USD 26.69 billion
Multiple Myeloma Therapeutics Market Size, Share, Growth Analysis, By Treatment type(Chemotherapy and other drugs, Traditional chemotherapy, Immunomodulating agents, Proteasome inhibitors), By Distribution Channel(Retail Pharmacies & Drug Stores, Hospital Pharmacies, and Online Pharmacies), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG35I2237 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
68
|Figures:
80
Multiple Myeloma Therapeutics Market Insights
Global Multiple Myeloma Therapeutics Market size was valued at USD 26.69 billion in 2022 and is poised to grow from USD 28.42 billion in 2023 to USD 47.04 billion by 2031, growing at a CAGR of 6.5% in the forecast period (2024-2031).
The global multiple myeloma therapeutics market has grown exponentially in recent years. Multiple myeloma is a complex and deadly hematological cancer which harms and damages the bone marrow, causing abnormal plasma cell production and bone weakness. The therapeutics and medicines that are developed and produced for this illness targets the malignant plasma cells and focuses on treating them to provide patients with a better end result.
A number of reasons can be credited for the recent growth in the market. The contributing factors to market growth include the rising age of the population and a higher number of older individuals. Another development in the global health community has boosted expansion of the multiple myeloma therapeutics market. That is, the increasing knowledge of how the illness functions and affects human cells at a molecular level and the advancements in science made based on that research. The production of specialized medicine and more powerful and effective medicines and treatments has gripped the market, ensuring further growth.
To name a few therapeutic techniques that are used in the multiple myeloma therapeutics market, whose success has led to market expansion, which are stem cell transplants, immunomodulatory medications, proteasome inhibitors, chemotherapy, monoclonal antibodies, and supportive therapies for symptom and complication management.
Numerous pharmaceutical firms are investing in the creation of cutting-edge treatments and individualized care plans, making the industry extremely competitive. Innovative treatments with increased efficacy and fewer side effects are being introduced as a result of partnerships between pharmaceutical corporations, biotech companies, and research institutes that are propelling medication development. The introduction of monoclonal antibodies and CAR-T cell therapies has marked a significant advancement in treatment options.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Immunomodulating agents
Fastest Growth
Monoclonal Antibodies
Growth Rate
6.5% CAGR
Global Multiple Myeloma Therapeutics Market ($ Bn)
Country Share for North America Region (%)
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Multiple Myeloma Therapeutics Market Segmental Analysis
By Treatment type, the market is segmented into Chemotherapy and other drugs, Traditional chemotherapy, Immunomodulating agents, Proteasome inhibitors, Histone Deacetylase (HDAC) inhibitors, Monoclonal Antibodies, Radiation, Stem cell transplant and supportive treatment. Retail Pharmacies & Drug Stores, Hospital Pharmacies and Online Pharmacies are the market segments we end up with when division by distribution channel occurs. If we split the market by region, we will be left with the following sectors: North America, Middle East and Africa, Europe, Asia Pacific, and Latin America.
Analysis By Treatment Type
The market segment holding the largest market share in the global multiple myeloma therapeutics market are immunomodulating drugs. They are particularly vital in the fight against multiple myeloma as these medicines improve the immune system of the patient, making it strong enough and detects and attacks cancerous cells. When immunomodulating drugs such as thalidomide, lenalidomide, and pomalidomide are administered as an addition in the treatment, chances of success against multiple myeloma climb up.
On the other hand, the Monoclonal Antibodies section is the fastest growing market segment. These genetically modified antibodies are designed to target specific proteins on the outside of the cancer cells, helping the patients’ immune system to eliminate the main root of the problem. Monoclonal antibodies such as daratumumab and elotuzumab have shown a massive success in treating multiple myeloma, whether it is used singularly or combined with other medicines.
Analysis By Distribution Channel
The market segment that holds the dominant position in the global multiple myeloma therapeutics market on the basis of distribution channel is hospital pharmacies. These drugstores are a landmark in the healthcare industry as they act as a storage location for drug dispensing and patient counseling. Generally, pharmacies give multiple myeloma patients access to recommended therapies like supportive drugs, targeted therapies, and chemotherapeutic agents in a controlled clinical environment. As hospital pharmacies guarantee strict planning and following of medicinal plans and offer expert advice to patients, they are a major distribution channel for multiple myeloma therapies.
Online pharmacies are rapidly expanding in the multiple myeloma therapeutics market, making them the quickest-developing segment. Online shopping for multiple myeloma medicines has gained popularity among consumers. The convenience and ease of use of e-commerce sites and shops, coupled with the growth of the digital age, has shifted consumer preference to virtual purchases. Patients don’t even have to visit offline stores to order therapy drugs and can even have them delivered directly to their homes. This reason, coupled with a selection of various treatment options, has surged the demand for multiple myeloma therapeutics in online channels. The expedited and effective method offered by online pharmacies is particularly alluring to those in need of long-term multiple myeloma therapies. The emergence of online pharmacies as a practical and easily accessible means of distributing multiple myeloma medications is further bolstered by the expansion of telemedicine and digital healthcare services.
