Multiple myeloma treatment market insights and analysis by treatment, end user-forecast till 2027. As predicted by the report furnished by Market Research Future (MRFR), the global multiple myeloma treatment market will be rising steadily at a lucrative CAGR of 11.0% during the forecast period from (2022–2027).
Multiple myeloma treatment options have expanded dramatically in recent years. Also, because to cutting-edge medications, persons with multiple myeloma are seeing good survival rates. Also, it should be noted that biological drugs and stem cell-based therapies, both of which will significantly contribute to the market's future rise, as well as the multiple myeloma drug pipeline hold a lot of potential. Additionally, the leading companies in the multiple myeloma business are developing ground-breaking medicines for multiple myeloma that are tailored to the patient's genome, thanks to extensive research and development efforts.
As per Multiple Myeloma Research Foundation, multiple myeloma generally occurs in bone marrow particularly located in the pelvic bones, spine, ribs, and the area of the hips and shoulders. Apart from this, the groups of myeloma cells prompt other cells present in the bone marrow to get rid of the solid part of the bone, causing osteolytic lesions or soft spots in the bone. This results in weakened bones as well as increasing the risk of fractures. Growing awareness regarding early cancer diagnosis along with the availability of advanced diagnostic techniques like imaging devices and personalized diagnostic tests are expected to provide lucrative growth opportunities for market expansion. The recent launch of monoclonal antibodies (mAbs) Empliciti and daratumumab coupled with effective pipeline and lastly, increasing prevalence of multiple myeloma in developing nations, resulting in the strong growth of drug therapy are bound to create various growth opportunities for the multiple myeloma treatment in the forthcoming years.
Competitive Landscape
The key vendors competing in the global multiple myeloma treatment market include Janssen Biotech, Inc., Bristol-Myers Squibb Company, Takeda Pharmaceuticals Millennium Pharmaceuticals, Novartis AG, Genzyme Corporation, Juno Therapeutics, Johnson Johnson, Novartis AG, Celgene Corporation, AbbVie Inc., Amgen, Inc., Innate Pharma SA, Celldex Therapeutics, Inc., GlaxoSmithKline plc, Pfizer, F. Hoffmann-La Roche Ltd., Onyx Pharmaceuticals, among others.
Segmentation
The global multiple myeloma treatment market trend is segmented on the basis of treatment types and end users.
The market, based on the treatment types, is segmented into chemotherapy, corticosteroids, interferon, stem cell transplant, and radiation therapy.
Chemotherapy is sub-segmented into bendamustine (treanda), cyclophosphamide (Cytoxan), doxorubicin (adriamycin), etoposide (vp-16), liposomal doxorubicin (Doxil), melphalan (Alkeran, evomela), vincristine (Oncovin).
The end users in the global multiple myeloma treatment market include hospitals, clinics, rehabilitative center treatment, independent pharmacies, and others.
Regional Analysis
The flourishing market in the Americas is set to garner the top position in the global multiple myeloma treatment market during the assessment period, on account of the growing prevalence of blood cancer, unhealthy lifestyle, expanding geriatric population, augmented demand for biologic therapies, and the striking emergence of nanomedicine. In addition, the increasing incidences of cancer in the wake of the burgeoning aging population will bolster the market growth in the region. North America accounts for the maximum share of the global multiple myeloma treatment market, as a result of the surging investment by government in research and development activities for the diagnosis management of myeloma disorder.
In addition, Europe's market is considered to be the second-largest in the world thanks to government support, a flourishing healthcare industry, and an increase in the number of older people. Another element supporting the expansion of the local market is the rising incidence of the myeloma illness.
In contrast, the Asia Pacific market exhibits a spectacular pattern of growth and is anticipated to grow the fastest during the assessment period among all the regions. The main drivers of this phenomenal rise are the region's rising ageing and obese populations, rising healthcare costs, and the greater use of innovative cancer treatments. Last but not least, despite having the smallest worldwide market share, the Middle East and Africa market will continue to rise steadily, a trend that can be linked to rising healthcare spending and expanding healthcare infrastructure.
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