According to the latest report by IMARC Group, titled "Multiple Myeloma Drugs Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025," the global multiple myeloma drugs market size grew at a CAGR of around 9% during 2014-2019. Multiple myeloma is a type of blood cancer in which monoclonal plasma cells proliferate the bone marrow of the patient. Also known as Kahler's disease, it is one of the most common forms of blood cancer with no cure. However, it can be efficiently managed with the use of effective drugs and treatments. The drugs used for the treatment of multiple myeloma aid the patients in living a long and improved quality of life. The major function of the drugs is to alleviate the pain, eliminate myeloma cells and control tumor growth while promoting bone healing and preventing anemia, hypercalcemia, bone fracture, and spinal cord compression.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Multiple Myeloma Drugs Market Trends:
The market is primarily driven by the increasing incidences of plasma cancer on the global level. Multiple myeloma drugs are widely prescribed by healthcare professionals to modulate the immune system while enhancing the efficiency of cancer therapies, including chemotherapy, radiation therapy, stem cell transplant and platelet transfusion. Along with this, the growing geriatric population is expected to provide a thrust to the market growth. Since plasma cancer is commonly prevalent among the elderly and advanced procedures, such as stem cell transplants, are not suitable for patients with weak organ functions. These individuals are therefore mostly prescribed with targeted drugs, such as immunomodulation agents and monoclonal antibodies, that are less likely to have severe side effects. The market is further driven by the growing preference for biologic therapy drugs. These drugs are extremely effective as they use the immune system of the patients to identify and attack the myeloma cells. Furthermore, increasing investments in research and development (R&D) projects and clinical trials by numerous government and non-government organizations have resulted in technological advancements. For instance, the development of microRNA therapeutics and nanomedicines to catalyze anti-tumor responses is expected to create a positive outlook for the market. Some of the other factors contributing to the market growth include rising healthcare expenditures and improving healthcare infrastructure. On account of the aforementioned factors, the market is projected to witness moderate growth during 2020-2025.
- On the basis of the therapy, the market has been divided into targeted, biologic, chemo, and other therapies.
- Based on the drug type, the market has been classified into immunomodulatory dugs, proteasome inhibitors, histone deacetylase inhibitors, monoclonal antibody drugs, steroids and others.
- On the basis of the end user, the market has been bifurcated into men and women.
- Based on the distribution channel, the market has been categorized into hospital, retail, online and other pharmacies.
- On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players include Amgen Inc., Bristol Myers Squibb, Daiichi Sankyo Co., Ltd., Sanofi-Aventis Groupe (Genzyme Corporation), Johnson & Johnson Services, Inc., Merck & Co., Inc., Novartis International AG, Pfizer Inc., PHARMA MAR, S.A., Takeda Pharmaceutical Company Limited., and Teva Pharmaceutical Industries Ltd.
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