Global Multiple Myeloma Therapeutics Market Size By Treatment Type
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Multiple Myeloma Therapeutics Market Regional Insights
The leading region in the global multiple myeloma therapeutics market is North America, owing its position to its sizable patient base, developed healthcare system, and huge R&D investments. North America’s dominance in the market can be attributed to the fact it holds the base for leading biotechnology and pharmaceutical companies and also boasts a plethora of reimbursement practices.
The segment with the fastest growth in the global multiple myeloma therapeutics market is the Asia-Pacific region. Factors such as better access to healthcare, higher medical investments, and growing expertise on the topic of multiple myeloma contributes to the region’s quick growth. Additionally, this region is witnessing a higher rate of multiple myeloma due to shifting lifestyles and aging population. Since pharmaceutical firms are looking to make a mark in this field, the multiple myeloma therapeutics market is expanding continuously in this area. Although, issues like disparities in national healthcare infrastructure and regulatory framework challenges can stunt market growth in the APAC region.
Global Multiple Myeloma Therapeutics Market Size By Region
- Largest
- Fastest
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Multiple Myeloma Therapeutics Market Dynamics
Drivers
Advancements in Treatment Options:
- The discovery of fresh and innovative therapies has greatly benefitted the multiple myeloma therapeutics market. Innovative medications like monoclonal antibodies, proteasome inhibitors, and immunomodulatory drugs (IMiDs) that specifically attack cancer cells as well as lower any damage to healthy cells are being developed by researchers and pharmaceutical firms. These developments have increased treatment efficiency, extended patient survival rates, and improved the quality of life of patients post therapy.
Growing Aging Population:
- Older people are more susceptible to the multiple myeloma disease. As mankind grows older, multiple myeloma is ascertained to become more common. This demographic change has resulted in the growth of the market for multiple myeloma treatments, because more patients results in an increase in the demand for efficient treatment alternatives.
Restraints
High Treatment Costs:
- Even though patient outcomes have improved due to the discovery of alternative therapeutics, some of these treatments can be expensive. Patients may find it difficult to obtain multiple myeloma treatments due to their high price, especially in areas with poor economic standing or less access to healthcare. This may limit the uptake of cutting-edge therapies and hinder the expansion of the market.
Complex Disease Characteristics:
- Multiple myeloma is a complex disease since it carries a number of hereditary and molecular characteristics. As a result of this complication, patient reactions to multiple myeloma treatment may vary. This can result in a demand for customized treatment plans, which can prove difficult as the therapy would have to be curated for individual patients depending on their unique disease characteristics. Another problem is the cancer's heterogeneity, which can make research and clinical testing of any medicines far more challenging, potentially slowing down the release of new treatments into the market.
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Multiple Myeloma Therapeutics Market Competitive Landscape
The mix of various biotechnology and pharmaceutical companies focused on developing viable treatments for this fatal blood cancer forms the mold of the competitive landscape of the global multiple myeloma therapeutics market. Some of the key market players include Johnson & Johnson, AbbVie Inc., Takeda Pharmaceutical Company Limited, Amgen Inc., and Celgene Corporation (now a part of Bristol Myers Squibb). These industry leaders retain their competitive advantage by investing in R&D to offer advanced therapies like monoclonal antibodies, immunomodulatory medications, proteasome inhibitors, and targeted pharmaceuticals. A key strategy to achieve expanded treatment options is the formation of alliances and partnerships with research centers and academic institutions. The competition in the market is fueled by the requirement to meet patient-specific needs and the continual research of developing safe and more effective medicines. The changing dynamic of the healthcare system also creates a shift in pricing and accessibility. Businesses that are offering the drugs for treatment of multiple myeloma constantly strive for approvals after passing regulations. These firms spread the reach of their market share by innovative methods to conduct clinical trials to offer more options for treatments to patients. Their ultimate goal? To provide multiple myeloma patients a fighting chance, increased standard of life, and longer living rates.
