WASHINGTON, June 05, 2023 (GLOBE NEWSWIRE) -- The Global Multiple Myeloma Market is valued at USD 21.6 Billion in 2022 and is projected to reach a value of USD 33.1 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 6.3% over the forecast period 2023-2030.
Market Overview
Growing consumption, advanced research and development, customer awareness, expanding industries, and technological advancements propel the Multiple Myeloma market forward. This industry's sales and revenue have grown at an exponential rate. The market's size and growth are likely to rise because of the factors propelling the market's progress over the forecast period.
We forecast that the immunomodulator in Multiple Myeloma market sales will account for more than 42% of total sales by 2030. Early immunomodulator therapy for Crohn's disease treatment will fuel market growth. Immunomodulatory treatment is a viable alternative due to fewer instances of organ rejection and higher remission rates. Immunomodulators are pharmaceuticals that either activate or depress immunity. They modify the immune system, resulting in a shift in immunological response. Immunomodulators reduce antibody synthesis in response to outside antigens, resulting in immunological responses.
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Market Dynamics
Introducing Monoclonal Antibodies with Safety Profiles to Fight myeloma cells Supports Market Expansion
The expanding usage of microRNA therapies, the advent of biomedicine 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 medicines industry. Specialists choose biological therapy using antibodies specific such as Dazzle and implicit due to the documented clinical profile.
Rise in Number of Research and Development Activities Drives the Market Growth
A rise in the number of R&D activities propels the expansion of the Multiple Myeloma market. This would create advantageous chances for the expansion of the glioblastoma industry. In addition, growing drug approvals and launches will accelerate the market's growth rate. The introduction of monoclonal antibodies (abs) (including Implicit and Dazzle) will provide a significant opportunity for market growth, as they will not only provide a new therapeutic option for leukaemia patients. Still, it will also extend the time between relapses, extending the duration of Revlimid and Velarde therapies. Ninjago and Kypris, second proteasomes, will also be offered to these patients, expanding their treatment options. This will influence the industry and market that Revlimid now controls.
Top Players in the Global Multiple Myeloma Market
- Takeda Pharmaceutical Company Limited (Japan)
- Novartis AG (Basel, Switzerland)
- Teva Pharmaceutical Industries Ltd. (Israel)
- Bristol Myers Squibb Company (New York, U.S.)
- Amgen Inc. (U.S,)
- ONO Pharmaceutical Co. Ltd. (Osaka, Japan)
- Janssen Pharmaceuticals Inc. (Belgium)
- AbbVie Inc. (U.S.)
- Sanofi (Paris)
- Kary Pharm (U.S.)
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Top Trends in the Global Multiple Myeloma Market
- One trend that Vantage Market Research (VMR) expects to see in the Multiple Myeloma industry is the increasing prevalence of haematological cancer. The higher incidence of haematological cancer is expected to boost the growth rate of the Multiple Myeloma market. Multiple Myeloma is a type of haematological malignancy caused by genetic flaws. A pharmaceutical that modifies the immune system and improves the performance of chemotherapeutics, research units, transplanted stem cells, and platelet transfusions are used to treat the condition.
- Another trend that very predicts will continue in the Multiple Myeloma industry is its increasing trend of nanomedicine platforms. Because of current technology constraints, lipid-based nanoparticles and polymer-based techniques for drug delivery are gaining interest in the industry. Existing technologies require many cells to detect the existence of a tumour. On the other hand, the nanotechnology method has the potential to drastically reduce this requirement, allowing for far earlier diagnosis and treatment regimes. Nanocarriers promote medicine delivery to cancer cells by directing biological activities at the nanoscale scale.
Top Report Findings
- Based on the Drug Class, most of the Multiple Myeloma market's revenue is controlled by the immunomodulator category attributable to the variables such as the increased burden of Multiple Myeloma among the population and the rising need for immunomodulator medications. Immunomodulators slow or stop the progression of various autoimmune, inflammatory, and malignant diseases. Thalidomide and its variants, Revlimid and papalist, are some medications used to treat Multiple Myeloma. Over the forecast period, the increased frequency and incidence of Multiple Myeloma in the population would be the primary driver of demand for immunomodulator medicines.
