The global multiple myeloma therapeutics market was valued at USD 7.5 billion in 2015 and is expected to reach a value of USD 37.5 billion by 2024. Key factors driving the market expansion include constant introduction of newer and effective therapeutic options and high adoption rates of the same.
This
space is expected to gain momentum with the addition of novel drugs to the
current therapeutics array with monoclonal antibodies and Histone Deacetylase
(HDAC) inhibitors. Due to failed outcomes of the currently available
medication, there is a high demand for effective treatment strategies to offset
therapeutic dissatis faction and increase life expectancies of patients; which
in turn is expected to boost the research and development of improved therapies
for multiple myeloma.
Growing
prevalence of the disease along with the surging elderly population is the
prime factor expected to drive the growth significantly during the forecast
period. Complications involved in treating geriatric patients are driving the
demand for supportive treatments such as restoration procedures involving
transfusion of blood components and point of care technologies.
The
U.S, followed by Europe, has been dominating the market owing to the presence
of major players in these regions, faster approval rates, and favorable
healthcare policies. Higher prevalence of multiple myeloma in the developed
economies is a pivotal determinant driving the growth of the Europe market.
The
space consists of a few major players including Celgene Corporation, Janssen
Biotech, Inc., Bristol-Myers Squibb Company, and Novartis AG. A large revenue
share is captured by Celgene Corporation with its high-performing drug,
Revlimid. The drug currently dominates the market with more than 50% share of
the total multiple myeloma therapeutics market.
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Further Key
Findings from the Study Suggest:
- According to the National
Cancer Institute, more than 30,330 new cases of multiple myelomaare
expected to register in 2016. The number of new cases is expected to grow
each year with the growing geriatric population.
- Newly introduced drugs are
expected to increase the longevity of patients undergoing treatment for
multiple myeloma, which yields a high cumulative number of patients
requiring treatment each year.
- In 2015, the chemotherapy
and other drugs segment dominated the global space with largest revenue
share owing to lack of effective alternative option.
- Chemotherapy and other drugs
segment has been sub-segmented into traditional chemotherapy, immunomodulating
agents, protea some inhibitors, HDAC inhibitors, and monoclonal
antibodies.
- In 2015, immunomodulating
agents drug class captured the largest market share. Absence of comparable
alternatives is the prime factor driving the growth of the segment
- The newly introduced drugs
belonging to the classes HDAC inhibitors and monoclonal antibodies are
expected to show the fastest growth during the forecast period owing to
the effectiveness and safety of these drugs
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Grand View Research has segmented
the multiple myeloma therapeutics market by product and region:
Multiple Myeloma
Therapeutics Type Outlook (Revenue, USD Billion, 2014 - 2024)
- Chemotherapy and other drugs
- Traditional chemotherapy
- Immunomodulating agents
- Proteasome inhibitors
- Histone Deacetylase (HDAC)
inhibitors
- Monoclonal antibodies
- Radiation
- Stem cell transplant and
supportive treatments
Multiple Myeloma
Therapeutics Regional Outlook (Revenue, USD Billion, 2014 - 2024)
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- Asia Pacific
- Japan
- India
- Latin America
- Brazil
- Mexico
- Middle East and Africa
- South Africa
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View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
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