The SNS Insider report estimates the Multiple Myeloma Market size at USD 24.01 billion in 2023, with a projected CAGR of 10.6% to reach USD 59.45 billion by 2032.
The increase in the number of multiple myeloma diagnoses is the main driver of the multiple myeloma market. The rise in the cases of cancer is having burden on healthcare system, that required more effective and innovative treatments. This rising demand is addressed by the pharmaceutical industries with the help of the research and development. Companies are innovating and introducing new novel therapies to the market, that increase the patient outcome and patient compliance.
The increase in the development of the therapies, is another driver of the Multiple Myeloma Market. With the help of these therapies, the disease becomes more manageable. This progress, with improved prognoses, is incentivizing a greater number of patients to seek treatment, and rises the growth of the Multiple Myeloma Market.
The increase in the knowledge about the biological mechanisms of multiple myeloma is rises the new generation of treatment approaches. These advancements of the targeted therapies, immunotherapies, and precision medicine, all further increases the patient outcomes. This leads to increase the investments in R&D and drug development, for new innovation and patient benefit.
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Key market players profiled in the report include:
- Takeda Pharmaceutical Company Limited
- Teva Pharmaceutical Industries Ltd.
- Novartis AG
- Amgen Inc.
- Bristol Myers Squibb Company
- Janssen Pharmaceuticals Inc.
- ONO PHARMACEUTICAL CO. LTD.
- CELGENE CORPORATION
- Genentech Inc.
- Abbie Inc
Key Segments Covered in Multiple Myeloma Market:
By Type
- Chemotherapy
- Monoclonal Antibody
- Protease Inhibitors
- Others
By Disease Type
- Smoldering Multiple Myeloma
- Active Multiple Myeloma
By End User
- Clinics
- Hospitals
- Others
Segment Analysis
By End User, Hospitals dominated the segment of the multiple myeloma market with highest market share in 2023, the suitability of its drugs for regular, in-hospital administration. This controlled environment ensures patients strictly adhere to treatment protocols and receive critical therapies, some requiring intravenous delivery, with the utmost safety and efficacy. This optimized treatment approach frequently translates into successful patient outcomes.
Recent Developments
December 2022, Kite with Arcellx this collaboration aims to develop and bring to market a new T-cell therapy called CART-ddBCMA for patients with relapsed or refractory multiple myeloma.
October 2022, the FDA granted approval for teclistamab-cqyv, developed by Janssen Biotech.
Regional Analysis
North America dominated the multiple myeloma market with highest market share in 2023. This dominance is due to the rise in number of multiple myeloma cases in North America. For Instance, United States alone has more than 35,000 new diagnoses in 2023. This increase in the patient population increases the demand for the effective treatment options, which further rises the demand for the medications and therapies. The rise in awareness about the Myeloma in the patient population rises the growth of the market in this region. The North America have the presence of major pharmaceutical companies. These players are encouraging the innovation, and constantly developing and launching new novel drugs. North America, has developed healthcare infrastructure and high insurance coverage rates compared to other regions, it directly impacts patient access to the lifesaving medications, and rises the market growth.
The Asia Pacific is the growing region of the multiple myeloma market due to large population and increase in the investment by the developing countries like, India and Chaina. The government highly investing in the healthcare infrastructure and promote the growth of the sector.
Key Takeaways
- The report highlights a significant rise in multiple myeloma diagnoses, placing a burden on healthcare systems. This fuels the demand for innovative treatments, prompting pharmaceutical companies to invest heavily in R&D.
- The report clarifies that the development of new and effective therapies is another key driver. These advancements make the disease more manageable, encouraging more patients to seek treatment and propelling market growth.
- The report acknowledges the correlation between improved patient outcomes and increased investment. As targeted therapies, immunotherapies, and precision medicine emerge, further research and drug development are incentivized.
- The report clarifies North America's dominant market share, driven by a high number of diagnoses like the over 35,000 new cases in the US alone in 2023. This large patient population fuels the demand for effective treatment options.
- The report acknowledges the positive impact of increased patient awareness about multiple myeloma. This awareness fuels market growth, particularly in regions like North America.
- The report identifies the Asia Pacific region as a growing market due to its large population and increasing investments in healthcare infrastructure by developing countries like India and China.
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Table of Content
Chapter 1 Introduction
Chapter 2 Research Methodology
Chapter 3 Multiple Myeloma Market Dynamics
Chapter 4 Impact Analysis (COVID-19, Ukraine- Russia war, Ongoing Recession on Major Economies)
Chapter 5 Value Chain Analysis
Chapter 6 Porter’s 5 forces model
Chapter 7 PEST Analysis
Chapter 8 Multiple Myeloma Market Segmentation, By Type
Chapter 9 Multiple Myeloma Market Segmentation, By Disease Type
Chapter 10 Multiple Myeloma Market Segmentation, By End User
Chapter 11 Multiple Myeloma Market - Regional Analysis
Chapter 12 Company profile
Chapter 13 Competitive Landscape
Chapter 14 Use Case and Best Practices
Chapter 15 Conclusion
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