Research Nester released a report titled “Multiple Myeloma Therapy Market: Global Demand Analysis & Opportunity Outlook 2028” which delivers detailed overview of the global multiple myeloma therapy market in terms of market segmentation by therapy and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
Multiple myeloma is a type of blood cancer involving plasma cells in which the normal functioning of plasma cells is hampered, resulting in increasing risk of infections and diseases. The market for multiple myeloma therapy is anticipated to record a significantly high CAGR over the forecast period, i.e., 2020-2028. The market is segmented by therapy and by region, out of which, the therapy segment is further segmented into targeted therapy, chemotherapy, radiotherapy, bone marrow transplant and others. The targeted therapy segment is projected to grow at the highest rate during the forecast period on account of higher demand for drugs with lesser side effects as compared to chemotherapy and radiation therapy.
On the basis of region, the multiple myeloma therapy market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The segment for North America is anticipated to hold the largest market share on account of high number of cases in the region, mainly in the United States. The market in Asia Pacific region is estimated to grow at the highest rate in the coming years on the back of growing geriatric population in the area, especially in countries such as China, India and Japan.
Rising Cases of Multiple Myeloma to Boost the Demand for Effective Drugs
According to the American Cancer Society, the lifetime risk of getting multiple myeloma in the United States was recorded to be around 1 in 132 or 0.76%. Moreover, it estimates that around 32,270 new cases of multiple myeloma will be diagnosed in 2020, out of which, 17,530 cases will be in men and 14,740 in women.
The growing prevalence of multiple myeloma globally is anticipated to result in growth of the multiple myeloma therapy market. This is further anticipated to provide profitable business opportunities for market players looking to enter the multiple myeloma therapy market. However, the high cost of these drugs along with lower number of people requiring the therapies are predicted to hamper the market growth.
This report also provides the existing competitive scenario of some of the key players of the global multiple myeloma therapy market which includes company profiling of Sanofi, Celgene, Johnson & Johnson, GlaxoSmithKline plc, F. Hoffmann-La Roche Ltd, AbbVie Inc., Amgen Inc., Novartis AG, Millennium Pharmaceuticals and Innate Pharma SA. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global multiple myeloma therapy market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.