Multiple Myeloma Market Size, Share, Growth Analysis, By Drug Class(Proteasome Inhibitors, Immunomodulatory Drugs, Monoclonal Antibodies, and Steroids), By Therapy(Immunotherapy, Chemotherapy, Radiation Therapy, and Stem Cell Transplant), By Distribution channel(Hospital, Retail, and Online Pharmacies), By Region - Industry Forecast 2024-2031

Multiple Myeloma Market Driver

Growing Geriatric Population 

• The senescent population around the world is increasing at a rapid pace and this is slated to be a key factor contributing to high demand for multiple myeloma treatment in the future. Studies show that older adults are more susceptible to multiple myeloma, which in turn is projected to drive the global multiple myeloma market growth over the coming years.  

High Investments in Research and Development 

• From public to private, almost all organizations around the world are investing heavily in oncology research and development. Novel therapies, improved diagnostic methods, and potential cures for multiple myeloma are being researched by multiple companies as emphasis on cancer treatment increases around the world. Grants, government funding, and venture capital are fueling the R&D efforts.  

Restraints 

Side Effects of Treatment 

• Extensively used multiple myeloma treatment options involve chemotherapy, immunotherapy, and stem cell transplants. All of these treatments are linked to severe risks of side effects such as neuropathy, infections, and gastrointestinal issues. These adverse effects are expected to discourage people from getting treated and thereby impede the overall demand for multiple myeloma treatment as well.  

Lack of Awareness Regarding Symptoms 

• Awareness regarding symptoms of multiple myeloma indications is quite limited, especially in underdeveloped and developing countries. This lack of awareness results in a smaller number of patients being diagnosed thereby effectively translating in less people having access to treatment. Healthcare infrastructure challenges and lack of specialist care also contribute to the slowdown of the multiple myeloma industry.