Multiple Myeloma Market By Drug Type (Chemotherapy, Protease Inhibitors, Monoclonal Antibody, Others), By Disease Type (Active Multiple Myeloma, Smoldering Multiple Myeloma), By End User (Hospitals, Clinics, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031
The multiple myeloma market valued for $19,666.74 million in 2021 and is estimated to reach $53,521.76 million by 2031, exhibiting a CAGR of 10.5% from 2022 to 2031. Multiple myeloma is a cancer that forms in a type of white blood cell called a plasma cell. Healthy plasma cells contribute to combat infections by synthesizing antibodies that can recognize and inhibit the growth of microorganisms. Cancerous plasma cells build up in the bone marrow and push out healthy blood cells in multiple myeloma. Various therapies are available to treat multiple myeloma, which includes targeted therapy, immunotherapy, chemotherapy, corticosteroids, bone marrow transplant, and radiation therapy.
The growth of the global multiple myeloma market is driven by increase in number of market players who manufacture drugs for multiple myeloma. In addition, rise in number of product launch and product approvals for multiple myeloma drugs is expected to propel the growth of market. For instance, in January 2022, Bristol-Myers Squibb, a pharmaceutical company, announced that Japan’s Ministry of Health, Labour and Welfare approved Abecma (idecabtagene vicleucel), a B-cell maturation antigen (BCMA)-directed chimeric antigen receptor (CAR) T cell immunotherapy, for the treatment of adult patients with relapsed or refractory (R/R) multiple myeloma. In addition, rise in prevalence of multiple myeloma boosts the demand for multiple myeloma drugs, thereby fueling the market growth. For instance, in 2020, according to the International Agency for Research on Cancer, around 1,76,404 cases of multiple myeloma were reported across the globe.
Moreover, increase in expenditure by government for healthcare services is expected to propel the adoption of cancer therapies and cancer medication by hospitals and clinics, thereby fueling the market growth. For instance, as per the Office for National Statistics, in 2021, it was reported that total healthcare expenditure in the UK was $300,07 billion, which is an increase in nominal terms of 7.4% on spending in 2020. Moreover, according to the Centers for Medicare and Medical Services Government (CMS), it was reported that the national healthcare expenditure (NHE) grew by 2.7% to $4.3 trillion in 2021, or $12,914 per person, and accounted for 18.3% of the GDP).
On the other hand, high cost of multiple myeloma drugs, radiation therapy, and stem cell transplantation as well as side effects associated with the drugs hinder the growth of the multiple myeloma market.
However, increased demand for medical services in the developed countries such as U.S., Canada, & Germany and high market growth potential in emerging economies are expected to create immense opportunities for the market during the forecast period.
The global multiple myeloma market is segmented into drug type, disease type, end user, and region. Depending on drug type, the market is divided into chemotherapy, protease inhibitors, monoclonal antibody, and others. On the basis of disease type, it is bifurcated into active multiple myeloma and smoldering multiple myeloma. By end user, it is segregated into hospitals, clinics, and others.
Region wise, the market is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, France, UK, Italy, Spain, and rest of Europe), Asia-Pacific (China, Japan, India, Australia, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil, Saudi Arabia, South Africa, and rest of LAMEA).
Major key players that operate in the global multiple myeloma market are Novartis AG, Bristol-Myers Squibb Company, Amgen Inc., AbbVie Inc., Johnson & Johnson, Teva Pharmaceutical Industries Ltd., ONO Pharmaceutical Co., Ltd., Takeda Pharmaceutical Company Ltd., and Roche Group.
Key Benefits For StakeholdersThis report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the multiple myeloma market analysis from 2021 to 2031 to identify the prevailing multiple myeloma market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the multiple myeloma market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global multiple myeloma market trends, key players, market segments, application areas, and market growth strategies.
Key Market SegmentsBy Drug TypeChemotherapy
Protease Inhibitors
Monoclonal Antibody
Others
By End UserHospitals
Clinics
Others
By Disease TypeActive Multiple Myeloma
Smoldering Multiple Myeloma
By RegionNorth America
U.S.
Canada
Mexico
Europe
Germany
France
UK
Italy
Spain
Rest of Europe
Asia-Pacific
Japan
China
India
Australia
South Korea
Rest of Asia-Pacific
LAMEA
Brazil
Saudi Arabia
South Africa
Rest of LAMEA
Key Market Players
Bristol-Myers Squibb Company
Amgen Inc.
Abbvie Inc
Johnson and Johnson
Baxter International Inc.
Takeda Pharmaceutical Company Ltd
Teva Pharmaceutical Industries
Pfizer Inc.
Sanofi
Novartis AG
Please Note: It will take 7-10 business days to complete the report upon order confirmation.