Dublin, June 08, 2023 (GLOBE NEWSWIRE) -- The "Global Multiple Myeloma Market Size, Share & Industry Trends Analysis Report By End User, By Disease Type (Active Multiple Myeloma and Smoldering Multiple Myeloma), By Drug Type, By Regional Outlook and Forecast, 2023-2029" report has been added to ResearchAndMarkets.com's offering.
The Global Multiple Myeloma Market size is expected to reach $37.5 billion by 2029, rising at a market growth of 9.8% CAGR during the forecast period.
Key Market Players
- Novartis AG
- Bristol Myers Squibb Company
- Amgen, Inc.
- AbbVie, Inc.
- Sanofi S.A.
- Johnson & Johnson
- Baxter International, Inc.
- Takeda Pharmaceutical Company Limited
- Teva Pharmaceuticals Industries Ltd.
- Pfizer, Inc.
Multiple myeloma or plasma cell cancer is a disease. The immune system is significantly dependent on healthy plasma cells, which are located in the bone marrow. In order to combat infections and other diseases, the immune system is composed of various cell types. T cells and B cells are two of the most common types of lymphocytes (lymph cells) in the immune system. The lymph nodes, bone marrow, intestines, and circulation are just a few of the organs where lymphocytes can be found.
B cells develop into plasma cells due to the immune system's response to an infection. Antibodies, also known as immunoglobulins, are produced by plasma cells and aid the body's defense against pathogens. Bone marrow contains the majority of plasma cells. Soft tissue found inside bones is called bone marrow. Other blood cells, including red, white, and platelets, are also found in the normal bone marrow and plasma cells.
Multiple myeloma is the term used to describe plasma cells that have developed malignancy and are growing uncontrollably. Monoclonal immunoglobulin, or M-protein, M-spike, or paraprotein, is an aberrant protein (antibody) produced by plasma cells. Immunoglobulins made by healthy plasma cells can recognize and eliminate germs, which is helpful in the fight against infections.
However, cancerous plasma cells gather in the bone marrow of patients with multiple myeloma and destroy healthy blood cells. As a result, the body produces paraproteins, aberrant proteins that can accumulate and harm tissues and organs. Multiple myeloma has several side effects, including frequent infections, anemia, bone pain, and renal problems. Targeted therapy, chemotherapy, radiation therapy, and stem cell transplantation are available as alternatives for treatment.
COVID-19 Impact Analysis
Since R&D operations were substantially hampered by the pandemic, developing novel medicines and treatments for multiple myeloma also slowed considerably. Moreover, the Blood Cancer Journal reported in December 2021 that fewer new instances of multiple myeloma were identified in 2020 in comparison with 2019 and that the survival rate for those cases declined concurrently. Patients with multiple myeloma had a higher mortality rate and COVID-19 infection risk in 2020. Therefore, the pandemic had a detrimental effect on the multiple myeloma market.
Market Growth Factors
Increasing government support initiatives worldwide
Along with care practices, governments and organizations are also extending support for other current problems in provider relations include fee schedules & reimbursement, sites of care, route of drug administration, and politics as well as other network issues.
These problems are pushing oncology practices into more payer-provider collaborative initiatives, including accepting patient-care medical homes, where primary care doctors coordinate care with experts and other specialists and creating affordable oncology healthcare institutions in both the commercial and Medicare/Medicaid spaces.
Hence, the increasing support of governments is projected to increase demand for treatments or medications for multiple myeloma, thereby fueling market expansion.
Rising cases of multiple myeloma worldwide
The rising incidence of several types of blood malignancies, including multiple myeloma, is one of the major market-driving factors. Although MM is regarded as a more uncommon cancer kind, there are a sizable number of cases of cancer worldwide, and the demand for effective and cutting-edge therapies is rising.
Patients frequently experience better and more favorable clinical results when effective and cutting-edge therapies are administered. This is crucial because current trends point to an increase in the prevalence of MM around the globe. In addition, as a result of ongoing R&D, treatment has advanced, necessitating more complex medicines to improve prognosis.
Market Restraining Factors
Lack of permanent solutions and side effects of many existing treatments
Common side effects of Kyprolis include fatigue, a low blood cell count and blood platelet levels, diarrhea, constipation, nausea, shortness of breath, fever, swelling of the extremities, upper respiratory tract infection, bronchitis, and pneumonia.
Additionally, certain side effects of the drug include low blood potassium, high blood sugar, low blood calcium, muscle spasms, numbness and tingling in the extremities, and high blood pressure. In addition, radiation therapy can cause adverse effects such as fatigue, irritation of the skin, nausea, diarrhea, loss of hair in the treatment area, infertility, higher risk of infection, loss of appetite, increased risk of subsequent cancer, and harm to organs located near the treatment area.
Scope of the Study
By End-user
- Hospitals
- Clinics
- Others
By Disease Type
- Active Multiple Myeloma
- Smoldering Multiple Myeloma
By Drug Type
- Protease Inhibitors
- Monoclonal Antibody
- Chemotherapy
- Others
For more information about this report visit https://www.researchandmarkets.com/r/n2aazd
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