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The multiple myeloma drugs market size is estimated to grow at a CAGR of 5.9% between 2022 and 2027. The multiple myeloma drugs market size is forecast to increase by USD 6,419.94 million. The growth of the market depends on several factors, including the increase in the incidence of multiple myeloma, Proteasome inhibition has arisen, and an increase in the multiple myeloma drugs contributes to the growth of the market.
This market report extensively covers market segmentation by therapy (targeted therapy, biologic therapy, chemotherapy, and others), distribution channel (hospital pharmacy, retail pharmacy, and e-pharmacy), and geography (North America, Europe, Asia, and Rest o the World (row). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The growing incidence of multiple myeloma is notably driving the drug market growth, although factors such as the increase the popularity of complementary and alternative medicine may hamper the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The growing incidence of multiple myeloma is a key factor driving the drugs market growth. One of the major drivers of the drugs 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 vendors 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.
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 during the forecast period.
The multiple myeloma drugs market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Multiple Myeloma Drugs Market Customer Landscape
Vendors 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 vendors, including:
Qualitative and quantitative analysis of vendors 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 vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
Technavio categorizes the multiple myeloma drugs market as a part of the Pharmaceuticals & within the global Healthcare Industry. The parent pharmaceuticals market covers products and companies engaged in the R&D or production of generic drugs, non-generic drugs, and veterinary drugs. Technavio calculates the global healthcare market size based on the combined revenue generated by manufacturers/providers of equipment, supplies, pharmaceuticals, biotechnology, and life sciences tools and services. Our research report has extensively covered external factors influencing the parent market growth during the forecast period.
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 8,546.73 million in 2017 and continued to grow by 2021. 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 also. 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 2027. Technavio’s analysts have elaborately explained the regional trends 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 vendors in the market are developing a generic version of VELCADE, with large vendors 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 multiple myeloma drugs market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027. The market has been segmented by type, product, distribution channel, and region.
Multiple Myeloma Drugs Market Scope |
|
Report Coverage |
Details |
Page number |
167 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.9% |
Market growth 2023-2027 |
$ 6419.94 million |
Market structure |
Fragmented |
YoY growth (%) |
5.76 |
Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
Performing market contribution |
North America at 36% |
Key countries |
US, Canada, Germany, UK, and China |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
Abbott Laboratories, AbbVie Inc., Amgen Inc., AstraZeneca Plc, Bristol Myers Squibb Co., Cipla Ltd., Daiichi Sankyo Co. Ltd., Eli Lilly and Co., F. Hoffmann La Roche Ltd., Fresenius SE and Co. KGaA, GlaxoSmithKline Plc, Johnson and Johnson, 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 analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for 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. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
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 Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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