What is the global market size of Multiple Myeloma Market?

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).

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 2024-2031

Report ID: SQMIG35I2293 | Region: Global | Published Date: April, 2024
Pages: 157 | Tables: 94 | Figures: 76

Global Multiple Myeloma Market Regional Insights

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.

Global Multiple Myeloma Market Report Snapshots

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Multiple Myeloma Market size was valued at USD 23.53 billion in 2019 and is poised to grow from USD 25.06 billion in 2023 to USD 44.17 billion by 2031, growing at a CAGR of 6.5% in the forecast period (2024-2031).

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. 'Sanofi', 'Novartis AG', 'Takeda Pharmaceutical Company Limited', 'Celgene Corporation (a subsidiary of Bristol-Myers Squibb)', 'Amgen Inc.', 'Johnson & Johnson', 'AbbVie Inc.', 'GlaxoSmithKline plc', 'Pfizer Inc.', 'Janssen Biotech, Inc. (a subsidiary of Johnson & Johnson)', 'Bristol-Myers Squibb Company', 'Merck & Co., Inc.', 'Onyx Pharmaceuticals (a subsidiary of Amgen Inc.)', 'Millennium Pharmaceuticals (a subsidiary of Takeda Pharmaceutical Company Limited)', 'Spectrum Pharmaceuticals, Inc.', 'Karyopharm Therapeutics Inc.', 'Genmab A/S', 'Servier Pharmaceuticals LLC', 'AbbVie Biotechnology Ltd. (a subsidiary of AbbVie Inc.)', 'Janssen-Cilag International N.V. (a subsidiary of Johnson & Johnson)'

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.

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.

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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 2024-2031

Global Multiple Myeloma Market Regional Insights

Global Multiple Myeloma Market Report Snapshots

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