USD 23.53 billion
Report ID: SQSG35I2008 | Region: Global | Published Date: December, 2022 | Pages: 157 | Tables: 94 | Figures: 76
Global Multiple Myeloma Market size was valued at USD 23.53 billion in 2021 and is poised to grow from USD 25.06 billion in 2022 to USD 44.17 billion by 2030, growing at a CAGR of 6.5% in the forecast period (2023-2030).
Multiple myeloma is a critical type of blood cancer that mostly targets plasma cells. It is an uncommon form of cancer. The number of diagnoses among patients is rising as a result of growing awareness of disease symptoms. As a result, several potentially blockbuster medications were introduced, and the treatment expertise of the leading Multiple Myeloma Market competitors increased. As per the Globocan 2020 information sheet, there were an expected 19,292,789 new cancer cases, with about 9,958,133 cancer-related deaths.
Furthermore, the International Agency for Research on Cancer (IARC) predicts that by 2040, the worldwide incidence of cancer will have increased to 27.5 million new cases and 16.3 million deaths. In the entire world, men are around 1.5 times more likely to have it than women. Although no single risk factor has been linked to multiple myeloma, suggested underlying causes include differences in health-risk behaviors like smoking and alcohol consumption as well as higher rates of obesity among males. The disease is more prevalent among the age group of older adults with median age i.e., between the age range 55 to 65 years.
Additionally, rising incidence rates of hematological cancer and rising demand for healthcare infrastructure, research, and treatment are the main drivers of the multiple myeloma market. Low treatment rates in developing countries are a limiting factor to the market expansion for the global multiple myeloma market.
US Multiple Myeloma Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 23.53 billion
Largest Segment
Hospital Pharmacies
Fastest Growth
Hospital Pharmacies
Growth Rate
6.5% CAGR
To get more reports on the above market click here to Buy The Report
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.
To get detailed analysis on other segments, Request For Sample Report
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.
To know more about the market opportunities by region and country, click here to
Buy The Complete Report
Multiple Myeloma Market Driver
Multiple Myeloma Market Restraint
Speak to one of our ABIRAW analyst for your custom requirements before the purchase of this report
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
Multiple Myeloma Market Recent Developments
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.
Report Metric | Details |
---|---|
Market size value in 2021 | USD 23.53 billion |
Market size value in 2030 | USD 25.06 billion |
Growth Rate | 6.5% |
Base year | 2021 |
Forecast period | 2023-2030 |
Forecast Unit (Value) | USD Billion |
Segments covered |
|
Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
|
Customization scope | Free report customization with purchase. Customization includes:-
|
To get a free trial access to our platform which is a one stop solution for all your data requirements for quicker decision making. This platform allows you to compare markets, competitors who are prominent in the market, and mega trends that are influencing the dynamics in the market. Also, get access to detailed SkyQuest exclusive matrix.
Buy The Complete Report to read the analyzed strategies adopted by the top vendors either to retain or gain market share
Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Multiple Myeloma Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Multiple Myeloma Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Multiple Myeloma Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Multiple Myeloma Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Our industry expert will work with you to provide you with customized data in a short amount of time.
SPEAK TO AN ANALYSTGet lifetime access to our reports
Basic Plan $5,000 Team Plan $10,000 SUBSCRIBE NOWWant to customize this report? This report can be personalized according to your needs. Our analysts and industry experts will work directly with you to understand your requirements and provide you with customized data in a short amount of time. We offer $1000 worth of FREE customization at the time of purchase.
Product ID: SQSG35I2008