What Factors Propelled The Growth Of The Multiple Myeloma Drugs Market In The Past?
The multiple myeloma drugs market has seen considerable growth due to a variety of factors.
•In previous years, the multiple myeloma drugs market has experienced significant growth. The market is projected to expand from $21.84 billion in 2024 to $23.25 billion in 2025, with a compound annual growth rate (CAGR) of 6.5%.
Factors contributing to growth in the historic period include enhanced diagnosis procedures, successful clinical trials, increased understanding of the disease biology, upgrades in healthcare infrastructure, patient advocacy, and heightened awareness.
What Is The Projected Growth And Market Size For The Multiple Myeloma Drugs Sector?
The multiple myeloma drugs market is expected to maintain its strong growth trajectory in upcoming years.
• Expectations are high for a robust growth in the multiple myeloma drugs market size in the coming years, with projections of it reaching $29.99 billion in 2029, boasting a compound annual growth rate (CAGR) of 6.6%.
This anticipated growth in the forecast period can be credited to advancements in immunotherapy, the broadening of targeted therapies, utilities of liquid biopsy, the advent of car-t cell therapy, and the breakthroughs in biomarker discovery. Alongside these growth factors, key trends that are predicted to be influential throughout the forecast period include a heightened priority on long-term survivorship, exploration into epigenetic therapies, an increased role of telemedicine, broader access to innovative therapies, and sustainability in the provision of myeloma care.
What Factors Are Driving Growth In The Multiple Myeloma Drugs Market?
The escalating occurrence of blood-related cancers is anticipated to propel the multiple myeloma drugs market's expansion. Such hematological cancers originate in blood-formation tissues like bone marrow, or in immune system cells like lymphoma, leukemia, multiple myeloma, and more. Multiple myeloma drugs are typically employed to manage different myeloma types, destroying and restricting cancer cell proliferation by slowing down cell division processes, promoting various enzymatic activities, and helping maintain bone strength and alleviate pain in deteriorating bones. For example, the American Cancer Society (ACS), a US health organization committed to eradicating cancer, reported around 59,610 newly diagnosed leukemia cases and roughly 20,380 acute myeloid leukemia (AML) cases in January 2023. Furthermore, the total leukemia-related deaths were approximately 23,710. Consequently, the rising prevalence of hematological cancer contributes to the expansion of the multiple myeloma drugs market.
What Are The Main Segments Of The Global Multiple Myeloma Drugs Market?
The multiple myeloma drugs market covered in this report is segmented –
1) By Drug Type: Immunomodulatory Drugs, Proteasome Inhibitors, Histone Deacetylase Inhibitors, Monoclonal Antibody Drugs, Steroids, Other Drug Types
2) By Therapy: Targeted Therapy, Biologic Therapy, Chemotherapy, Other Therapies
3) By Distribution Channel: Hospital Pharmacies, Retail Pharmacies, Online Pharmacies, Other Distribution Channels
4) By End-User: Men, Women
Subsegments:
1) By Immunomodulatory Drugs: Lenalidomide, Thalidomide, Pomalidomide
2) By Proteasome Inhibitors: Bortezomib, Carfilzomib, Ixazomib
3) By Histone Deacetylase Inhibitors: Panobinostat, Romidepsin
4) By Monoclonal Antibody Drugs: Daratumumab, Elotuzumab, Isatuximab
5) By Steroids: Dexamethasone, Prednisone
6) By Other Drug Types: Alkylating Agents, Antimetabolites, New Experimental Drugs
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What Emerging Trends Are Influencing The Growth Of The Multiple Myeloma Drugs Market?
The rising trend of product innovation is gaining traction in the multiple myeloma drugs market. Prominent companies in this market are focusing on creating novel products to consolidate their position and gain a competitive edge. For example, in March 2022, the US Food and Drug Administration approved Carvykti, a CAR T-Cell therapy (personalized immunotherapy) for multiple myeloma, developed by Janssen Biotech Inc., a biotechnology firm based in Japan. CARVYKTI (ciltacabtagene autoleucel) is a uniquely modified autologous cell-based product made up of T cells, transduced ex vivo with a replication-incompetent lentiviral vector that encodes an anti-B cell maturation antigen (BCMA) chimeric antigen receptor (CAR), consisting of two single domain antibodies connected to a 4-1BB costimulatory domain and a CD3-zeta signaling domain. It can be administered to patients who have undergone at least four lines of therapy, inclusive of three crucial kind of multiple myeloma drugs (an immunomodulating agent, a proteasome inhibitor, and an anti-CD38 monoclonal antibody), for the treatment of relapsed conditions.
Who Are the Key Players in the Multiple Myeloma Drugs Market?
Major companies operating in the multiple myeloma drugs market include:
• Pfizer Inc.
• Johnson & Johnson Pvt. Ltd
• Merck & Co. Inc.
• AbbVie Inc.
• Bayer AG.
• Roche Holding AG
• Novartis AG
• Sanofi S.A.
• Bristol-Myers Squibb Company
• GlaxoSmithKline Plc
• Takeda Pharmaceutical Company Limited
• Eli Lilly and Company
• Kite Pharma Inc
• Amgen Inc.
• AstraZeneca plc
• Teva Pharmaceutical Industries Ltd.
• Regeneron Pharmaceuticals Inc.
• Daiichi Sankyo Company
• Daiichi Sankyo Co. Ltd.
• Lonza Group AG
• Cipla Ltd.
• ONO Pharmaceutical Co. Ltd.
• BieGene Ltd.
• Biotest AG
• Onyx Pharmaceuticals Inc.
• PharmaMar SA
• Karyopharm Therapeutics Inc.
• Poseida Therapeutics Inc.
• ImmunoGen Inc.
• Oncopetides AB
What Is The Most Dominant Region In The Multiple Myeloma Drugs Market?
North America was the largest region in the multiple myeloma drugs market in 2024. The regions covered in the multiple myeloma drugs market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
