The global multiple myeloma therapeutics market size was valued at USD 23.27 billion in 2021, and it is anticipated to reach USD 39.65 billion by 2030 at a CAGR of 6.1%. Multiple myeloma is a blood malignancy that affects plasma cells in the bone marrow and white blood cells. White blood cells, often known as WBCs, increase erratically within the bone marrow of a patient undergoing multiple myeloma therapies. The therapy for multiple myeloma is a systematic process carried out in stages. In the beginning, induction therapy is carried out, and then stem cell transplantation is immediately carried out. In the second approach, the patient's stem cells are harvested with the assistance of a machine, which is subsequently frozen and stored. After completing this treatment, the cells will be reintroduced into the patient's body.
Chemotherapy, which includes drugs such as Velcade, Cytoxan, Adriamycin, Alkeran, Thalomid, and Revlimid, is one more approach that can be used to treat multiple myeloma. Proteasome inhibitors are consistently utilized for treating multiple myeloma, regardless of the type of treatment employed and at every stage of the disease's diagnostic process. As chronic disease rates continue to rise, the global market for multiple myeloma therapeutics is expected to expand.
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The rising incidence of multiple myeloma and other blood malignancies is one of the primary critical factors for the global market. Despite being a more uncommon cancer form, MM accounts for a sizable proportion of cancer cases worldwide, and the demand for effective and cutting-edge therapies is rising. Clinical results for patients are frequently improved and favourable when effective and cutting-edge therapies are administered. It is crucial because current trends show that the prevalence of MM is rising globally. According to the Cancer Network, about 130,000 cases of this myeloma were reported in 2016. During the projected period, these factors are anticipated to propel the global market expansion for multiple myeloma treatments. Due to ongoing R&D, treatment has advanced, necessitating more complex therapies to increase the likelihood of a favourable outcome.
A growing amount of research and development activity is going into creating effective medications for managing the disease, which has far lower cure rates than other diseases. Despite this, several new treatments have been introduced, mainly attributable to the expanding and ongoing research endeavours of significant and renowned market competitors. For example, in March of 2020, the United States Food and Drug Administration (FDA) announced that it had granted permission to use Sarclisa (isatuximab-irfc) in combination with two other medicines. The condition is easily controlled and is expected to be a primary driver of growth in the worldwide multiple myeloma market, even though favourable treatment rates are less common. Individuals are more inclined to seek treatment for a disorder if they have a more favourable prognosis, which contributes to an increase in the income generated by the global market.
The global multiple myeloma therapeutics market's key strength is its ability to support a wide range of products. Patients diagnosed with multiple myeloma will undoubtedly benefit from the addition of therapy choices made possible by novel medications. These novel drugs will not be utilized in competition with one another for a share of the market; instead, they will be combined to develop more successful treatment regimens, thus driving sales for each other. When patients experience a recurrence, different medications will be administered. There is a significant opportunity for revenue growth throughout the anticipated period.
Even though blood cancers like multiple myelomas are becoming more common worldwide and more common in developing regions like Asia, some factors restrict the utilization of these cutting-edge therapies. Low treatment rates in underdeveloped nations due to the high costs associated with some medicines are one of the main issues restricting the market's growth. Because of the high expenses involved, a more significant proportion of patients cannot adopt complex therapies, resulting in a smaller population of people choosing a therapy. For example, the cost of treating with one of the 11 drugs used in treatment can vary from US$ 5,800 per year for cyclophosphamide to a comparatively high US$ 192,000 per year for Celgene's Pomalyst. Patients in developing countries are often unable to access these treatment options because of a lack of knowledge and suitable payment arrangements.
The global market for multiple myeloma therapeutics is divided into three parts based on drug class, distribution channel and region.
Further, based on drug class, the market is divided into Alkylating Agents, Immunomodulators, Anti-CD38 Monoclonal antibodies, Proteasome inhibitors and Others. Oral immunomodulators, for example, are thought to be incredibly effective in improving the course of treatment for various cancers and are regarded as a developing therapy. Due to these medications' high revenue positions, the immunomodulator market sector held the majority of the global market share. Immunomodulators, such as Revlimid by CELGENE CORPORATION (Bristol Myers Squibb Company), have played a significant role in this market segment's supremacy worldwide.
The market is broken down into Retail Pharmacies & Drug Stores, Hospital Pharmacies and Online Pharmacies based on the distribution channel. The segment with the most significant market share was hospital pharmacies. The fact that the pharmaceuticals used in treatment can be frequently prescribed and administered in hospitals is one of the main factors contributing to this segment's dominance. It permits the proper and safe administration of life-saving medications, some of which must be supplied intravenously, and the proper and safe adherence to treatment guidelines for multiple myeloma. Positive therapeutic outcomes are frequently possible with such efficient treatment.
The market is broken down into North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa. The North American region dominated the market.
The global market for multiple myeloma therapeutics is broken down into North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa.
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North America dominated the market. The market in the region is defined by rising disease prevalence and treatment demand, as well as rising disease diagnosis, which is supported by the adoption of cutting-edge treatments. The area holds a significant share of the global market due to the patient population's increased healthcare expenditures toward novel treatment alternatives and significant businesses with their pipeline candidates and planned launches. During the projection period, it is anticipated that the markets in Europe and Asia-Pacific would account for a sizeable portion of the market. During the projection period, it is predicted that the demand for therapeutics in Europe will be driven by the rising number of regulatory approvals of essential products in the region with their extended patent expiration dates. The expansion of the market in the Asia Pacific is anticipated to be fueled by recent approvals of treatments like DARZALEX (daratumumab) in important nations like Japan, as well as the presence of a sizable and enormous potential patient population base in the area. Latin America, the Middle East, and Africa make up the other global market regions; these areas are still in the early stages of development. However, throughout the projection period, it is anticipated that advancements in infrastructure, such as healthcare, as well as rising awareness and greater acceptance of innovative therapies, will spur market expansion.