Our in-depth analysis of the global multiple myeloma treatment drugs market includes the following segments:
By Drug Class
By Distribution Channel
The global multiple myeloma treatment drugs market is segmented into five major regions, namely, North America, Latin America, Europe, Asia Pacific and the Middle East & Africa. The market in the North America is projected to grab the largest market share in 2021 and is expected to continue this trend over the forecast period on the back of increasing adoption of various types of cancer medication and continued advancements in the healthcare sector. Along with these, rising patient-pool is leading to an increase in demand for these treatment drugs, which is also anticipated to contribute to the growth of the market in the region. Similarly, the market in the Asia Pacific is estimated to acquire a notable share during the forecast period and can be attributed to the increasing prevalence of this disease in Asian countries, namely, Thailand, Taiwan and Korea. Government’s openness to adopt new therapies is also expected to drive the market growth in this region. Europe is also anticipated to witness significant market growth as a result of favorable regulatory changes regarding approval of new cancer medication in the recent years.
The global multiple myeloma treatment drugs market is further classified on the basis of region as follows:
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: Growing prevalence of multiple myeloma and increased penetration of cancer treatment drugs are the primary factors driving the market growth.
Ans: The market is anticipated to attain a robust CAGR over the forecast period, i.e., 2021-2029.
Ans: Expensive treatment cost and lack of awareness about cancer treatment in low-income economies are estimated to hamper market growth.
Ans: North America will provide more business growth opportunities on the back of increasing number of multiple myeloma patients.
Ans: The major players of the market are Bristol-Myers Squibb Company, Johnson & Johnson Services Inc., Merck Sharp & Dohme Corp., Pfizer Inc., Novartis International AG and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is majorly segmented by drug class, therapy, distribution channel, end-user and by region.
Ans: With respect to therapy, chemotherapy is anticipated to hold the largest market share owing to better positive treatment rates than immunotherapy, radiation therapy and stem-cell transplant.