Multiple Myeloma Drugs Market – Introduction of monoclonal antibodies with safety profile to fight myeloma cells is expected to boost growth of the market

Overview:

Multiple myeloma is aggressive cancer that usually forms in a group of white blood cells called a monoclonal plasma cell. Healthy white blood cells help fight off infections by producing antibodies that attack and specific viruses. However, in multiple myeloma, abnormal plasma cells gather in the bone marrow and block normal blood cells, resulting in symptoms that can vary from moderate to severe. These cells often begin to attack and damage healthy tissue in the body, creating a chronic medical condition and eventually leading to bone marrow cancer, also known as multiple myeloma. Surgical removal of the entire multiple myeloma tumor or sclerotherapy, which involves the injection of corticosteroid into the bone to shrink the tumor through a process called compartment syndrome. Medications such as heparin, warfarin, and combination chemotherapy are used to treat cancer. Radiation therapy also uses high-energy beams (like x-rays) to attack the cancer cells in the marrow.

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Competitive Landscape:

Major players operating in the global multiple myeloma drugs market include Teva Pharmaceutical Industries Ltd., Takeda Pharmaceutical Company Limited., Pharma Mar S.A., Pfizer Inc., Novartis AG, Merck & Co. Inc., Johnson & Johnson Services Inc., Genzyme Corporation (Sanofi-Aventis), Daiichi Sankyo Company, Bristol-Myers Squibb Company, and Amgen Inc.

Key Market Drivers:

The increasing prevalence of multiple myeloma in the world is the main factor that is expected to drive the growth of the global multiple myeloma drugs market. For instance, according to the National Institutes of Health (NIH), the global prevalence of multiple myeloma is around 160,000, and the mortality rate is 106,000. Surgery, chemotherapy, radiation therapy, and immunotherapy are often used together in a single treatment for multiple myeloma. This treatment option has been very successful but has come with a high risk of relapse after surgery or after some time of chemotherapy. Increasing treatment services and product launches by key market players is estimated to augment the growth of the global multiple myeloma drugs market.

Covid-19 Impact Analysis:

Increasing cases of COVID positive cases in the world is the main factor that impacted the growth of the global multiple myeloma drugs market. For instance, according to Our World in Data, the 7 day average of COVID positive cases in India in April 2021 was around 64,998. Moreover, several transport restrictions and national lockdown measures have also affected the market growth.

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Key Takeaways:

The size of the global multiple myeloma drugs market was assessed at around US$ 19.48 billion in 2018, and increasing at a CAGR of 6.0% is projected to reach around US$ 31.00 billion by the year 2026, owing to the increasing prevalence of multiple myeloma in the world. For instance, according to Myeloma Patients Europe, around 5800 individuals get diagnosed with myeloma.

North America is expected to hold a major share of the global multiple myeloma drugs market, wooing to the increasing prevalence of multiple myeloma in the region. For instance, according to the American Cancer Society, currently, there are around 34,920 multiple myeloma cases in the U.S.

The Asia Pacific is expected to witness high growth in the global multiple myeloma drugs market, owing to the increasing investment in the healthcare sector, especially in developing nations. For instance, according to Cancer Australia, the Australian government invests around US$ 187 million in cancer research programs.

Reasons to Purchase this Report

• To gain an in-depth understanding of Multiple Myeloma Drugs market globally

• To identify the on-going trends and anticipated growth in the next nine years

• To help industry consultants, Multiple Myeloma Drugs market other stakeholders align their market-centric strategies

• To obtain research-based business decisions and add weight to presentations and marketing strategies

• To gain competitive knowledge of leading market players

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