The global multiple myeloma treatment drugs market is expected to grow at a robust CAGR during the forecast period, i.e., 2021-2029. Rising number of multiple myeloma cases in the recent years is one of the major factors anticipated to boost the growth of the market. Our analysis reveals that in 2021, more than 34,000 adults in the United States are expected to be diagnosed with multiple myeloma cancer, up from 32,200 in 2020. In addition to this, the major factors that cause multiple myeloma cancerous growth are obesity, excessive exposure to radiation, ethnicity, increasing age and family history of this disease. Our analysis depicts that African Americans are more likely to develop multiple myeloma than Caucasians, with an incidence rate of 9 per 100,000 people as compared to 3.5 per 100,000 people of white ethnicity.
The market is segmented on the basis of drug class into proteasome inhibitors, immunomodulatory drugs, steroids, monoclonal antibodies, and others, out of which, the segment for immunomodulatory drugs is estimated to garner the largest market share in the year 2021 on account of their proven success to offer positive treatment rates. On the other hand, the proteasome inhibitors segment is expected to witness significant CAGR over the forecast period owing to the increasing effectiveness of these drugs for efficient anti-cancer treatment. Likewise, based on therapy, the chemotherapy segment is projected to grow with a noteworthy CAGR during the forecast period as several chemo-drugs are known to show more favorable outcomes as compared to treatment drugs of other multiple myeloma therapies. Furthermore, in terms of distribution channel, the hospital pharmacies segment is evaluated to occupy the largest market share by the end of 2029 as drugs can be easily prescribed, purchased and scrutinized in the healthcare facility itself.
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:
Our in-depth analysis of the global multiple myeloma treatment drugs market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Growing prevalence of multiple myeloma and increased penetration of cancer treatment drugs are the primary factors driving the market growth.
The market is anticipated to attain a robust CAGR over the forecast period, i.e., 2021-2029.
Expensive treatment cost and lack of awareness about cancer treatment in low-income economies are estimated to hamper market growth.
North America will provide more business growth opportunities on the back of increasing number of multiple myeloma patients.
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.
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.
The market is majorly segmented by drug class, therapy, distribution channel, end-user and by region.
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.
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