Emergence of Highly Selling Drugs Provide Lucrative Opportunities in Multiple Myeloma Therapy Market
Revlimid, a drug manufactured by Celgene, is a widely-used drug for the treatment of multiple myeloma. Celgene has been generating significant revenues from the drug, which are increasing on a yearly basis and projected to increase further. In the third quarter of 2019, Celgene reported generation of revenues of USD 1,902 million from Revlimid in the United States and USD 868 million from the rest of the world. This provides profitable business opportunities for market players looking to enter the multiple myeloma therapy market.
Significant Developments in Multiple Myeloma Therapies to Expand the Market Size
The growing number of drug approvals, mainly monoclonal antibodies and corticosteroids, for the treatment of multiple myeloma is anticipated to drive the growth of multiple myeloma therapy market. In 2020, the U.S. Food and Drug Administration approved a new therapy for multiple myeloma, known as SARCLISA® (isatuximab-irfc), developed and manufactured by Sanofi. It is a CD38-directed cytolytic antibody used for the treatment of multiple myeloma in adult patients. This therapy is used in patients who have received at least two therapies consisting of lenalidomide and a proteasome inhibitor. Development of new and innovative products and combination therapies for multiple myeloma is projected to become a major factor contributing towards the growth of this market in the near future.
The multiple myeloma therapy market 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. Based on therapy, the targeted therapy segment is anticipated to grow at the highest rate in the multiple myeloma therapy market. The side-effects caused by treatment methods such as chemotherapy and bone marrow transplants is a major factor resulting in a higher demand for targeted therapies in the form of drugs. Targeted drugs affect only a particular area associated with the myeloma cells. This is anticipated to increase the market growth of targeted therapy for multiple myeloma over the forecast period.
The American Cancer Society 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. Moreover, about 12,830 deaths as a result of this disorder are predicted to occur, out of which, 7,190 are estimated to be in men and 5,640 in women. The lifetime risk of getting multiple myeloma in the United States was recorded to be around 1 in 132 or 0.76%. The rising prevalence of multiple myeloma is leading to an increased demand for effective and easy-to-administer therapies globally.
High Cost of Therapy to Hamper the Growth of Multiple Myeloma Therapy Market
The treatment for multiple myeloma can be expensive which might not attract their adoption by all the patients. The equipment and products required for therapies such as chemotherapy and radiotherapy are highly expensive as well. Apart from this, the lesser number of people with severe multiple myeloma which display symptoms and require therapy is estimated to be another additional factor responsible for restricting the market growth in the coming years.
Our in-depth analysis of the multiple myeloma therapy market includes the following segments:
On the basis of regional analysis, 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. Further, the presence of leading companies involved in research and development as well as manufacturing of multiple myeloma therapies is another factor contributing towards the large share in the market. As the disease has a high chance of occurring in elderly people, the market in Asia Pacific region is estimated to observe substantial growth on the back of large geriatric population in the area, especially in countries such as China, India and Japan.
The multiple myeloma therapy market is further classified on the basis of region as follows:
On September 26, 2019, Janssen Pharmaceutical Companies by Johnson and Johnson announced that they received approval of DARZALEX® (daratumumab) in combination with bortezomib, thalidomide and dexamethasone (VTd) by the U.S. Food and Drug Administration (FDA) for the treatment of multiple myeloma in newly diagnosed patients.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Ans: High revenues associated with multiple myeloma drugs and significant developments in existing and new therapies is anticipated to drive the market growth.
Ans: The market is anticipated to attain a significantly high over the forecast period, i.e. 2020-2028.
Ans: The market in Asia Pacific region is estimated to provide lucrative business opportunities on account of presence of target population, i.e., elderly population with multiple myeloma.
Ans: The major players in the market are: Sanofi, Celgene, Johnson & Johnson, GlaxoSmithKline plc, F. Hoffmann-La Roche Ltd, AbbVie Inc., Amgen Inc., Novartis AG, Millennium Pharmaceuticals and Innate Pharma SA.
Ans: Company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determines the revenue generating capacity as well as the new products being launched into the market by the company.