Multiple Myeloma Market
Number of pages: 100 | Report Format: PDF | Published date: December 14, 2022
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
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Report Attribute |
Details |
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Market size value in 2021 |
US$ 19.28 billion |
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Revenue forecast in 2030 |
US$ 33.70 billion |
|
Growth Rate |
CAGR of 6.4% from 2022 to 2030 |
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Base year for estimation |
2021 |
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Forecast period |
2022-2030 |
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Segments covered |
Drug Class, Therapy, End-User, and Region. |
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Regional scope |
North America, Europe, Asia Pacific, and the Rest of the World (ROW) |
According to the deep-dive market assessment study by Growth Plus Reports, the global multiple myeloma market was valued at US$ 19.28 billion in 2021 and is expected to register a revenue CAGR of 6.4% to reach US$ 33.70 billion by 2030.
Market Fundamentals
Multiple myeloma is caused by malignant tumors developing from extremely unstable aberrant cells that migrate through the bloodstream, circulatory system, and lymphatic system. Multiple myeloma is one of the most prevalent blood cancers across the globe and is distinguished by abnormal plasma cell proliferation in the bone marrow. Plasma cells become malignant and proliferate rapidly, resulting in plasmacytoma, a tumor that stops the bone marrow from creating healthy blood cells and immunoglobulins. Myeloma cell production and proliferation result in less leukocyte, erythrocyte, and platelet cell development, resulting in a weakened immune system. The symptoms of multiple myeloma include gastrointestinal issues, enlarged organs, renal damage, fast weight loss, bone pain, and fever. Multiple myeloma is the third most prevalent kind of blood cancer, following lymphoma and leukemia.
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Market Dynamics
The growth of the global multiple myeloma market revenue can be attributed to various factors, such as the rising prevalence of multiple myeloma, growing technological advancement, and enhancing healthcare infrastructure. Growing R&D activities, rapidly increasing launch of blockbuster drugs and/or products, and increasing clinical trials are also driving market revenue expansion. Furthermore, the growing healthcare expenditure and increasing government/private investments further are also fueling the revenue growth of this market globally. Despite the high prevalence of multiple myeloma, the growing cost of advanced drugs and treatments, the high complexity of various therapies, and the side effects of different treatments on the patients are the major hurdles in the optimal revenue growth of this market. Due to the high treatment costs and constricted reimbursements, the treatment rates for multiple myeloma are significantly low in developing and low-income countries.
Market Ecosystem
The global multiple myeloma market has been analyzed from four perspectives: by drug class, therapy, end-user, and region.
Multiple Myeloma Market by Drug Class
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Based on drug class, the global multiple myeloma market has been segmented into alkylating agents, immunomodulators, proteasome inhibitors, and others (ANTI-CD38 monoclonal antibody, corticosteroids, etc.).
The immunomodulators segment dominates the market with the largest revenue share. Immunomodulators provide highly efficient results and boost the immune system by activating T-cells, contributing to the revenue growth of this segment. Furthermore, immunomodulators help to eradicate tumor cells and prevent secondary tumor growth (metastasis). The sales of immunomodulatory drugs are estimated to show lucrative revenue growth driven by lenalidomide’s high penetration across treatment settings.
Proteasome inhibitors segment accounts for the second largest revenue share in the market due to their growing usage in the treatment of multiple myeloma. Bortezomib, a first-in-class proteasome inhibitor (PI), has contributed significantly to improvement in survival in multiple myeloma patients. Bortezomib is used as a combination regimen in frontline therapy in multiple myeloma; the standard twice-weekly schedule may be replaced by a weekly infusion, driving the segment’s revenue. The rising sales of these drugs due to increasing popularity encourage the growth of the market revenue to some extent.
Multiple Myeloma Market by Therapy
Based on therapy, the global multiple myeloma market has been segmented into chemotherapy, immunotherapy, targeted therapy, and others (stem cell transplant, radiotherapy, etc.).
Chemotherapy dominates the market with the largest revenue share, and the growth of the segment can be attributed to its popularity among medical professionals. Chemotherapy employs drugs that circulate throughout the body to kill cancer cells that may have spread to various body areas, preventing metastasis. Furthermore, growing product launches due to rising R&D activities further encourage the revenue growth of this segment. The immunotherapy segment is expected to contribute substantial revenue growth in the global multiple myeloma market. Immunotherapy makes cancer treatment more convenient and compatible by improving the immune system's capacity to identify, target, and eradicate tumor cells.
Multiple Myeloma Market by End-user
Based on end-user, the global multiple myeloma market has been segmented into hospitals, cancer research centers, and specialty clinics.
The hospital segment accounts for most of the revenue share in the global market and is expected to maintain its dominance during the forecast period. The revenue growth of the segment can be attributed majorly to the growing incidences of multiple myeloma among the population. Additionally, a high percentage of patient satisfaction and enhanced services also support the market revenue expansion.
Multiple Myeloma Market by Region
Based on region, the global multiple myeloma market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World.
North America accounts for the largest revenue share in the global market, attributed to various factors such as large healthcare spending, growth in R&D activities, and the presence of major market players. Additionally, rising blood cancer cases, a growing geriatric population, and increased demand for efficient & novel therapies also contribute to the market revenue growth of this region. Additionally, the growing adoption of unhealthy lifestyles and the rising need for biological medicines is also expected to accelerate the market's revenue growth.
On the other hand, Asia Pacific is expected to be the fastest growing region in the global multiple myeloma market in terms of revenue share due to the improving healthcare systems, changing policies that favor public health, growing geriatric population, increasing cases of blood cancer, and many more.
Competitive Landscape
The prominent players operating in the global multiple myeloma market are:
Strategic Developments
The global multiple myeloma market was valued at US$ 19.28 billion in 2021.
The estimated size of the global multiple myeloma market in 2030 is US$ 33.70 billion.
The growing prevalence of multiple myeloma, rising novel product approvals, and increasing R&D activities are the growth drivers of the global multiple myeloma market revenue.
The global multiple myeloma market is expected to register a revenue CAGR of 6.4% from 2022 to 2030.
The high cost of advanced treatments, the high complexity of various therapies, and the risk of adverse effects can be some of the major hurdles restricting the revenue growth of this market.
*Insights on financial performance are subject to the availability of information in the public domain