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The multiple myeloma drugs market is forecast to increase by USD 7.94 billion, at a CAGR of 6.78% between 2023 and 2028. The trajectory of the market for multiple myeloma treatment hinges on several pivotal factors. Firstly, the rise in the incidence of multiple myeloma serves as a significant driver, amplifying the demand for effective therapeutic interventions. Concurrently, the emergence of proteasome inhibition as a prominent treatment modality further propels market growth, offering novel avenues for disease management. Additionally, the increasing availability and utilization of multiple myeloma drugs contribute significantly to market expansion, catering to the evolving needs of patients and healthcare providers alike. These factors collectively underscore the dynamic landscape of the multiple myeloma treatment market, highlighting the imperative for continued innovation and advancement in therapeutic strategies to address this complex hematologic malignancy effectively.
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The market addresses the complex landscape of treating blood cancers like multiple myeloma, leveraging advanced therapies including antibodies, stem cell transplantation, and radiation therapy. Paraproteins and anemia are key diagnostic markers, influencing treatment strategies with biological drugs and blockbuster treatments like IMiDs (lenalidomide, pomalidomide) and CAR-T cell therapies. Clinical trials continually produce positive data, driving innovation in oncology therapeutics approved by the Food and Drug Administration (FDA). The prevalence of blood cancers underscores the market's significance, with research focusing on bispecific antibodies and emerging therapies like Mezigdomide. As therapies evolve, the market expands, offering new hope for patients through personalized treatment approaches and improved outcomes in combating multiple myeloma and related hematological disorders.
The growing incidence of multiple myeloma is a key factor driving the growth. One of the major drivers of the market is the increasing incidence of multiple myeloma globally. Multiple myeloma is the most common type of myeloma, with more than 90% of patients diagnosed with myeloma having multiple myeloma. Multiple myeloma is the prime target indication for the companies in the market, as there is a huge opportunity for them. Despite the recent advances in the treatment landscape for multiple myeloma, including the approval of three proteasome inhibitors, the market has witnessed an increase in the number of new cases of myeloma.
The incidence rate of the indication has been increasing at a significant rate owing to rising risk factors such as the increase in the geriatric population and obesity and plasma cell anomalies, including monoclonal gammopathy of undetermined significance and solitary plasmacytoma. As a result, the market is expected to benefit significantly from the increasing incidence of multiple myeloma during the forecast period.
The emergence of nanomedicine platforms will fuel the emergence of nanomedicine, which is likely to have a positive impact on the market. Lipid-based nanoparticles and polymer-based approaches for drug delivery are gaining traction in the market, owing to the limitations of current technologies. The existing technologies need numerous cells to detect the presence of a tumor. On the other hand, the nanotechnology approach could radically lower this need, allowing much earlier diagnosis and treatment regimes. Nanocarriers facilitate the delivery of drugs specifically to cancer cells by directing cellular events at the nanometer scale.
Moreover, one of the major clinical advantages of the nanocarrier-based approach over conventional drugs is the specific delivery of many chemotherapeutic agents per recognition event. Particulate nanocarriers and polymer conjugates increase the drug portfolio available to oncologists. The market is also witnessing new research studies evaluating the use of nanoparticles for more effective drug delivery. Therefore, the emergence of nanomedicine platforms will further drive the growth of the market during the forecast period.
The growing popularity of complementary and alternative medicine is a major challenge to the drugs along with the increasing side effects of conventional drugs, individuals are seeking CAM (Complementary and alternative medicine) therapies. The increased demand for these therapies is also due to the high cost of multiple myeloma therapeutics. Some of the CAM therapies include mind and body medicines, biology-based practices, energy work, and whole medical systems. These solutions include meditation, biofeedback, yoga, massage, ayurvedic medicine, and naturopathic medicine.
The growing demand for these therapies has driven healthcare organizations to undertake research that facilitates the use of CAM therapies for the treatment of multiple myeloma. For instance, the National Cancer Research Institute has established the Palliative and Supportive Care Clinical Studies Development Group to carry out several studies in the UK. Such initiatives are expected to hamper market growth and trends during the forecast period.
The market research report includes the adoption lifecycle of the market research and growth, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the market analysis and report also include key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and forecasting strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market share growth by the targeted therapy segment will be significant during the forecast period. Targeted therapy focuses on specific abnormalities within cancer cells that enable them to survive. Targeted therapies are mainly classified into proteasome inhibitors and histone deacetylase inhibitors. Some of the proteasome inhibitors include VELCADE (bortezomib) and KYPROLIS (carfilzomib). Histone deacetylase inhibitors include FARYDAK (panobinostat).
