New York, Dec. 05, 2023 (GLOBE NEWSWIRE) -- The global multiple myeloma market size is expected to expand at ~15% CAGR from 2023 to 2035. The market is anticipated to garner a revenue of USD 71 billion by the end of 2035, up from a revenue of ~USD 22 billion in the year 2022.Multiple myeloma is a rare type of cancer, which is increasing nowadays. The market is growing on account of growing awareness among people related to disease symptoms. In addition, the number of diagnoses is increasing. The manufacturers are designing and developing new products and drugs for the treatment of multiple myeloma. These factors are bolstering the market growth of multiple myeloma market. Also, the advancement in therapies and drugs is growing owing to the reports indicating an increase in the incidence of multiple myeloma around the world.
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According to data from 2015 to 2019, 7.1 persons will receive a myeloma diagnosis per 100,000 people each year. It will cause about 3.2 out of 100,000 deaths. The incidence and prevalence of multiple myeloma play a crucial role in shaping the market. As the number of diagnosed cases increases globally, there is a growing demand for effective treatments, leading to advancements in research and development. Ongoing research and development efforts focus on novel therapies, targeted agents, and combination treatments to improve outcomes for multiple myeloma patients. Drug approvals and advancements in treatment options contribute to the dynamic nature of the multiple myeloma market.
Increasing Incidences of Multiple Myeloma across the Globe to Boost Market Growth
The increasing number of cases of blood cancer, including multiple myeloma are driving the market growth. Multiple myeloma, is considered to be a rare cancer form but, covers a noteworthy number of cancer cases globally and there is a growing demand for effective and advanced therapeutics. The lifetime risk of developing multiple myeloma in the US is 1 in 132. About 35,730 new instances of multiple myeloma will be diagnosed in the United States in 2023, according to the American Cancer Society. Growing R&D activities in the development of various cancer therapeutics drugs are driving the market growth. The key players are endlessly developing and investing in the production of these drugs. Also, positive rates associated with new drugs are propelling the growth of the market. The sector creates more than 60,000 generic medications across 60 distinct therapeutic areas. In the fiscal year 2022–2023, India's pharmaceutical exports brought in USD 25.3 billion. The initiatives taken by the government and non-profit organizations are expected to boost the market growth for multiple myeloma. For instance, The Lazarex Cancer Foundation, a non-profit organization devoted to enhancing patient access to clinical trials, and the Multiple Myeloma Research Foundation established a partnership in February 2023 to encourage more equal access to cancer studies for patients with multiple myeloma.
Multiple Myeloma Market: Regional Overview
The market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
High Incidence Rates of Multiple Myeloma to Drive the Market Growth in North America Region
The multiple myeloma market in North America region is estimated to garner the largest revenue by the end of 2035. The prevalence of multiple myeloma in North America is a primary driver for market growth. The region's aging population, coupled with advanced diagnostic capabilities, contributes to the high incidence rates. As more cases are diagnosed, there is an increased demand for effective treatments, fostering growth in the market. According to the American Cancer Society, an estimated 34,920 new cases of multiple myeloma were diagnosed in the United States in 2021. North America is at the forefront of developing and adopting targeted therapies for multiple myeloma. These therapies, designed to specifically target cancer cells, offer enhanced efficacy with reduced side effects. The market benefits from ongoing research and development efforts focused on refining and expanding the use of targeted treatments. The North American market has seen a surge in the adoption of immunotherapies, particularly monoclonal antibodies. These innovations have improved patient outcomes and expanded the arsenal of treatment options. As immunotherapies continue to evolve, the multiple myeloma market in North America is poised for sustained growth.
