Multiple myeloma (MM) is a malignant plasma cell disease. Its tumor cells originate from plasma cells in the bone marrow, and plasma cells are cells that develop B lymphocytes to the final functional stage. Therefore, multiple myeloma can be classified as B lymphocytic lymphoma. It is currently classified by WHO as a type of B-cell lymphoma, called plasma cell myeloma/plasmacytoma. It is characterized by abnormal proliferation of bone marrow plasma cells accompanied by an overproduction of monoclonal immunoglobulin or light chain (M protein). Multiple myeloma is characterized by the tumorous proliferation of cloned plasma cells that produce monoclonal immunoglobulins. The disease occurs in the bone marrow and often results in extensive bone destruction with osteolytic lesions, osteopenia, and/or pathological fractures. Other complications associated with the disease also include high calcium hyperlipidemia, renal insufficiency, anemia, and infection.
Global Multiple Myeloma Therapy Market likely to grow with a significant rate during the forecast period, 2020-2027. The growing prevalence of the condition, along with swelling geriatric population across the globe, will propel the globe multiple myeloma therapy market in the upcoming periods. Moreover, the availability of advanced diagnostic techniques such as imaging devices and personalized diagnostic tests would project to boom the global multiple myeloma therapy market in the future timeline. Additionally, the rise in the prevalence of blood cancer and the growing demand for biologic therapies will accelerate the global multiple myeloma therapy industry. Multiple myeloma is sometimes accompanied by multiple osteolytic lesions, hypercalcemia, anemia, and kidney damage.
Furthermore, the surge in the aging population and the rising penetration of novel cancer drugs worldwide will contribute to the growth of multiple myeloma industry in the next few years. In addition, a significant development in technologies and drugs/vaccines for breast cancer, thyroid cancer, and pancreatic cancer which would escalate the global multiple myeloma industry in the forthcoming periods. The emergence of new drugs and the application of autologous hematopoietic stem cell transplantation have significantly improved the prognosis of multiple myeloma.
Although there has been great progress in the treatment of multiple myeloma in recent years, it is still an incurable disease. The purpose of treatment is to prevent or alleviate symptoms and complications, destroy abnormal plasma cells, and slow the progression of the disease. Doctors use different drug combinations based on the characteristics of myeloma and whether the patient is eligible for stem cell transplantation. The drug combination may include thalidomide, lenalidomide, or pomalidomide, and/or bortezomib or carfilzomib, plus glucocorticoids (such as dexamethasone), and/or chemotherapy drugs. Chemotherapy drugs include cyclophosphamide, melphalan, bendamustine, and doxorubicin.
According to WHO, Cancer is a leading cause of death worldwide, accounting for around 9.6 million deaths in 2018. Worldwide, about 1 in 6 deaths is due to cancer.
Based on product type, the global Multiple Myeloma Therapy market classified into Chemotherapy and Other Drugs (Immunomodulating Agents, Traditional Chemotherapy, Proteasome inhibitors, Histone Deacetylase (HDAC) inhibitors, and Monoclonal Antibodies), Radiation, and Stem Cell Transplant & Other Supportive Treatments. The Chemotherapy and Other Drugs segment predicted to gain a major share in the market by 2027, owing to the unavailability of alternatives and limitations of surgical procedures. It reduces the chances of cancer coming back.
Stem Cell Transplant segment will grow due to new types of procedures and advancements in a stem cell, which reduced-intensity treatment regimen.
Based on end-user, the global Multiple Myeloma Therapy market categorized into Hospitals, Clinics, and Others. Hospitals segment likely to gain maximum revenue by 2027 owing to the surge in demand for multiple myeloma therapy in hospitals with rising incidences of the cancer disease amongst the population.
Clinics segments will drive on account of early check and diagnosis of cancer disease for cancer patients.
Based on geography, the global Multiple Myeloma Therapy market size segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. North America estimated to occupy the lion’s market share by 2027 due to the presence of prominent players in these regions, along with the presence of cancer affected population and the growing adoption of novel therapeutic approaches in the region.
The Asia Pacific will drive attributable to the aging population in these regions, coupled with financial aids by the government for healthcare expenditure.
Companies such as Revlimid, Pomalyst. Janssen Biotech, Inc., Bristol-Myers Squibb Company, Novartis AG, Millennium Pharmaceuticals, Amgen, Inc., Genzyme Corporation, Juno Therapeutics, Celgene Corporation, Johnson and Johnson, AbbVie Inc., Innate Pharma, and Celldex Therapeutics, Inc. are the key players in the Global Multiple Myeloma Therapy Market.
By Therapy Type