Healthcare

Global Multiple Myeloma Market: Press Release

The Global Multiple Myeloma Market was valued at USD 8.63 Billion in 2023 and is estimated to reach USD 11.69 Billion by 2033, growing at a CAGR of 9 % from 2023 to 2033.  

Scope of the market:

A rare form of cancer viz, Multiple Myeloma (MM) a type of Blood Cancer. Growing awareness amongst the population with symptoms is leading to continuous diagnoses of this disease, which in turn gives opportunities to various drug launches and higher treatment by the majority of key players. This disease leads to the death of a patient if left untreated. Many clinical trials are undergone by market players for the development of new therapeutics. Multiple Myeloma mainly affects bones, kidneys, and blood and as compared to women it is found in men. According to the National Cancer Institute, there will be 35,730 cases of cancer in 2023 contributing to 12,590 deaths.

For instance, from the year 2000 to 2020 around 217049 cases were diagnosed of multiple myeloma in the US.

Economic Impact of Covid-19:

The analysis of the COVID-19 recovery trajectory provides an overview of the main strategies that industries are implementing to respond to and recover from the economic crisis. It also focuses on the post-pandemic and pre-pandemic era of the Global Multiple Myeloma Market through PEST analysis, SWOT, Quantitative and Qualitative analysis, Attractive analysis, and DROs.

The COVID-19 pandemic had major effects on the diagnosis treatment and process of myeloma. A declining fall was seen in this year as compared to previous years. Between 2020 and 2021 there were 4,30,000 fewer patients seen.

Key Players:

• Takeda Pharmaceutical Co. Ltd
• Novartis AG
• Teva Pharmaceutical Industries Ltd.
• Amgen Inc.
• AbbVie Inc.
• Sanofi
• Mylan N.V.
• Pfizer Inc.
• Bayer AG
• Eli Lilly and Company
• Merck Co., Inc.
• Abbott
• Cipla Inc.
• Lupin
• Hikma Pharmaceutical PLC
• Fresenius Kabi AG
• Amneal Pharmaceutical LLC.
• Others

The above key players in the Global Multiple Myeloma Market can be changed according to the client’s requirements.

Recent Developments in Global Multiple Myeloma Market.

In 2023, According to the European medicine agency, Elranatamab the active substance in Elrexfio, is a monoclonal antibody that targets 2 proteins at a time. By attaching at the same time to a protein called B-cell maturation antigen (BCMA) which is present on the surface of the multiple myeloma cells and to CD3. A wide range of new drugs for the treatment of multiple myeloma have been approved in recent years.

In 2022, Teclistamab (Tecvayli) got approval from the Food and Drug Administration to treat people with multiple myeloma. The approval is based on the results of the MajesTEC-1 trial, which is for adults where multiple myeloma comes back after at least four prior lines of treatment.  

In 2022, Johnson & Johnson and Legend Biotech developed Caryvti a CAR-T therapy in competition with Brsitol-Myers Squibb and 2700 Bios Abecma.

Global Multiple Myeloma Market Key Benefits:

1. The report provides information regarding key drivers, restraints, and opportunities with impact analysis.
2. Quantitative and Qualitative analysis of the current market.
3. Estimations for the forecast period 2032.
4. Historical data and forecast data.
5. Recent developments and trends in the market.   
6. Market share of the market players, company profiles, SWOT analysis, and competitive landscape.
7. Covid-19 Impact analysis

Global Multiple Myeloma Market Segmentation:

By Type:

• Active Multiple Myeloma
• Smouldering Multiple Myeloma

By Diagnosis:

• Urine Tests
• Bone Marrow Biopsy
• Blood Tests
• Imaging Tests

By Dosage forms:

• Injections
• Capsules
• Tablets
• Others

By Symptoms:

• Bone Pain
• Fatigue
• Constipation
• Nausea
• Frequent Infection
• Others

By End User:

• Hospitals
• Specialty Clinics
• Homecare
• Others

Based on Region:

Asia-Pacific

• Japan
• China
• India
• Australia
• New Zealand
• Rest of Asia-Pacific

North America

• US
• Canada
• Mexico

Europe

• Germany
• France
• Italy    
• Spain
• UK
• Rest of Europe

The rest of the World

Each of the market segments has been analyzed in detail for market trends, recent trends and developments, drivers, restraints, opportunities, and competitive analysis.

Research Scope:

Report Scope	Details
Base Year	2023
Historical Years	2019 to 2022
Forecast Years	2023 to 2033
Market Size 2023	USD 8.63 BN
Market Revenue 2033	USD 11.69 BN
Growth Rate 2023- 2033	9 %
Report Coverage	Trends, SWOT Analysis, Competitive Landscape, DROs, Revenue Forecast, PEST Analysis.
Segments Covered	Type, Diagnosis, Dosage Forms, Symptoms End-User, Region
Companies Mentioned	Takeda Pharmaceutical Co. Ltd, Novartis AG, Teva Pharmaceutical Industries Ltd., Amgen Inc., AbbVie Inc., Sanofi, Mylan N.V., Pfizer Inc., Bayer AG, Eli Lilly and Company, Merck Co., Inc., Abbott, Cipla Inc., Lupin, Hikma Pharmaceutical PLC, Fresenius Kabi AG, Amneal Pharmaceutical LLC.,
Customization	Yes

Regional Analysis:

North America holds the largest market share near about 35%, due to its increasing awareness of cancer treatments and highly advanced therapeutics. Investments from giant key players in the healthcare sector are propelling this market in the North American region. In 2023, around 35,730 adults were diagnosed with multiple myeloma in the United States and estimated deaths are 12,590.

The market in Asia-Pacific and Europe is projected to hold the share during the forecast period. The rising number of approvals of key products and government initiatives to overcome cancer are driving this market in this region. However, the increasing population along with the high healthcare expenditure for new treatment options and the presence of key companies are also contributing to the market growth. Furthermore, the increasing obese population and rising geriatric population will expand this Multiple Myeloma Market in the coming years.

The coming years will give opportunities in the market due to an increase in the number of research and development, launches of drugs for multiple myeloma disease. For instance, 1.5 milligrams of Modakafusp Alfa given to a patient every 4 weeks has shown a partial response in their cancer by over 50%. This Modakafusp Alfa Clinical trial was conducted by Takeda in 2022 to investigate the efficiency, tolerability, and immunogenetics in patients with refractory multiple myeloma.

Key questions answered by this report.

1. Top market players contributing to the revenue?
2. Trending strategies by the players?
3. Which region will be the leading one in the forecast period?
4. Factors that drive the Global Multiple Myeloma Market?
5. Which factors will affect the Global Multiple Myeloma Market?
6. How Covid-19 pandemic impacted the growth of the Global Multiple Myeloma Market?
7. Which Segment accounted for the Global Multiple Myeloma Market shares?

 

Frequently Asked Questions (FAQ) :