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Elevated Incidence Rates and Aging Population to Propel the Growth in the Asia Pacific Region
The Asia Pacific multiple myeloma market is estimated to garner the highest CAGR by the end of 2035. The Asia Pacific region is experiencing an upward trajectory in multiple myeloma incidence, partially attributed to an aging population. As countries in the region undergo demographic shifts, the prevalence of multiple myeloma is increasing, driving the demand for innovative treatments and shaping the growth of the market. Multiple myeloma is the 14th most commonly diagnosed cancer in Australia, a representative country in the Asia Pacific region. Growing awareness initiatives in the Asia Pacific region are leading to earlier detection of cancers, including multiple myeloma. Early diagnosis allows for more effective treatment interventions, influencing the multiple myeloma market by increasing the number of patients seeking and receiving timely medical care. The region is witnessing an influx of clinical trials, showcasing a commitment to advancing treatment modalities. This includes exploring novel therapies, targeted drugs, and personalized medicine approaches, contributing to the evolution of the multiple myeloma treatment landscape.
Multiple Myeloma, Segmentation by Drug Class
- Proteasome Inhibitors
- Immunomodulatory Drugs
- Monoclonal Antibodies
- Steroids
Amongst these segments, the immunomodulatory drugs segment is anticipated to hold the largest share over the forecast period. Oral immunomodulators are recognized as a new therapy and are believed to be extremely successful in enhancing the course of treatment for a number of tumors. The immunomodulators category consequently controlled a disproportionately high part of the global market due to these drugs' strong revenue positions. For instance, 2,625 new cases of multiple myeloma are expected to be diagnosed in Australia in 2022, according to data given by Cancer Australia. The same source also claims that a person's chance of receiving a multiple myeloma diagnosis by the time they are 85 years old is 1 in 111, or 0.90 percent. The escalating prevalence of autoimmune diseases, where the immune system attacks healthy cells, is a primary driver for immunomodulatory drugs. Conditions like rheumatoid arthritis, lupus, and multiple sclerosis fuel the demand for drugs that modulate immune responses, making the immunomodulatory drugs segment crucial in managing these chronic disorders. Immunomodulatory drugs play a pivotal role in cancer treatment, particularly in the rapidly evolving field of immunotherapy. With an increasing number of cancer cases globally, the demand for immunomodulatory drugs, including checkpoint inhibitors and targeted therapies, is on the rise as they enhance the body's immune response against cancer cells.
Multiple Myeloma, Segmentation by Distribution Channel
- Hospital
- Retail
- Online Pharmacies
Amongst these segments, the hospital segment is anticipated to hold a significant share over the forecast period. As the world witnesses a significant increase in the elderly population, there is a corresponding rise in the prevalence of age-related illnesses and chronic conditions. Hospitals play a central role in providing specialized care for elderly patients, driving the demand for healthcare services and contributing to the growth of the hospital segment. The United Nations estimates that by 2050, the global population aged 60 and above will reach 2.1 billion, doubling from 962 million in 2017. Chronic diseases, such as cardiovascular conditions, diabetes, and respiratory disorders, necessitate ongoing medical attention and hospital-based interventions. The increasing burden of chronic illnesses worldwide is a primary driver for the growth of the hospital segment as healthcare providers respond to the escalating demand for specialized care and treatment. Hospitals are at the forefront of adopting cutting-edge medical technologies, including diagnostic equipment, robotic surgery systems, and telemedicine solutions.
Multiple Myeloma, Segmentation by Drug Class
- Proteasome Inhibitors
- Immunomodulatory Drugs
- Monoclonal Antibodies
- Steroids
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Few of the well-known industry leaders in multiple myeloma market that are profiled by Research Nester are Amgen Inc., Johnson & Johnson, Takeda Pharmaceuticals Company Limited, Novartis AG, Sanofi, Teva Pharmaceuticals Industries Ltd., Pfizer Inc., Daiichi Sankyo Company Limited, Merck Sharp & Dohme Corp., Bristol-Myers Squibb Company, and other key market players.
Recent Development in the Multiple Myeloma Market
- Abecma, a B-cell maturation antigen-directed CAR T cell immunotherapy, has been approved for the treatment of adult patients with relapsed or refractory (R/R) multiple myeloma, according to a statement from the pharmaceutical company Bristol-Myers Squibb.
- The FDA has approved Johnson and Johnson's drug TECVAYLI, which is used to treat people with multiple myeloma that has relapsed or become resistant to treatment.
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