Multiple Myeloma Treatment Market Insights – Growth, Challenges and Future Scope to 2023
Global Multiple Myeloma Treatment Market Research Report: By Treatment (Chemotherapy, Radiation Therapy, Stem Cell Transplant, Corticosteroids, Interferon, and Others), End User (Hospitals, Clinics, Independent Pharmacies, and Others)—Forecast till 2027
As predicted by the report furnished by Market Research Future (MRFR), the global multiple myeloma treatment market will be rising steadily at a lucrative CAGR of 11.0% during the forecast period from (2018–2023).
In recent years, multiple myeloma treatment options have developed at a substantial rate. Moreover, novel multiple myeloma treatments are offering efficient survival rates among myeloma patients. Also, it is noted that the upcoming drug pipeline of multiple myeloma holds a lot of potentials, in addition to biological drugs as well as stem cell-based therapies which will be highly instrumental in the growth of the market in the near future. In addition, the prominent players operating in the multiple myeloma industry are making remarkable breakthroughs backed by numerous research and development activities for future multiple myeloma treatment, customizing the treatments that are based on a patient’s genome.
As per Multiple Myeloma Research Foundation, multiple myeloma generally occurs in bone marrow particularly located in the pelvic bones, spine, ribs, and the area of the hips and shoulders. Apart from this, the groups of myeloma cells prompt other cells present in the bone marrow to get rid of the solid part of the bone, causing osteolytic lesions or soft spots in the bone. This results in weakened bones as well as increasing the risk of fractures. Growing awareness regarding early cancer diagnosis along with the availability of advanced diagnostic techniques like imaging devices and personalized diagnostic tests are expected to provide lucrative growth opportunities for market expansion. The recent launch of monoclonal antibodies (mAbs) Empliciti and daratumumab coupled with effective pipeline and lastly, increasing prevalence of multiple myeloma in developing nations, resulting in the strong growth of drug therapy are bound to create various growth opportunities for the multiple myeloma treatment in the forthcoming years.
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Segmentation
The global multiple myeloma treatment is segmented on the basis of treatment types and end users.
The market, based on the treatment types, is segmented into chemotherapy, corticosteroids, interferon, stem cell transplant, and radiation therapy. Chemotherapy is sub-segmented into bendamustine (treanda), cyclophosphamide (Cytoxan), doxorubicin (adriamycin), etoposide (vp-16), liposomal doxorubicin (Doxil), melphalan (Alkeran, evomela), vincristine (Oncovin).
The end users in the global multiple myeloma treatment market include hospitals, clinics, rehabilitative center treatment, independent pharmacies, and others.
Regional Analysis
The flourishing market in the Americas is set to garner the top position in the global multiple myeloma treatment market during the assessment period, on account of the growing prevalence of blood cancer, unhealthy lifestyle, expanding geriatric population, augmented demand for biologic therapies, and the striking emergence of nanomedicine. In addition, the increasing incidences of cancer in the wake of the burgeoning aging population will bolster the market growth in the region. North America accounts for the maximum share of the global multiple myeloma treatment market, as a result of the surging investment by government in research and development activities for the diagnosis management of myeloma disorder.
Furthermore, the market in Europe is deemed to be the second-largest backed by government funding, coupled with the booming healthcare sector and the growing incidence of elderly patients. The increasing prevalence of myeloma disease is an additional factor promoting the growth of the regional market.
Whereas, the market in the Asia Pacific shows remarkable growth pattern, and is expected to be the fastest-growing during the assessment period among all the regions. The major reasons backing this stupendous growth include the increasing aging population, expanding obese population, surging healthcare expenditure and increased penetration of novel cancer drugs in the region. Lastly, the market in the Middle East & Africa will account for the smallest share of the global market, but will still showcase steady growth rate which can be attributed to the increasing healthcare expenditure along with the developing healthcare infrastructure.
Competitive Landscape
The key vendors competing in the global multiple myeloma treatment market include Janssen Biotech, Inc., Bristol-Myers Squibb Company, Takeda Pharmaceuticals Millennium Pharmaceuticals, Novartis AG, Genzyme Corporation, Juno Therapeutics, Johnson & Johnson, Novartis AG, Celgene Corporation, AbbVie Inc., Amgen, Inc., Innate Pharma SA, Celldex Therapeutics, Inc., GlaxoSmithKline plc, Pfizer, F. Hoffmann-La Roche Ltd., Onyx Pharmaceuticals, among others.
Industry Updates
February 2019 – The FDA has approved a split-dosing regimen for Janssen Pharmaceuticals’ daratumumab (Darzalex), which is a therapy for treating patients with multiple myeloma. The FDA approved split-dosing regimen is developed on the basis of the data from the phase 1b EQUULEUS (MMY1001) clinical study that evaluated daratumumab combined with various treatment regimens.
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