Global Multiple Myeloma Market Size, Share, Growth Analysis, By Therapy(Targeted Therapy, Biologic Therapy), By Drug type(Immunomodulatory Drugs, Proteasome Inhibitors), By Distribution channel(Hospital Pharmacies, Retail Pharmacies) - Industry Forecast 2022-2028

Global multiple myeloma market is segmented by Therapy, Drug Type, Distribution Channel and Region. On the basis of therapy, the Multiple Myeloma Market is segmented into targeted therapy, biologic therapy, chemotherapy, others. On the basis of drug type, the Multiple Myeloma Market is segmented into immunomodulatory drugs, proteasome inhibitors, histone deacetylase inhibitors, monoclonal antibody drugs, steroids, and others. On the basis of Distribution channels, the Multiple Myeloma Market is segmented into Hospital Pharmacies, Retail Pharmacies, and Online Pharmacies. On the basis of Region, the Global Multiple myeloma market is categorized into North America, Europe, Asia-Pacific, South America, and MEA.

Multiple Myeloma Market Analysis by Therapy

On the basis of therapy, the Multiple Myeloma Market is segmented into targeted therapy, biologic therapy, chemotherapy, and others. Among these, targeted therapy and chemotherapy are the most common types of treatments followed in any type of cancer due to the effectiveness and accuracy of these treatments. Biologic therapy is preferred in trace percentage due to its high cost of treatment.

Multiple Myeloma Market Analysis by Drug Type

On the basis of drug type, the Multiple Myeloma Market is segmented into immunomodulatory drugs, proteasome inhibitors, histone deacetylase inhibitors, monoclonal antibody drugs, steroids, and others. Oral immunomodulators, for example, are thought to be incredibly effective in improving the course of treatment for a variety of cancers and are regarded to be a developing therapy. As a result of these medications' high revenue positions, the immunomodulators category held a disproportionately large part of the global market. Immunomodulators, such as Revlimid by CELGENE CORPORATION (Bristol Myers Squibb Company), have played a significant role in this market segment's supremacy worldwide.

Due to the large variety of product options, the proteasome inhibitor market segment also holds a sizable portion of the overall market. One of the crucial medicines discussed in this section is the significant medication Velcade. The fact that Anti CD38 Monoclonal Antibody provides a product line that includes Darzalex (daratumumab).

Multiple Myeloma Market Analysis by Distribution Channel

On the basis of Distribution channels, the Multiple Myeloma Market is segmented into Hospital Pharmacies, Retail Pharmacies, and Online Pharmacies. Higher Intravenous Therapeutics Administration will allow Hospital Pharmacies to dominate the market. The fact that the pharmaceuticals used in treatment can be frequently prescribed and administered in hospital settings is one of the main factors contributing to this segment's dominance. This permits both the proper and safe administration of life-saving medications, some of which must be supplied intravenously, as well as the proper and safe adherence to treatment guidelines for multiple myeloma. Positive therapeutic outcomes are frequently possible with such efficient treatment.

Despite the availability of Revlimid, the retail pharmacy category is forecast to grow at a somewhat slower rate because there are fewer oral medicines utilized in therapy and this is the cause this segment's growth to be more restrained during the predicted year. The category of online pharmacies is predicted to grow at a faster rate due to the comfort and ease with which people can complete their prescription.

Geographically, North America is projected to account for the highest proportion of the global Multiple Myeloma Market for multiple myeloma treatments due to significant growth in the incidence of the disease, high awareness of the need for early cancer detection and treatment, favorable reimbursement policies, and an advanced healthcare system. Due to its quicker approval times, favorable healthcare laws, and concentration of big businesses, Europe has been leading the market for multiple myeloma treatments. Multiple myeloma is more common in developed nations, which is fueling the expansion of the European market.

Due to increased awareness of cancer diagnoses and improving healthcare infrastructure, Asia-Pacific is predicted to experience exponential expansion. High accessibility to current technology is also a result of these factors. Additionally, things like enhanced healthcare and expanded healthcare infrastructure reimbursement policies are responsible for the growth of the multiple myeloma treatment market in the Middle East and Africa.

