The multiple myeloma treatment market is expected to rise steadily at a CAGR of 11.0% during the forecast period.
Multiple myeloma is a cancer of plasma cells. Plasma cells are found in the bone marrow and are an important part of the immune system. The immune system is made up of several types of cells which includes T cells and B cells that work together to fight against infections and other diseases. Lymphocytes are one of the important types of white blood cells (WBCs) in the immune system. Different types of lymphocytes are present in many areas of the body, such as lymph nodes, the bone marrow, the intestines, and the bloodstream.
The multiple myeloma treatment market is anticipated to grow by an increase in aging population, increase in healthcare expenditure, and increasing use of novel cancer drugs in the market, whereas increasing prevalence of disease along with growing elderly population is the prime factor to drive the growth of this market during the forecast period. It has also been observed that the upcoming drug pipeline of multiple myeloma is promising. Other factors such as biological drugs and stem cell therapies are expected to drive the market in the future. The key players in the multiple myeloma treatment market are accelerating the research and development activities for multiple myeloma treatment. In 2018, drugs therapy is expected to be the largest market due to key driving factors such as rising demand for non-invasive treatments, and incessant development in research and development activities.
Despite the drivers, factors such as the high cost of treatment and limited target patient population may hinder the growth of the multiple myeloma treatment market.
Some of the key players in the multiple myeloma treatment market are
The market of multiple myeloma treatment is further segmented into treatment types and end-users. Based on treatment types the market is segmented into chemotherapy, corticosteroids, interferon, stem cell transplant, and radiation therapy. Chemotherapy is further sub-segmented into bendamustine (treanda), cyclophosphamide (Cytoxan), doxorubicin (adriamycin), etoposide (vp-16), liposomal doxorubicin (Doxil), melphalan (Alkeran, evomela), vincristine (Oncovin). On the basis of end-user global multiple myeloma treatment market is further segmented into hospitals, clinics, rehabilitative center treatment, independent pharmacies, and others.
The market has been segmented, by region, into the Americas, Europe, Asia-Pacific, and the Middle East & Africa. The multiple myeloma treatment market in the Americas has further been segmented into North America and South America, with the North American market divided into the US and Canada. US account for the largest share of market.
The European multiple myeloma treatment market has been segmented into Western Europe and Eastern Europe. Western Europe has further been classified as Germany, France, the UK, Italy, Spain, and the rest of Western Europe.
The multiple myeloma treatment market in Asia-Pacific has been segmented into Japan, China, India, South Korea, Australia, and the rest of Asia-Pacific. The market in the Middle East & Africa has been segmented into the Middle East and Africa.
Regional Market Summary
Geographically, North America is expected to hold the largest share in global multiple myeloma treatment market due to key driving factors such as rising prevalence of multiple myeloma, high awareness associated with early cancer diagnosis and treatment, supportive reimbursement policies, and developed healthcare infrastructure.
Europe has been dominating the multiple myeloma treatment market owing to the faster approval rates and favorable healthcare policies and the presence of major players in this region. Higher prevalence of multiple myeloma in developed economies is driving the growth of the Europe market.
Asia-Pacific is expected to show exponential growth due to rising awareness associated with cancer diagnosis and developing healthcare infrastructure is responsible for high accessibility to modern technology.
Furthermore, factors such as increased healthcare infrastructure and improved healthcare reimbursement policies are responsible for the growth of multiple myeloma treatment market in the Middle East and Africa.
Global Multiple Myeloma Treatment Market Share (%), by Region, 2017
Source: Food and Drug Administration (FDA), Centers for Disease Control and Prevention (CDC), American Association of the neurological surgeon
The Market of Multiple Myeloma Treatment, by Treatment
The Market of Multiple Myeloma Treatment, by End User
The Market of Multiple Myeloma Treatment, by Region
|Market Size||2027: Significant Value|
|CAGR||11.0% (2018 - 2023)|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Treatment, End User|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Janssen Biotech, Inc., Bristol-Myers Squibb Company, Takeda Pharmaceuticals Millennium Pharmaceuticals, Novartis AG, Genzyme Corporation, Juno Therapeutics, Johnson & Johnson, Novartis AG, Celgene Corporation, AbbVie Inc., Amgen, Inc., Innate Pharma SA, Celldex Therapeutics, Inc., GlaxoSmithKline plc, Pfizer, F. Hoffmann-La Roche Ltd., Onyx Pharmaceuticals|
|Key Market Opportunities||Rising demand for non-invasive treatments, and incessant development in research and development activities.|
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
The multiple myeloma treatment market is projected to grow at an 11.0% CAGR between 2020-2027.
North America is projected to command the largest share in the multiple myeloma treatment market.
Rise in healthcare expenditure and growing elderly population is boosting market growth.
High treatment cost may limit the multiple myeloma treatment market growth.
Different end use industries of the multiple myeloma treatment market include independent pharmacies, hospitals, clinics, and others.