiple myeloma, is one of the key market drivers in the market. Despite being an uncommon cancer type, multiple myeloma accounts for a considerable number of cancer cases, necessitating the development of more effective and advanced therapies. Adequate and advanced treatments frequently lead to improved and more favorable clinical outcomes for patients. The discovery of effective therapies for the management of the condition, which has a significantly lower cure rate, is gaining traction in R&D. However, several new treatments have been released due to increased and ongoing research initiatives by significant and influential market players. Ninlaro and Kyprolis, second-generation proteasome inhibitors, will also improve therapeutic options for these individuals. This will alter the market, which is currently dominated by immunomodulators Revlimid and Velcade and proteasome inhibitors Velcade.
The therapy for multiple myeloma can be costly; thus, it may not be appropriate for many people. In addition, therapy-related equipment and products, such as chemotherapy and radiotherapy, are also expensive. Aside from that, the smaller number of persons with severe multiple myeloma who exhibit symptoms and require treatment is another factor limiting market growth during the forecast period.
This research report on the North America Multiple Myeloma Therapeutics Market has been segmented and sub-segmented into the following categories
By Treatment Type:
By Drug Type:
North America dominated the global market for multiple myeloma therapeutics in 2020. The region's supremacy is due to the presence of significant corporations and a high rate of acceptance of novel treatment methods. Furthermore, increasing efforts by government and non-government groups to raise patient awareness of emerging treatment alternatives are helping to encourage the establishment of this vertical. Extended treatment times and high survival rates are two factors that contribute to market expansion. Due to the availability of premium-priced branded agents in doublet and triplet regimens in the United States, multiple myeloma medication sales are among the highest in North America.
KEY MARKET PLAYERS:
Companies playing a dominant role in the North 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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