Multiple Myeloma Market Driver

• The use of monoclonal antibodies with a high safety profile to attack myeloma cells. The development of nanomedicine platforms, the increased use of microRNA therapies, and the ongoing development of efficient and safe medications are all contributing to the growth of the multiple myeloma market. When monoclonal antibodies and histone deacetylase (HDAC) inhibitors are added to the current treatment options, the medication market is expected to grow. Clinicians prefer biologic therapy with monoclonal antibodies such as Darzalex and Empliciti due to their well-documented clinical profile.
• Hematological cancer is becoming more common. The rate of expansion of the multiple myeloma market is predicted to be accelerated by the rising incidence of hematological malignancy called multiple myeloma is brought on by particular genetic flaws. Medications that alter the immune system are used to treat the illness and increase the effectiveness of stem cell transplants, radiation therapy, chemotherapy, and platelet transfusions to drive the market growth.
• The increasing cost of healthcare contributes to the infrastructure of the multiple myeloma market, which is another important element driving its growth rate. The market for multiple myeloma will also grow as the elderly population grows and as the number of fat people rises.

Multiple Myeloma Market Restraint

• Low treatment rates in emerging nations due to the high cost of multiple myeloma treatment would hinder the market's growth pace. Multiple myeloma will face challenges from a lack of skilled workers and a lack of healthcare infrastructure in developing nations. Additionally, a decrease in clinical visits brought on by the COVID-19 outbreak and a lack of public awareness may constrain and impede the market's growth rate throughout the projection period.

The global Multiple myeloma market is highly competitive. As a result, the global Multiple myeloma market has been witnessing the constant entry of new players over the years. In order to sustain the highly competitive environment, existing players differentiate themselves through innovation, quality, and technology.

Multiple Myeloma Market Top Players Company Profiles

• Sanofi (France)
• Pfizer Inc. (US)
• GlaxoSmithKline plc (UK)
• Novartis AG (Switzerland)
• Bayer AG (Germany)
• Eli Lilly and Company (US)
• Merck & Co., Inc. (US)
• Allergan (Ireland)
• AstraZeneca (UK)
• Johnson & Johnson Private Limited (US)
• Cipla Inc. (US)
• Abbott (US)
• AbbVie Inc. (US)
• Merck KGaA (Germany)

Multiple Myeloma Market Recent Developments

• In July 2022, Bristol-Myers Squibb Shares were Purchased by Great Valley Advisor Group Inc. number of other large investors have also recently added to or reduced their stakes in the business. Sanders Morris Harris LLC boosted its position in shares of Bristol-Myers Squibb by 0.3% during the 1st quarter.
• In June 2022, Johnson & Johnson and Pfizer both highlighted new data with BCMA-targeting bispecific antibodies in patients with relapsed or refractory multiple myeloma (RRMM) at ASCO, previewing a future rivalry if they get regulatory approval.

• A rise in research and development activities is driving the expansion of the multiple myeloma market. This will present advantageous chances for the expansion of the multiple myeloma market. Along with this, an increase in drug releases and approvals will speed up the market's expansion. The introduction of monoclonal antibodies (mAbs), such as Empliciti and Darzalex, will present a significant growth opportunity for the market because they will not only give patients with multiple myeloma a new therapeutic option, but also increase the interval between relapses, extending the effectiveness of Revlimid and Velcade treatments. These patients will also have access to the second-generation proteasome inhibitors Ninlaro and Kyprolis, broadening their range of treatment options. The market and industry, which are currently under the control of Revlimid, an immunomodulator, and Velcade, a proteasome inhibitor.

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our business information services team that collects, collates, co-relates and analyses the data collected by means of primary exploratory research backed by robust secondary desk research.

According to our analysis, the region of North America has a lead over other regions, dominance of North America can be attributed to significant growth in the incidence of the disease, high awareness of the need for early cancer detection and treatment, favorable reimbursement policies, and an advanced healthcare system. On the other hand, based on the segmentation, the segment of targeted therapy and chemotherapy acquired a larger market share due to the effectiveness of treatment. According to Drug Type, the immunomodulatory drug segment is expected to hold larger share of market attributed to their broad-spectrum effectiveness.