Home Healthcare IT Multiple Myeloma Therapeutics Market Size, Share and Revenue Analysis Report 2030

Multiple Myeloma Therapeutics Market

Multiple Myeloma Therapeutics Market Size, Share & Trends Analysis Report By Drug Class (Alkylating Agents, Immunomodulators, Anti-CD38 Monoclonal Antibody, Proteasome Inhibitor, Others), By Distribution Channel (Retail Pharmacies & Drug Stores, Hospital Pharmacies, Online Pharmacies) and By Region(North America, Europe, APAC, Middle East and Africa, LATAM) Forecasts, 2022-2030

Report Code: SRHI2530DR
Study Period 2018-2030 CAGR 6.1%
Historical Period 2018-2020 Forecast Period 2022-2030
Base Year 2021 Base Year Market Size USD 23.27 Billion
Forecast Year 2030 Forecast Year Market Size USD 39.65 Billion
Largest Market North America Fastest Growing Market Asia-Pacific
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Market Overview

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 multiple myeloma therapeutics market is expected to expand.

Market Dynamics

Global Multiple Myeloma Therapeutics Market Drivers

Increasing prevalence of multiple myeloma to aid market growth

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.

Increasing the number of new product launches for multiple myeloma will stimulate market expansion.

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.

Global Multiple Myeloma Therapeutics Market Opportunities

The market’s ability to support many products

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.

Global Multiple Myeloma Therapeutics Market Restraints

Costlier treatment for multiple myeloma is expected to stagnate market growth.

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 multiple myeloma therapeutics 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.

Regional Analysis

The global market for multiple myeloma therapeutics share is broken down into North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa.

North America Dominates the Global Market

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.

Report Scope

Report Metric Details
Segmentations
By Drug Class
  1. Alkylating Agents
  2. Immunomodulators
  3. Anti-CD38 Monoclonal Antibody
  4. Proteasome Inhibitor
  5. Others
By Distribution Channel
  1. Retail Pharmacies & Drug Stores
  2. Hospital Pharmacies
  3. Online Pharmacies
Company Profiles Rhizen Pharmaceuticals S.A. Johnson and Johnson Terpenoid Therapeutics Inc. Ablynx NV Acceleron Pharma Inc. IGF Oncology LLC. ImmunGene Inc. Millennium Pharmaceuticals Inc. AB Science SA AbbVie Inc. Mirna Therapeutics RedHill Biopharma Ltd. Teva Pharmaceutical Industries Ltd. TG Therapeutics Inc. MimiVax LLC
Geographies Covered
North America U.S. Canada
Europe U.K. Germany France Spain Italy Russia Nordic Benelux Rest of Europe
APAC China Korea Japan India Australia Taiwan South East Asia Rest of Asia-Pacific
Middle East and Africa UAE Turkey Saudi Arabia South Africa Egypt Nigeria Rest of MEA
LATAM Brazil Mexico Argentina Chile Colombia Rest of LATAM
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends
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Segmental Analysis

The global multiple myeloma therapeutics market is divided into three parts based on drug class, distribution channel and region.

By Drug Class Analysis

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.

By Distribution Channel Analysis

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 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 multiple myeloma therapeutics market share is broken down into North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa. The North American region dominated the market.

Market Size By Drug Class

Market Size By Drug Class
  • Alkylating Agents
  • Immunomodulators
  • Anti-CD38 Monoclonal Antibody
  • Proteasome Inhibitor
  • Others
  • Recent Developments

    • In February 2022, the U.S. health agency gave the green light to a treatment for a type of white blood cell cancer made by Johnson & Johnson (JNJ.N) and its partner in China, Legend Biotech Corp (LEGN.O).
    • From June 2022, more options are available for patients with multiple myeloma who have completed treatment with three-drug combination therapy.
    • In March 2022, the FDA gave Harpoon Therapeutics' HPN217 fast-track designation as possible immunotherapy for people with relapsed, refractory multiple myeloma (RRMM) who have tried at least four prior treatments.

    Top Key Players

    Multiple Myeloma Therapeutics Market Share of Key Players

    Multiple Myeloma Therapeutics Market Share of Key Players
    Rhizen Pharmaceuticals S.A. Johnson and Johnson Terpenoid Therapeutics Inc. Ablynx NV Acceleron Pharma Inc. IGF Oncology LLC. ImmunGene Inc. Millennium Pharmaceuticals Inc. AB Science SA AbbVie Inc. Mirna Therapeutics RedHill Biopharma Ltd. Teva Pharmaceutical Industries Ltd. TG Therapeutics Inc. MimiVax LLC Others

    Frequently Asked Questions (FAQs)

    What is the estimated growth rate (CAGR) of the Multiple Myeloma Therapeutics Market?
    Multiple Myeloma Therapeutics Market size will grow at approx. CAGR of 6.1% during the forecast period.
    Some of the top prominent players in Multiple Myeloma Therapeutics Market are, Rhizen Pharmaceuticals S.A., Johnson and Johnson, Terpenoid Therapeutics Inc., Ablynx NV, Acceleron Pharma Inc., IGF Oncology LLC., ImmunGene Inc., Millennium Pharmaceuticals Inc., AB Science SA, AbbVie Inc., Mirna Therapeutics, RedHill Biopharma Ltd., Teva Pharmaceutical Industries Ltd., TG Therapeutics Inc., MimiVax LLC, etc.
    In the Multiple Myeloma Therapeutics Market, North America has established itself as the market leader with a significant market share.
    The region with the most rapid expansion in the global market is Asia-Pacific.
    The global Multiple Myeloma Therapeutics Industry report is segmented as follows: By Drug Class, By Distribution Channel


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