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Soaring Demand Set to Propel Multiple Myeloma Drugs Market to $29.44 Billion by 2029
Multiple Myeloma Drugs
What Is the Expected CAGR for the Multiple Myeloma Drugs Market Through 2025?
The market for multiple myeloma drugs has seen significant growth in recent times. The market is projected to increase from $21.84 billion in 2024 to $23.03 billion in 2025, experiencing a compound annual growth rate (CAGR) of 5.4%. The growth witnessed in the historical period is due to factors such as better diagnosis, successful clinical trials, deepened understanding of the disease biology, advancements in healthcare infrastructure, patient advocacy, and increased awareness.
What's the Projected Size of the Global Multiple Myeloma Drugs Market by 2029?
In the coming years, a robust expansion is projected for the multiple myeloma drugs market. Expected to reach "$29.44 billion by 2029," it will accumulate an annual growth rate (CAGR) of 6.3%. This projected growth within the forecast period can be ascribed to advancements in immunotherapy, the growth of targeted treatments, the use of liquid biopsy, the advent of car-t cell therapy, and the discovery of biomarkers. Some of the significant trends within the forecast period encompass a focus on long-term survivorship, exploration into epigenetic therapies, the increased role of telemedicine, broader access to innovative treatments, and ongoing sustainability in myeloma care.
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Top Growth Drivers in the Multiple Myeloma Drugs Industry: What's Accelerating the Market?
The surge in cases of hematological cancer is anticipated to propel the expansion of the multiple myeloma drugs market. Hematological cancers originate from blood-forming tissue, such as bone marrow, or immune system cells, like leukemia, lymphoma, multiple myeloma, among others. Multiple myeloma drugs are typically utilized to treat different myelomas by terminating and regulating the proliferation of cancer cells, reducing the cell division process, stimulating various enzymatic activities, and aiding in fortifying bones and alleviating pain in deteriorating bones. As an illustration, the American Cancer Society (ACS), a US-based health organization committed to eradicating cancer, reported in January 2023 that there were about 59,610 new cases of leukemia and approximately 20,380 instances of acute myeloid leukemia (AML). Moreover, the total death count due to leukemia was roughly 23,710. Consequently, the escalating incidence of hematological cancer is fuelling the growth of the multiple myeloma drugs market.
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What Long-Term Trends Will Define the Future of the Multiple Myeloma Drugs Market?
The trend of product innovation is ascendant in the multiple myeloma drugs industry, with top companies focusing on the creation of fresh and unique offerings to bolster their market standing. For instance, Janssen Biotech Inc., a biotechnology organization based in Japan, was granted approval from the United States Food and Drug Administration in March 2022 for Carvykti, a treatment model known as CAR T-Cell Therapy, designed to target multiple myeloma. Carvykti, or ciltacabtagene autoleucel, is a genetically engineered cell-based solution, developed using T cells altered ex vivo through a replication-incompetent lentiviral vector bearing a unique chimeric antigen receptor (CAR), which is geared towards the B-cell maturation antigen (BCMA). This CAR is created by connecting two singular domain antibodies to a 4-1BB costimulatory domain and a CD3-zeta signaling domain. Carvykti is applicable for patients who have already undergone at least four different therapy lines, which should have included treatments involving three key types of multiple myeloma drugs: an immunomodulating agent, a proteasome inhibitor, and an anti-CD38 monoclonal antibody. Such patients can utilize Carvykti to manage conditions that have reoccurred.
What Are the Main Segments in the Multiple Myeloma Drugs Market?
The multiple myeloma drugs market covered in this report is segmented -
1) By Drug Type: Immunomodulatory Drugs, Proteasome Inhibitors, Histone Deacetylase Inhibitors, Monoclonal Antibody Drugs, Steroids, Other Drug Types
2) By Therapy: Targeted Therapy, Biologic Therapy, Chemotherapy, Other Therapies
3) By Distribution Channel: Hospital Pharmacies, Retail Pharmacies, Online Pharmacies, Other Distribution Channels
4) By End-User: Men, Women
Subsegments:
1) By Immunomodulatory Drugs: Lenalidomide, Thalidomide, Pomalidomide
2) By Proteasome Inhibitors: Bortezomib, Carfilzomib, Ixazomib
3) By Histone Deacetylase Inhibitors: Panobinostat, Romidepsin
4) By Monoclonal Antibody Drugs: Daratumumab, Elotuzumab, Isatuximab
5) By Steroids: Dexamethasone, Prednisone
6) By Other Drug Types: Alkylating Agents, Antimetabolites, New Experimental Drugs
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Which Top Companies are Driving Growth in the Multiple Myeloma Drugs Market?
Major companies operating in the multiple myeloma drugs market include Pfizer Inc., Johnson & Johnson Pvt. Ltd, Merck & Co. Inc., AbbVie Inc., Bayer AG., Roche Holding AG, Novartis AG, Sanofi S.A., Bristol-Myers Squibb Company, GlaxoSmithKline Plc, Takeda Pharmaceutical Company Limited, Eli Lilly and Company, Kite Pharma Inc, Amgen Inc., AstraZeneca plc, Teva Pharmaceutical Industries Ltd., Regeneron Pharmaceuticals Inc., Daiichi Sankyo Company, Daiichi Sankyo Co. Ltd., Lonza Group AG, Cipla Ltd., ONO Pharmaceutical Co. Ltd., BieGene Ltd., Biotest AG, Onyx Pharmaceuticals Inc., PharmaMar SA, Karyopharm Therapeutics Inc., Poseida Therapeutics Inc., ImmunoGen Inc., Oncopetides AB
Which Regions Will Dominate the Multiple Myeloma Drugs Market Through 2029?
North America was the largest region in the multiple myeloma drugs market in 2024. The regions covered in the multiple myeloma drugs market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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