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The targeted therapy segment showed a gradual increase in market share from USD 9.28 billion in 2018. FARYDAK (panobinostat) drugs block the action of a substance in myeloma cells that disrupt proteins. This action helps in killing the myeloma cells. VELCADE was approved for the treatment of multiple myeloma in people who had already been treated with chemotherapy. Later, in 2008, the drug was approved for use in the initial phase of treatment. VELCADE has started witnessing sales erosion over the last couple of years due to the expiry of its patent, with the annual sales of the drug declining by nearly 6% in 2021. However, more recent drug approvals are showing impressive sales growth, which represents the continued strong adoption of proteasome inhibitors for the treatment of multiple myeloma. For instance, KYPROLIS from Amgen registered an annual sales growth of 7% in 2021.
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North America is projected to contribute 36% by 2028. Technavio’s analysts have elaborately explained the regional market trends and analysis and drivers that shape the market during the forecast period. North America is expected to benefit significantly from the heavy sales of approved myeloma drugs in the region for its treatment. Currently, three branded multiple myeloma drugs and one generic proteasome inhibitor are approved in the region. The expiry of the patent on the blockbuster drug, VELCADE, has resulted in the development of generic versions of the drug by various large- and mid-sized pharmaceutical companies in the region. Currently, five companies in the market are developing a generic version of VELCADE, with large companies such as Fresenius already operating in the market, while Allergan's generic version is being registered for the treatment of multiple myeloma. This is expected to increase the demand for drugs in the region during the forecast period.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.
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The market is a dynamic sector focused on treating blood cancer, particularly multiple myeloma, with a range of advanced therapies and medications. Immunotherapy, including monoclonal antibodies like Sarclisa (isatuximab-irfc) targeting CD38, plays a crucial role alongside protease inhibitors and novel agents such as XPO1 inhibitors like Selinexor. Emerging treatments like CAR-Ts , including Janssen's BCMA-directed TECVAYLI, and bispecific antibody like teclistamab and talquetamab, are transforming treatment paradigms. The market also includes established therapies such as immunomodulators and alkylating agents like melphalan and cyclophosphamide, often used in combination with autologous stem cell transplantation. Positive clinical data and ongoing research into drugs like venetoclax underscore the market's commitment to improving prognosis and reducing multidrug resistance in patients with active or smoldering myeloma, offering hope through innovative approaches and personalized medicine.
in addition, the market addresses the complexities of treating hematological malignancies like Kahler's disease, focusing on therapies targeting plasma cells and monoclonal antibodies such as Sarclisa and Darzalex. Advanced treatments include XPO1 inhibitors like Selinexor and novel CAR-T therapies like Janssen's TECVAYLI, aiming to improve outcomes for patients with active or smoldering multiple myeloma. Bi-specific antibodies such as teclistamab and elranatamab offer promising alternatives in combination therapies, reducing treatment failure and organ dysfunction. Immunomodulating agents and corticosteroids play crucial roles in managing bone pain and hypercalcemia, essential in treatment plans tailored by healthcare providers across hospitals, clinics, and retail, hospital, and online pharmacies. As the market evolves with innovative therapies like Zevorcabtagene autoleucel and THALOMID, collaboration within the healthcare community ensures efficient diagnostics and personalized treatment paradigms for better patient prognosis.
Market Scope |
|
Report Coverage |
Details |
Page number |
179 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.78% |
Market Growth 2024-2028 |
USD 7.94 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
6.23 |
Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
Performing market contribution |
North America at 37% |
Key countries |
US, Germany, China, Canada, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Abbott Laboratories, AbbVie Inc., Amgen Inc., AstraZeneca Plc, Bristol Myers Squibb Co., Cipla Inc., Daiichi Sankyo Co. Ltd., Eli Lilly and Co., F. Hoffmann La Roche Ltd., Fresenius SE and Co. KGaA, GlaxoSmithKline Plc, Johnson and Johnson Services Inc., Merck and Co. Inc., Novartis AG, Pfizer Inc., PharmaMar SA, Sanofi SA, Takeda Pharmaceutical Co. Ltd., and Teva Pharmaceutical Industries Ltd. |
Market dynamics |
Parent market growth analysis, Market Forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the market forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Therapy
7 Market Segmentation by Distribution Channel
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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