In the multiple myeloma market, advanced imaging techniques such as MRI and PET-CT scans are pivotal for precise diagnosis and monitoring of disease progression, detecting bone lesions, and assessing metabolic activity. Blood and urine tests, targeting monoclonal proteins and genetic abnormalities, provide crucial biomarker insights. The demand for these diagnostic tools contributes to the growth of the medical imaging and in vitro diagnostics markets, enhancing accuracy in multiple myeloma detection. Precision medicine's increasing role underscores the importance of genetic tests, influencing treatment strategies and contributing to market expansion.
According to Data Bridge Market Research analyses the Global Multiple Myeloma Market was valued at USD 23.53 billion in 2021 and is expected to reach USD 38.94 billion by 2029, registering a CAGR of 6.50% during the forecast period of 2022 to 2029.
"Increased investments in healthcare infrastructure boosts the market growth"
Increased investment supports ongoing training for healthcare professionals, ensuring expertise in multiple myeloma care. Patient support programs and improved accessibility to cutting-edge therapies contribute to comprehensive and timely patient care. Enhanced healthcare infrastructure facilitates robust data management, aiding in understanding disease trends and treatment outcomes. Overall, greater financial commitment elevates the standard of care, advancing innovation and positively impacting the multiple myeloma treatment landscape.
What restraints the growth of the global multiple myeloma market?
“High costs lead to low treatment rates hampers the market growth”
The growth of the multiple myeloma market is impeded by low treatment rates in developing countries, largely due to the high costs associated with advanced therapies. The high financial burden limits accessibility, hindering the widespread adoption of innovative treatments such as CAR T-Cell Therapy. This economic barrier not only impacts patient outcomes but also challenges pharmaceutical companies seeking market penetration.
Segmentation: Global Multiple Myeloma Market
The global multiple myeloma market is segmented on the basis of type, treatment, diagnosis, symptoms, dosage forms, route of administration, end-users, and distribution channel.
- On the basis of type, the global multiple myeloma market is segmented into smouldering multiple myeloma, and active multiple myeloma
- On the basis of treatment, the global multiple myeloma market is segmented into medication, radiation therapy, stem cell transplant, and others
- On the basis of diagnosis, the global multiple myeloma market is segmented into blood tests, bone marrow biopsy, urine tests, and imaging tests
- On the basis of symptoms, the global multiple myeloma market is segmented into bone pain, weight loss, constipation, fatigue, frequent infections, loss of appetite, confusion, numbness in legs, nausea, excessive thirst, and others
- On the basis of dosage forms, the global multiple myeloma market is segmented into capsule, tablets, injections, and others
- On the basis of route of administration, the global multiple myeloma market is segmented into oral, parenteral, and others
- On the basis of end-users, the global multiple myeloma market is segmented into hospitals, specialty clinics, homecare, and others
- On the basis of distribution channel, the global multiple myeloma market is segmented into hospital pharmacy, retail pharmacy, online pharmacy, and others
Regional Insights: North America dominates the Global Multiple Myeloma Market
North America dominates the multiple myeloma market due to a rising incidence of blood cancer, a growing elderly population, and increased demand for biologic therapies. Unhealthy lifestyles contribute to the disease prevalence. The region's advanced healthcare infrastructure ensures timely diagnosis and access to cutting-edge treatments, reinforcing its leadership in the global multiple myeloma market.
The Asia-Pacific multiple myeloma market is expected to grow (2022-2029) due to increased adoption of novel cancer drugs, rising healthcare expenditure, and a growing obese population. Government initiatives and collaborations further contribute to an environment conducive to research and development, making the region a significant growth market for multiple myeloma management.
To know more about the study visit, https://www.databridgemarketresearch.com/reports/global-multiple-myeloma-market
Recent Developments in the Global Multiple Myeloma Market
- In April 2021, the U.S. Food and Drug Administration (FDA) granted approval for BCMA-targeted CAR T-Cell Therapy in the treatment of multiple myeloma. This significant milestone was supported by compelling evidence from a small-scale study demonstrating that idecabtagene vicleucel (ide-cel) resulted in a 72 percent reduction in tumor size among patients. Impressively, these therapeutic effects were sustained for an average duration of 11 months
- In June 2021, AbbVie completed the acquisition of TeneoOne, securing a pivotal immunotherapeutic asset for treating multiple myeloma called TNB-383B. This bispecific antibody is uniquely designed to target both BCMA and CD3, harnessing the body's immune system to identify and eliminate BCMA-expressing tumor cells. The collaboration between AbbVie and TeneoOne, initiated in February 2019, focused on the development and commercialization of TNB-383B. Following an interim review of an ongoing Phase I study, AbbVie exercised its acquisition right, underscoring the promising potential of this innovative immunotherapeutic approach
The Prominent Key Players Operating in the Global Multiple Myeloma Market Include:
- F. Hoffmann-La Roche Ltd. (Switzerland)
- Mylan N.V. (U.S.)
- Teva Pharmaceutical Industries Ltd. (Ireland)
- Sanofi (France)
- Pfizer Inc. (U.S.)
- GlaxoSmithKline plc (U.K.)
- Novartis AG (Switzerland)
- Bayer AG (Germany)
- Eli Lilly and Company (U.S.)
- Merck & Co., Inc. (U.S.)
- Allergan (Ireland)
- AstraZeneca (U.K.)
- AbbVie Inc. (U.S.)
- Johnson & Johnson Private Limited (U.S.)
- Cipla Inc. (U.S.)
- Abbott (U.S.)
- Merck KGaA (Germany)
- LEO Pharma A/S (Denmark)
- Bausch Health Companies Inc. (Canada)
- Sun Pharmaceutical Industries Ltd. (India)
- Aurobindo Pharma (India)
- Lupin (India)
- Hikma Pharmaceuticals PLC (U.K.)
- Fresenius Kabi AG (Germany)
- Amneal Pharmaceuticals LLC. (U.S.)
Above are the key players covered in the report, to know about more and exhaustive list of global multiple myeloma market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Multiple Myeloma Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
