Multiple Myeloma Therapeutic Market Growth & Forecast [2031]

Report Description

The global multiple myeloma therapeutic market size is anticipated to register a substantial CAGR during the forecast period, 2021–2028. The growth of the market is attributed to the unavailability of efficient medication and increasing prevalence of the multiple myeloma condition along with rising geriatric population.

As per a report by the American Cancer Society (ACS), multiple myeloma is a malignancy of plasma cells, which denotes a condition in which plasma cells become malignant and expand out of control. Monoclonal immunoglobulin, monoclonal protein, and para protein or M- spike are various names for an abnormal protein or antibody produced by plasma cells.

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Myeloma incidence is significantly linked to age, with older adults having the greatest rates and being diagnosed most frequently between the ages of 65 to 74. Many researchers all around the world are still working on finding exact causes of multiple myeloma. However, researchers have made progress in understanding how particular deoxyribonucleic acid (DNA) alterations might cause plasma cells to become malignant. DNA is the molecule that transmits the instructions for all of the body's functions to the cells. Patients with active myeloma are usually treated with the objective of minimizing or at least alleviating symptoms and decreasing the amount of myeloma cells in the bone marrow.

Due to the COVID-19 pandemic outbreak, the multiple myeloma therapeutics treatment market is substantially impacted. However, all major precautions are taken to treat myeloma patients, followed by prescribed guidelines. Alternatively, patients are encouraged telemedicine consultation for follow-ups, and hospitals & clinics are minimizing the contacts between patients & staffs for the treatment.

Market Trends, Drivers, Restraints, and Opportunities

• Increasing R&D by market leaders for the improvement of various therapies is expected to fuel the market growth.
• Rising number of efficient product launches and government initiatives is propelling the market growth in coming years.
• Formation of regulations from regulatory bodies encouraging for the development of new drugs for multiple myeloma are estimated to propel the market.
• Increasing expenditures and high cost investment in the treatment procedure are some of the major restraining factors hampering the market growth.
• Early stage approval from regulatory bodies for myeloma therapeutic drugs is projected to be a great opportunity for pharmaceutical companies in near future. This is estimated to upsurge the market growth.

Scope of Multiple Myeloma Therapeutic Market Report

The report on the global multiple myeloma therapeutic market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Multiple Myeloma Therapeutic Market Segment Insights

Chemotherapy & other drugs segment is projected to expand at a considerable CAGR

On the basis of therapy types, the global multiple myeloma therapeutic market is segregated as stem cell transplant, chemotherapy & other drugs, radiation, and other supportive treatments.

The chemotherapy & other drugs segment is further divided into immunomodulation agents, histone deacetylase (HDAC) inhibitors, proteasome inhibitors, monoclonal antibodies, and traditional chemotherapy. The chemotherapy & other drugs segment is projected to expand at a considerable CAGR during the forecast period attributed to unavailability of alternatives and limitations of surgical treatment procedures. Furthermore, many pipeline medications are currently undergoing phase III clinical trials with excellent clinical outcomes, which is estimated to spur the segment growth in the coming years.

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However, chemotherapy and other drugs were dominated by immunomodulation agents, while monoclonal antibodies are projected to expand at a substantial CAGR. Traditional chemotherapy, immunomodulation medicines, proteasome inhibitors, Histone deacetylase (HDAC) inhibitors, and monoclonal antibodies are all included in the chemotherapy and other drugs segment.

North America is anticipated to constitute a key market share

In terms of regions, the market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa.

North America is anticipated to constitute a key market share during the forecast period owing to the well- established key companies and growing adoption for newer treatment alternatives. Furthermore, rising demand for advanced technologies, strong healthcare infrastructure and increasing patient awareness level as well as growing cases of multiple myeloma are fueling the market growth in the region. In 2020, the US had accounted for 32,270 cases that is expected to rise substantially in the coming years. Meanwhile, Germany had a wide prevalence of the disease cases among the EU-5 nations in 2020. In 2020, there were 21,116 incident cases of multiple myeloma in China, and this number is projected to up surge during the forecast period.

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