Multiple Myeloma Market to Reach Valuation of USD 33.1 Billion by 2030 – Growth in the Usage of Multiple Myeloma in Automotive Application Drives the Market

In terms of revenue, the Global Multiple Myeloma Market is expected to reach USD 33.1 Billion by 2030, growing at a CAGR (Compound Annual Growth Rate) of 6.3% from 2023 to 2030.

The global Multiple Myeloma market continues to grow due to a variety of causes, including the disease's increasing incidence and prevalence, advancements in diagnostic technologies, greater patient awareness and education, the appearance of novel medicines, and rising healthcare spending. The need for multiple myeloma treatment is being fueled by these factors, which are also increasing the market. In order to improve patient outcomes and the overall management of multiple myeloma, it is anticipated that the market will expand as research and development efforts continue.

Key Highlights from the Report

· Based on Treatment, Immunomodulators dominate the segment. This therapy is regarded as an emerging one because it has a better success rate for treating patients.

· Based on Distribution Channel, Hospital pharmacies dominate the market. This is so because the medications used in the treatment are unique and are only prescribed at medical facilities.

· In terms of Region, North America held the most significant market share in 2021 and is expected to be the most gainful market during the forecast period. This is due to rising disease prevalence and need for treatment, together with rising disease diagnosis and adoption of cutting-edge therapies.

Market Dynamics

The Multiple Myeloma market is embracing the trend of personalised therapy. Molecular profiling and genetic testing are enabling doctors to pinpoint precise indicators that can direct therapy choices. With the help of specific treatment alternatives that are catered to a person's genetic composition, personalised medicine can enhance treatment success while lowering unfavourable side effects.

As a method of treating multiple myeloma, combination treatments are gaining popularity. The efficacy of a treatment, the level of drug resistance, and the survival rate can all be increased by combining various drug classes. Novel combination medicines have also been created as a result of the development of novel therapeutics, and this development is anticipated to fuel market growth.

Biosimilars are becoming more important in the multiple myeloma market since they are less expensive than branded medications. In terms of quality, safety, and efficacy, a biosimilar is a biological product that is comparable to a reference product that has received FDA approval. There will be more competition on the market as a result of the introduction of biosimilars, which should result in lower drug costs and more accessibility to healthcare.

In the market for treating multiple myeloma, telemedicine, mobile health, and remote patient monitoring are becoming more popular. Improved patient engagement, remote access to healthcare services, and real-time monitoring of treatment results are all provided by these technologies. Digital health technologies are anticipated to increase patient outcomes, decrease readmissions to hospitals, and enhance treatment adherence.

The rising popularity of microRNA therapies, the development of nanomedicine platforms, and the ongoing development of efficient and secure medications is driving the Multiple Myeloma market. The pharmaceutical industry is expected to expand with the inclusion of monoclonal antibodies and histone deacetylase (HDAC) inhibitors to the current spectrum of therapeutics. Clinicians choose biologic therapy using monoclonal antibodies like darzalex and empliciti because of the documented therapeutic profile.

The market for multiple myeloma is significantly constrained by the high cost of treatment. Treatment for multiple myeloma is expensive and involves paying for medications, hospital stays, diagnostic procedures, and supportive care. A sizable fraction of patients is unable to afford the treatment, which prevents the market from expanding.

North America Multiple Myeloma market is expected to witness a noteworthy development with a significant growth rate over the analysis period. The market in the area is characterised by rising disease prevalence and need for treatment, together with rising disease diagnosis and adoption of cutting-edge therapies. This can be attributed to the patient population's higher healthcare spending on novel treatment alternatives and the presence of important companies with their potential launch candidates.

The Global Multiple Myeloma Market is Segmented as follows

• Drug Class
  • Immunomodulators
  • Proteasome Inhibitor
  • Anti-CD38 Monoclonal Antibody
  • Alkylating Agents
  • Other Drug Classes
• Distribution Channel
  • Hospital Pharmacies
  • Retail Pharmacies & Drug Stores
  • Online Pharmacies
• Region
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

List of the Key Players of the Global Multiple Myeloma Market is

Takeda Pharmaceutical Company Limited (Japan), Novartis AG (Switzerland), Teva Pharmaceutical Industries Ltd. (Israel), Bristol Myers Squibb Company (U.S.), Amgen Inc. (U.S.), ONO Pharmaceutical Co. Ltd. (Japan), Janssen Pharmaceuticals Inc. (Belgium), AbbVie Inc. (U.S.), Sanofi (Paris), Kary pharm (U.S.)

The Global Multiple Myeloma Market Scope can be Tabulated as below