Top Player’s Company Profile
- Johnson & Johnson (USA)
- Celgene Corporation (USA)
- Amgen Inc. (USA)
- Janssen Pharmaceuticals, Inc. (USA)
- Bristol Myers Squibb Company (USA)
- Onyx Pharmaceuticals, Inc. (USA)
- Merck & Co., Inc. (USA)
- Karyopharm Therapeutics Inc. (USA)
- GlaxoSmithKline plc (UK)
- Sanofi (France)
- Takeda Pharmaceutical Company Limited (Japan)
- Bluebird Bio, Inc. (USA)
- Daiichi Sankyo Company, Limited (Japan)
- Genmab A/S (Denmark)
- AbbVie Inc. (USA)
- Seattle Genetics, Inc. (USA)
- Novartis AG (Switzerland)
- MorphoSys AG (Germany)
- Kite Pharma, Inc. (USA)
- Millennium Pharmaceuticals, Inc. (USA)
- PharmaMar, S.A. (Spain)
- Celldex Therapeutics, Inc. (USA)
- Kyowa Kirin Co., Ltd. (Japan)
- Poseida Therapeutics, Inc. (USA)
- Glenmark Pharmaceuticals Ltd. (India)
Recent Developments
- In January 2023, the FDA greenlighted the first CAR T-cell treatment for multiple myeloma. The CAR T-cell treatment, called Carvykti (tisagenlecleucel), uses a patient's own immune cells to genetically alter healthy cells to target cancer cells.
- In February 2023, the first bispecific antibody for multiple myeloma was greenlit by the FDA. In this specific therapy, Empliciti (Emolituzumab) attaches itself to two distinct proteins on cancer cells to aid them in destroying the diseased cells.
- In March 2023, the first CD38 inhibitor for multiple myeloma received its FDA approval. The treatment, known as Darzalex (daratumumab), attaches itself to the CD38 protein that is present on the exterior side of cancerous cells.
- In April 2023, the first pomalidomide-cyclophosphamide combination treatment for multiple myeloma received approval by the FDA. Patients whose cancer has progressed or who have relapsed even after receiving other therapies previously can be helped by this therapy.
Multiple Myeloma Therapeutics Key Market Trends
- Advancements in Targeted Therapies and Immunotherapies: A noteworthy trend in the multiple myeloma therapeutics market is the ongoing development and implementation of immunotherapies and targeted medicines. Since the effectiveness and potential negative effects of chemotherapy are limited, it is one of the traditional and successful treatments for multiple myeloma. In response to these developments, pharmaceutical companies are focusing on creating treatments that straight up target cancer cells, reducing harm to healthy cells. These efforts include the development of monoclonal antibodies and other specific medicines that prohibit myeloma cell growth and survival. Additionally, immunotherapies such as CAR-T cell therapy have shown hopeful outcomes in clinical studies, offering a highly targeted and customized treatment option for multiple myeloma.
- Personalized Medicine and Biomarker-driven Approaches: The growing emphasis on biomarker-driven methods and specialized medicine is a major development in the multiple myeloma therapeutics market. As pharmaceutical and healthcare companies dive into research in order to gain expert knowledge on the genetic and molecular causes of multiple myeloma, they conclude that patients will react differently to the same medication based on the varying characteristics of their disease. To determine patient subgroups that are more likely to benefit from particular medicines, biomarkers and genetic profiling are being explored. Treatment plans that are more individualized and give patients medications that are more likely to work for their unique disease characteristics have been developed as a result of this trend.
Multiple Myeloma Therapeutics Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Component types team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our analysis, the global multiple myeloma therapeutics market is growing due to the rising incidence of the illness. This disease is becoming more common, as the population of older people increases. Other than the aging population, the market has witnessed improvements in the management of the disease as well as advancements in early detection and disease management, propelling market growth. This market offers drugs and treatment solutions to patients that can raise their survival possibilities and improve their quality of life. Some therapies that the market provides suffering patients are chemotherapy, immunotherapy, stem cell transplantation, and targeted therapy.
Additionally, more specialized treatment and therapy options are cropping up in the market. This is due to the rigorous research and growing knowledge in the field of understanding the genetic reasons for this disease at a molecular level. In order to support this development, the market’s players are making huge investments in research and development to ensure the introduction of novel medicines and therapies into the market.
Though this market has several reasons for its continued growth, it also faces some challenges. The high cost of therapy, probable negative side effects of drugs, and the necessity for proper management of cases of relapse or unresponsive patients are some of the problem areas for consistent market growth.
Only the surface of the market’s potential has been scratched thus far. By investing in continued clinical studies, use of advanced treatment plans, and collaborations between research centers and pharmaceutical firms can accelerate this growth. Medicine precision and strategies driven from new biomarkers are predicted to reshape multiple myeloma therapy, leading to further market expansion.
The exposure of the changing environment and evolving lifestyles will continue raising the rates of this illness fueling steady growth of the multiple myeloma therapeutics market. It will continue adapting to these developments by putting an emphasis on the creation of customized medication and advancements in treatment plans.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 26.69 billion |
| Market size value in 2031 | USD 47.04 billion |
| Growth Rate | 6.5% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Multiple Myeloma Therapeutics Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Multiple Myeloma Therapeutics Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Multiple Myeloma Therapeutics Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Multiple Myeloma Therapeutics Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Multiple Myeloma Therapeutics Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Multiple Myeloma Therapeutics Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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