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
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
Histone Deacetylase (HDAC) inhibitors
Stem cell transplant and supportive treatments
Multiple Myeloma Therapeutics Regional Outlook (Revenue, USD Billion, 2014 - 2024)
Middle East and Africa
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