- Based on the distributional channel, most of the Multiple Myeloma market's revenue is controlled by the hospital pharmacies category. Hospital pharmacies also enable hospitals to supply high-quality medicines to patients by obtaining them directly from drug manufacturers, thereby eliminating the issue of counterfeit medicines. Aside from the aging and expanding population, advances in purchasing power and access to quality healthcare and medications for poor and middle-class families are also propelling the biopharmaceutical business forward.
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Recent Developments in the Global Multiple Myeloma Market
- In April 2021, the US (FDA) approved BCMA-targeted CAR T-Cell Therapy for treating Multiple Myeloma. The latest approval is partly based on the outcomes of a small study that discovered that idecabtagene violence (ide-cell) reduced tumour size in 72% of patients. These effects lasted for an average of 11 months.
- In June 2021, AbbVie bought Tenoned and its major immunotherapeutic asset for treating Multiple Myeloma, TNB-383B, TNB-383B is a bispecific antibody that targets BCMA and CD3, directing the body's immune system to target and kill BCMA-expressing tumour cells.
Immunomodulator Category of the Drug Class Segment of the Global Multiple Myeloma Market Expected to Generate a Substantial Amount of the Global Segment Revenue in Projected Period
For better understanding, based on the Drug Class, the Multiple Myeloma market is divided into Immunomodulators, Proteasome Inhibitor, Anti-CD38 Monoclonal Antibody, Alkylating Agent, and Other Drug Classes.
The Immunomodulatory segment was the largest during the projected period. Early Immunomodulator therapy for Crohn's disease treatment will fuel market growth. Immunomodulatory treatment is a viable alternative due to fewer instances of organ rejection and higher remission rates. Immunomodulators are pharmaceuticals that either activate or depress immunity. They modify the white blood cells, resulting in a shift in immunological response. Immunomodulators reduce antibody synthesis in response to outside antigens, resulting in immunological responses.
On the other hand, the Alkylating Agent category is anticipated to grow significantly. Alkylating medications work by adding an alkyl group to the DNA molecule's nucleic base, stopping double-helix strands from correctly connecting. The rising cancer prevalence in various advanced economies is a major factor driving the growth rate of the alkylating agents’ market over the forecast period. Another key element affecting the growth of the alkylating agent’s market is increased care costs, which aids in infrastructural development.
North America Region of the Global Multiple Myeloma Market Anticipated to Generate a Considerable Amount of the Global Revenue
The North American region market is projected to hold the largest share of the market. Because of the increased risk of Multiple Myeloma and the experience across the whole lifespan population, the growing demand for anticancer treatments and people's unhealthy lifestyles would fuel the market's growth rate in this sector. Growing healthcare costs, which support infrastructural projects, are another significant factor driving the growth rate of the Multiple Myeloma market. Also, an aging population and a rise in the proportion of obese people will propel the Multiple Myeloma market in this region.
The Asia Pacific region is projected to see the fastest growth in the Multiple Myeloma market due to rising requests for nutritious food and beverages, rising demand for dietary supplements, and rising health understanding among customers throughout the region. Furthermore, huge populations and fast-developing incomes in countries such as China and India will contribute to expanding the Asia-Pacific Multiple Myeloma market.
Browse market data Tables and Figures spread through 147 Pages and in-depth TOC on Multiple Myeloma Market Forecast Report (2023-2030).
Global Multiple Myeloma Market Segmentation
By Drug Class
- Immunomodulators
- Proteasome Inhibitor
- Anti-CD38 Monoclonal Antibody
- Alkylating Agents
- Other Drug Classes
By Distribution Channel
- Hospital Pharmacies
- Retail Pharmacies & Drug Stores
- Online Pharmacies
By Region
- North America
- United States
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- South-East Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Argentina
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of MEA
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Scope of the Report:
| Report Attributes | Details |
| Market Size in 2022 | USD 21.6 Billion |
| Revenue Forecast by 2030 | USD 33.1 Billion |
| CAGR | 6.3% from 2023 to 2030 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2030 |
| Key Players | Takeda Pharmaceutical Company Limited, Novartis AG, Teva Pharmaceutical Industries Ltd., Bristol Myers Squibb Company, Amgen Inc., ONO Pharmaceutical Co. Ltd., Janssen Pharmaceuticals Inc., AbbVie Inc., Sanofi, Kary pharm |
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