IMARC Group’s latest report, titled “Multiple Myeloma Drugs Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” finds that the global multiple myeloma drugs market size reached US$ 19.7 Billion in 2021. Multiple myeloma, also known as Kahler’s disease, is cancer that forms in the plasma cell, a type of white blood cell. It is generally caused by specific genetic abnormalities and is one of the most prevalent forms of blood cancer. It has no cure but can be managed efficiently using proper therapeutics. Some commonly used pharmaceutical drugs include chemotherapeutic agents, corticosteroids, and immunomodulatory agents. They promote bone healing, alleviate pain, eliminate myeloma cells, control tumor growth, and prevent hypercalcemia, bone fracture, spinal cord compression, and anemia. In recent years, multiple myeloma drugs have gained immense traction across the healthcare sector as they minimize the need for chemotherapy and aid in improving patients’ longevity and quality of life.
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 rising incidences of multiple myeloma represent the primary factor driving the market growth. In addition, healthcare professionals are prescribing multiple myeloma drugs to modulate the immune system and improve the efficiency of cancer therapeutic procedures, such as radiation therapy, platelet transfusion, and stem cell transplant. Along with this, the growing awareness regarding the benefits and effectiveness of biologic therapy drugs in using the immune system of patients to detect and attack myeloma cells is positively influencing the market growth. Since plasma cancer is prevalent among the elderly, the aging population has strengthened the demand for targeted drugs, including immunomodulation agents and monoclonal antibodies, with less severe side effects, as advanced procedures like stem cell transplants are not suitable for physically weak patients. Furthermore, the leading players are introducing microRNA therapeutics and nanomedicines to facilitate the delivery of macromolecular agents into the bone marrow and trigger antitumor responses. In line with this, the increasing funding for research and development (R&D) projects and clinical trials by governing and non-governing agencies of various countries has catalyzed market growth. Other factors, including the widespread prevalence of blood cancer, developments in healthcare infrastructure, technological advancements, and rising healthcare expenditures, are also creating a favorable market outlook. Looking forward, IMARC Group expects the market value to reach US$ 28.1 Billion by 2027, growing at a CAGR of 6.6% during 2022-2027.
- Based on the therapy, the market has been classified into targeted, biologic, chemo, and other therapies.
- The market has been divided based on the drug type into immunomodulatory drugs, 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.
- The market has been categorized based on the distribution channel into hospital, retail, online and other pharmacies.
- Region-wise, the market has been segmented into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has also been analyzed, with some of the key players being 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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