Multiple Myeloma Market Overview
According to the USD Analytics published latest research report, the global “Multiple Myeloma Market” is expected to grow at a tremendous CAGR of 6.50% during the forecast period 2023-2030.
Multiple myeloma is a malignancy that is caused by malignant plasma cells. Malignant tumors are formed when volatile aberrant cells travel through the circulation, circulatory, and lymphatic systems. Plasma cells become cancerous and proliferate fast, resulting in plasmacytoma, a tumor that prevents the bone marrow from producing healthy blood cells and immunoglobulins. Because myeloma cells grow and multiply, fewer leukocytes, erythrocytes, and platelets are produced, resulting in a compromised immune system. GI problems, enlarged organs, renal damage, fast weight loss, bone pain, and fever indicate multiple myeloma. Following lymphoma and leukemia as the most prevalent blood malignancies, multiple myeloma is the third most common.
Market Drivers:
Introduction of Monoclonal Antibodies with Safety Profile to Fight Myeloma Cells
The growing usage of microRNA therapies, the advent of nanomedicine platforms, and the ongoing release of effective and safe medications are all driving the growth of the multiple myeloma market. Including monoclonal antibodies and histone deacetylase (HDAC) inhibitors in the current therapy portfolio is expected to boost the pharmaceutical industry. Clinicians choose biological treatment using monoclonal antibodies such as darzalex and implicit due to the documented clinical profile.
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Increasing Prevalence of Hematological Cancer
Multiple myeloma is a kind of hematological malignancy caused by genetic flaws. The increased incidence of hematological cancer is expected to boost the growth rate of the multiple myeloma market. Medication that modifies the immune system and improves the effectiveness of chemotherapies, radiation treatments, stem cell transplants, and platelet transfusions are used to treat the condition.
Market Restraints:
On the other hand, low treatment rates in underdeveloped nations may hamper the market’s development pace due to the high cost of treating multiple myeloma. In emerging countries, a shortage of qualified experts and a lack of healthcare infrastructure will challenge the numerous myeloma business. Furthermore, a decrease in clinical visits owing to the COVID-19 epidemic and a lack of knowledge among individuals would serve as a restraint and further hamper the market’s growth rate throughout the projection period.
Market Opportunities:
A rise in research and development activities is propelling the expansion of the multiple myeloma market. This will create good chances for the addition of the numerous myeloma industry. Additionally, growing medication approvals and launches will accelerate the market’s growth. The introduction of monoclonal antibodies (mAbs) (including Empliciti and Darzalex) will provide a significant opportunity for market growth, as they will not only provide a new therapeutic option for patients with multiple myeloma but will also extend the time between relapses, extending the duration of Revlimid and Velcade therapies. These patients will also get access to Ninlaro and Kyprolis, two second-generation proteasome inhibitors, growing their treatment choices. This will affect the industry and market, which Revlimid, an immunomodulator, and Velcade, a proteasome inhibitor, now dominate.
Furthermore, increased investment in advanced technology research and a rise in developing markets will create further chances for multiple myeloma market growth throughout the projection period.
Covid-19 Impact Analysis:
The COVID-19 virus has spread to virtually every nation since its discovery in December 2019, causing the World Health Organization (WHO) to declare it a public health emergency. The COVID-19 epidemic has impacted every aspect of cancer treatment and research since screening and oncology care services were designated as low-priority services in several countries throughout the globe.
Furthermore, different local and national restrictions on the movement of people and things enforced by public and commercial agencies significantly disrupted the pharmaceutical products and ingredients supply chain, impeding market development. Furthermore, the pandemic has resulted in the temporary closure of various research institutions and difficulties in providing post-sales services. This has resulted in a decreased supply of cancer products to end users.
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Recent Industry Developments:
Segmentation Analysis:
As per the research an analysis, the global multiple myeloma market is segmented by type into smouldering multiple myeloma, and active multiple myeloma; by treatment into medication, radiation therapy, stem cell transplant, others; and diagnosis into blood tests, bone marrow biopsy, urine tests, imaging tests; by symptoms into bone pain, weight loss, constipation, fatigue, frequent infections, loss of appetite, confusion, numbness in legs, nausea, excessive thirst, and others; by route of administration into oral, parenteral, and others; and by end-users into hospitals, specialty clinics, homecare, and others; and by distribution channel into hospital pharmacy, retail pharmacy, online pharmacy, and others.
Retail and drug shops, hospital pharmacies, and internet pharmacies are the market’s distribution channels. One of the primary reasons for this segment’s domination is that the pharmaceuticals used in therapy may be prescribed and delivered regularly in hospital settings. This enables adequate adherence to treatment standards for multiple myeloma and the proper and safe delivery of life-saving medications, some of which must be taken intravenously. Such efficient therapy often results in excellent therapeutic outcomes.
Retail pharmacies are expected to expand at a lower CAGR, despite the availability of Revlimid, since the number of oral medicines utilized in treatment is comparably smaller, resulting in restricted growth in this category throughout the projection period. The online pharmacy industry is expected to grow faster due to the simplicity and convenience provided to consumers while completing prescriptions.
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Geographical Analysis:
The global multiple myeloma market is segmented into North America, Europe, South America, Asia Pacific, and Middle East & Africa.
North America Multiple Myeloma Market
North America has the highest revenue share in the multiple myeloma market. The region’s market is defined by the growing prevalence and need for treatment and increased illness diagnosis, which is complemented by modern therapies. These characteristics, together with a higher healthcare spending patient population and significant businesses with pipeline candidates and imminent releases, are responsible for the region’s leading share of the worldwide market. During the forecast period, Europe and Asia Pacific are expected to have a considerable percentage of the market.
Competitive Landscape:
The major companies contributing to the global multiple myeloma market growth F. Hoffmann-La Roche Ltd., Mylan N.V., teva pharmaceutical industries Ltd., Sanofi, Pfizer Inc., GlaxoSmithKline plc, Novartis AG, Bayer AG, Eli Lilly and Company, Merck & Co., Inc., Allergan, AstraZeneca, AbbVie Inc., Johnson & Johnson Private Limited, Cipla Inc., Abbott, Merck KGaA, LEO Pharma A/S, Bausch Health Companies Inc.
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