Multiple Myeloma Drugs Market Size to grow by USD 7944.7 million between 2024-2028
According to a research report “ Multiple Myeloma Drugs Market” by Therapy (Targeted therapy, Biologic therapy, Chemotherapy, Others) Distribution Channel (Hospital pharmacy, Retail pharmacy, E-pharmacy) Geography (North America, Europe, Asia, Rest of World (ROW))- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 7944.7 million, at a CAGR of 6.78% during the forecast period. The global multiple myeloma drugs market is experiencing significant growth due to the increasing prevalence of multiple myeloma as the most common type of myeloma, accounting for over 90% of diagnosed cases. This indication represents a substantial market opportunity for vendors, given the continuous advancements in its treatment landscape, including the approval of three proteasome inhibitors. The market expansion is driven by the rising incidence rate, fueled by ageing populations, obesity, and the growing number of plasma cell disorders, such as monoclonal gammopathy of undetermined significance and solitary plasmacytoma. Despite recent therapeutic advancements, the market continues to witness an increase in new cases, underscoring the ongoing demand for effective treatments.
Browse market data tables, figures, and in-depth TOC on “Multiple Myeloma Drugs Market” by Therapy (Targeted therapy, Biologic therapy, Chemotherapy, Others) Distribution Channel (Hospital pharmacy, Retail pharmacy, E-pharmacy) Geography (North America, Europe, Asia, Rest of World (ROW)) Global Forecast to 2028. Download Free Sample
By Therapy, the Targeted therapy segment is projected to dominate the market size in 2024
Hospital pharmacies represent a significant segment in the Multiple Myeloma Drugs Market, accounting for the largest market share in 2023. These pharmacies procure medications directly from pharmaceutical companies for use in treating both outpatients and inpatients within healthcare facilities. The scope of hospital pharmacies extends to therapeutic and critical care drugs, which find applications in various medical specialties such as cardiology, neurology, urology, and infectious diseases. The primary objective of hospital pharmacies is to efficiently manage the procurement, storage, and distribution of medications to patients during their hospital treatment regimens. The growing preference for compounded drugs in healthcare settings has led to an increased reliance on hospital pharmacies as the preferred distribution channel for these specialized medications.
By Distribution Channel, Hospital pharmacy segment is expected to hold the largest market size for the year 2024
In the realm of multiple myeloma treatment, targeted therapies represent a significant advancement in cancer care. These therapies specifically inhibit abnormalities within myeloma cells, enabling their selective elimination. Two primary classes of targeted therapies are proteasome inhibitors and histone deacetylase inhibitors. Proteasome inhibitors, such as VELCADE (bortezomib) and KYPROLIS (carfilzomib), obstruct the action of a myeloma cell substance, disrupting proteins and leading to cell death. VELCADE, initially approved for relapsed multiple myeloma patients following chemotherapy, later gained indication for use in the initial treatment phase in 2008. However, VELCADE's market dominance has been challenged due to patent expiry, resulting in a 6% decline in annual sales in 2021.
North America is forecasted to hold the largest market size by region in 2024
The Multiple Myeloma Drugs Market represents a significant business opportunity due to the increasing prevalence of this cancer type and the unmet medical need for effective treatments. Key players in this market include Amgen, Johnson & Johnson, and Celgene, who offer innovative solutions such as monoclonal antibodies, immunomodulatory agents, and proteasome inhibitors. Growth in this market is driven by factors like rising incidence, technological advancements, and regulatory approvals.
The Multiple Myeloma Drugs Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
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Research Analysis Overview
Multiple myeloma is a type of blood cancer that affects the plasma cells in the bone marrow. The market for multiple myeloma drugs is witnessing significant growth due to the development of novel therapies, including Mezogdomide, Bispecific antibodies, CAR-Ts, and IMiDs (lenalidomide and pomalidomide). These biological drugs have shown positive clinical data in treating multiple myeloma, making them key players in the oncology therapeutics market. Mezogdomide, a novel BET inhibitor, is under clinical trials for its potential in treating multiple myeloma. Bispecific antibodies and CAR-Ts, which are types of targeted therapy, have shown promise in treating relapsed or refractory multiple myeloma. IMiDs, which are oral medications, have revolutionized the treatment landscape by improving overall survival and quality of life for patients. Despite the advancements, multiple myeloma remains a complex disease with challenges such as infections, anemia, paraproteins, and bone marrow suppression. Traditional therapies like chemotherapy, radiation therapy, and stem cell transplantation continue to be used in combination with these new drugs to manage the disease. The market for multiple myeloma drugs is expected to grow significantly in the coming years, with blockbuster drugs leading the way in this rapidly evolving field.
Market Research Overview
Multiple myeloma is a type of hematological malignancy characterized by the proliferation of monoclonal plasma cells. The treatment landscape for multiple myeloma has evolved significantly in recent years, with new drugs and treatment paradigms emerging. CAR-T therapies, such as Janssen's Zevarocabtagene autoleucel and Triumvira Immunologics' BCMA-targeted CAR-Ts, have shown positive clinical data in late-stage trials. Other biological drugs, like Teclistamab, Tecvayli, and the bispecific antibodies Linvoseltamab, Talquetamab, and Elranatamab, target CD3, BCMA, and CD38 antigens, respectively. Thalidomide, Melphalan, Cyclophosphamide, and Proteasome inhibitors like Bortezomib and Carfilzomib are still commonly used in the treatment plan for active myeloma. Nuclear export inhibitors like Selinexor and histone deacetylase inhibitors are used for patients with multidrug resistance or treatment failure. The healthcare community continues to explore new treatment options for multiple myeloma, including monoclonal antibodies, immunomodulating agents, and alkylating agents. Newly diagnosed patients may undergo stem cell transplantation, chemotherapy, radiation therapy, or targeted therapy, depending on the severity of their condition. Multiple myeloma can present with symptoms like hypercalcemia, bone pain, and organ dysfunction. Diagnosis involves a biopsy and the identification of monoclonal plasma cells in the bone marrow. The prognosis for multiple myeloma varies widely, with some patients experiencing long-term remission while others may face treatment failure and infections. In the market, multiple myeloma therapeutics include blockbuster drugs like Venetoclax and Daratumumab, as well as newer medications like Iberdomide and Mezogdomide. These drugs are available through online pharmacies and hospital pharmacies. Cancer Network and other oncology therapeutics provide updates on the latest positive clinical data and treatment options for multiple myeloma. In summary, multiple myeloma is a complex disorder that requires a multifaceted approach to treatment. The treatment landscape continues to evolve, with new drugs and treatment paradigms emerging to improve patient outcomes. Patients with multiple myeloma may receive a combination of chemotherapy, radiation therapy, targeted therapy, immunotherapy, and stem cell transplantation, depending on the severity of their condition. The healthcare community remains committed to finding new and effective treatments for this hematological malignancy.
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