Global Refractory Multiple Myeloma Market - 2023-2030
The Global Refractory Multiple Myeloma Market reached US$ 2.4 billion in 2022 and is projected to witness lucrative growth by reaching up to US$ 3.4 billion by 2030. The Global Refractory Multiple Myeloma Market is expected to exhibit a CAGR of 4.7% during the forecast period 2023-2030. The increasing technological advancements and the growing clinical trials for novel drugs drive demand for refractory multiple myeloma market trends.
Even though MM is still incurable, medical care has improved over the past 15 years thanks to the development of proteasome inhibitors (PIs) such as carfilzomib, bortezomib, and ixazomib as well as immunomodulatory medications like lenalidomide, thalidomide, and pomalidomide.
The refractory multiple myeloma market scope comprises drug type as proteasome inhibitors, immunomodulators, anti-CD38 monoclonal antibodies, chimeric antigen receptor (CAR-T) therapy and others, which has increased the refractory multiple myeloma market share.
The global market for refractory multiple myeloma is expanding due to factors including increasing research and development and their upcoming novel product approvals across countries are also creating a positive outlook for the refractory multiple myeloma market growth.
Market DynamicsThe Rising Novel Product Launches Drive the Growth of the Refractory Multiple Myeloma Market.
Over the past few years, there has been a considerable increase in the number of novel product launches for multiple myeloma research. Numerous studies are being carried out globally to improve refractory multiple myeloma treatment to study the illness. According to recent research, multiple myeloma (MM) patients need long-term, ongoing treatment to increase survival.
For instance, on December 8, 2022, as a generic alternative to Folotyn, Pralatrexate Injection has been made available by the healthcare company Fresenius Kabi for the treatment of peripheral T-cell lymphoma that has returned or become resistant. The newest addition to the greatest array of injectable oncology medications in American healthcare is Fresenius Kabi Pralatrexate Injection, which is currently available in the country.
Adult patients with recurrent or refractory peripheral T-cell lymphoma have a generic therapeutic option with Fresenius Kabi Pralatrexate Injection. There are two single-dose vial presentations of Fresenius Kabi Pralatrexate Injection: 40 mg/2 mL and 20 mg/1 mL.
Rising Regulatory Approval and Pipeline Creates Lucrative Opportunities for Manufacturers.
Contributions to clinical research and fundamental science research from a number of researchers or fellows have accelerated the development of novel treatments and significantly improved the understanding of the origins and course of disorders. Several clinical trials are being conducted, resulting in positive outcomes.
For instance, on May 16, 2023, Positive findings from the second phase of the FENopta study testing experimental oral fenebrutinib in people having relapsing types of multiple sclerosis (RMS) were released by Genentech, a subsidiary of the Roche Group.
The research demonstrated that oral fenebrutinib significantly decreased magnetic resonance imaging (MRI) markers for MS disease activity in the brain when compared to placebo, demonstrating that it accomplished its primary and secondary goals. In addition, pre-clinical studies showed the potency and good selectivity of fenebrutinib, the one and only reversible inhibitor now being tested in Phase III studies for MS.
Side Effects Linked with Drugs will Hamper the Growth of the Market.
However, the treatment burden still shortens the duration of MM therapy; as a result, it is crucial to develop ways to reduce the negative effects of treatment on the patient's quality of life. Hematologic side effects like thrombocytopenia and neutropenia, gastrointestinal side effects like nausea, vomiting, and diarrhea, venous thrombotic side effects like deep-vein thrombosis or pulmonary embolism, and side effects like rash and peripheral neuropathy are the most frequently reported problems associated with these treatments.
Patients taking oral medicines at home should report symptoms as soon as possible, preferably before they become challenging to treat. Effective, long-lasting, and practical MM therapy depends on properly managing such treatment-related adverse effects, monitoring both dietary and drug combinations, and assisting with out-of-pocket expenses for patients.
COVID-19 Impact AnalysisThe COVID-19 epidemic and the worldwide lockdown have affected the financial health of businesses in all industries. As a result, the U.S. Food and Drug Administration (FDA) released guidelines for the COVID-19 health emergency that include general considerations to assist sponsors and researchers, ensure trial participants' safety, follow good clinical practice (GCP), and reduce risks to trial integrity.
Russia-Ukraine War Impact Analysis
The Russia-Ukraine conflict is estimated to have a low impact on the global refractory multiple myeloma market, owing to the low number of key market players in this region. However, the impact of the import and export of raw materials is expected to have little influence over the global refractory multiple myeloma market growth over the forecast period.
Segment AnalysisThe Global Refractory Multiple Myeloma Market is segmented based on drug type, route of administration, product type, end user and region.
Oral from Drug Type Segment Accounts for 76.3% of the Market Share. Owing to Rising Availability
In the era of new therapeutics, oral MM regimens often consist of an immunomodulatory medication plus a corticosteroid (most commonly dexamethasone) or an immunomodulatory medication plus a corticosteroid or an alkylating agent (like cyclophosphamide and dexamethasone [Cd] or melphalan and prednisone [MP]).
Although compared to the standard of treatment lenalidomide-dexamethasone (Rd), lenalidomide cyclophosphamide-prednisone and the triplet regimens lenalidomide with MP (MPR) be not particularly beneficial. As seen with bortezomib, carfilzomib, and ixazomib when combined with Rd, studies have indicated that an immunomodulatory drug- or PI-containing triplet therapy is particularly effective at eliciting rapid, profound responses and enhancing progression-free survival.
An alloral immunomodulatory medication and PI-containing triplet regimen is accessible with the recent US Food and Medication Administration (FDA) clearance of ixazomib when combined with Rd for individuals with MM who have undergone at least one prior therapy. Pomalidomide with dexamethasone or Cd is another active all-oral regimen for individuals with relapsed illness.
Geographical AnalysisNorth America Accounted for Approximately 42.7% of the Market Share, Owing to the Strong Presence of Major Players and Rising Technological Advancements.
Manufacturers have chances to expand their operations in this region because of the rising demand for refractory multiple myeloma for advancements in North America. The area has many producers and suppliers, and its rapid economic development has raised industrial production of refractory multiple myeloma, increasing demand.
There are many manufacturers and suppliers in North America. As a result of the region's rapid economic growth, industrial production has expanded, feeding the desire for the treatment of multiple myeloma.
The market will grow as new items or technology for treatment emerge. Rising technological developments, governmental approvals, and introducing of new products contribute to growth. People are becoming more aware of novel technologies and myelomas, expanding the market in this region. These factors show the dominance of North America.
Competitive LandscapeThe major global players in the refractory multiple myeloma market include Bristol Myers Squibb, Pfizer Inc., Teva Pharmaceutical Industries Ltd., Janssen Global Services, LLC, Fresenius Kabi, Gilead Sciences, Inc., GSK plc., Takeda Pharmaceutical Company Limited, Novartis AG and Genentech, Inc. among others.
Why Purchase the Report?• To visualize the Global Refractory Multiple Myeloma Market segmentation based on drug type, route of administration, product type, end user and region, and understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous refractory multiple myeloma market-level data points with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as Excel consisting of key products of all the major players.
The Global Refractory Multiple Myeloma Market Report Would Provide Approximately 53 Tables, 54 Figures And 195 Pages.
Target Audience 2023• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies