Multiple Myeloma Market, Size, Global Forecast 2023-2030, Industry Trends, Growth, Share, Outlook, Impact of Inflation, Opportunity Company Analysis
Multiple Myeloma Market will reach US$ 16.31 Billion in 2030 compared to 10.20 Billion in 2022, According to the research. Multiple myeloma, or Kahler’s disease, is a cancer that impacts plasma cells, white blood cells that generate antibodies to combat infections. The condition results in an accumulation of abnormal plasma cells in the bone marrow, which produce an abnormal protein called monoclonal immunoglobulin (M protein) that may damage the bones and other organs.
According to the Globocan, there were an estimated 19,292,789 new cancer cases, resulting in approximately 9,958,133 cancer-related deaths. In addition, the International Agency for Research on Cancer (IARC) projects that the global cancer incidence will rise to 27.5 million new cases with 16.3 million deaths by 2040.
Multiple Myeloma testing markets shall experience a CAGR of 6.04% from 2022 to 2030
Multiple myeloma, the second most prevalent type of blood cancer after non-Hodgkin lymphoma, is identified by the uncontrolled growth of abnormal plasma cells within the bone marrow. The malignant plasma cells displace normal blood cells, causing low blood counts, bone deterioration, and possible kidney impairment. Recent advancements in drugs for multiple myeloma have revolutionized treatment in the last decade, and future agents in development offer promising breakthroughs.
An increase in early detection and diagnosis of multiple myeloma leads to earlier treatment and better patient outcomes. Moreover, advancing targeted therapies and immunotherapies have led to the development of newer and more effective treatments for multiple myeloma. Finally, increased awareness and advocacy efforts for multiple myeloma may lead to more research funding and greater attention to the condition, further driving growth in the industry.
Chemotherapy will be the most preferred type of Treatment in the Future
Targeted Therapy, Chemotherapy, and Others are the different treatment types used in the multiple myeloma industry. Chemotherapy is a critical component of multiple myeloma treatment and has contributed to the growth of the chemotherapy market in this field. It effectively kills dividing cancer cells, vital for controlling abnormal plasma cell proliferation. New chemotherapy drugs with improved efficacy and reduced toxicity have increased their use in treating multiple myeloma. Moreover, chemotherapy is often combined with other treatments, such as immunotherapy and targeted therapy, to improve outcomes. Therefore, the demand for chemotherapy treatments will grow as multiple myeloma prevalence increases.
Males are at a greater risk of developing the Disease
Both Male and Female genders are at risk of multiple myeloma. Males have higher levels of androgens that can promote the growth of abnormal plasma cells. Occupational exposure to certain chemicals and risky behaviors such as smoking and heavy alcohol consumption may also increase the risk of multiple myeloma in males. In addition, genetic mutations that increase the risk of multiple myeloma may also be more common in males.
Multiple myeloma is more prevalent in older adults, and since females generally have a longer lifespan than males, they are more susceptible to developing the disease. In addition, some research indicates that female hormones may contribute to developing multiple myeloma. For instance, estrogen may stimulate the proliferation of myeloma cells, elevating the risk of multiple myeloma in females.
United States has the highest Epidemiology Scenario Share
Based on the epidemiology scenario share, the report covers 10 top countries - United States, United Kingdom, Germany, France, Spain, Italy, Japan, Australia, China, and Australia.The United States’ large and diverse population, advanced healthcare system, and robust research infrastructure have contributed to its dominance in the multiple myeloma industry. In addition, the country’s favorable regulatory environment for new cancer treatments and numerous patient advocacy organizations have also played a role in the industry’s growth.
The UK’s robust healthcare system and strong tradition of medical research in multiple myeloma led to a high concentration of healthcare professionals and researchers with expertise in the country, along with a favorable regulatory environment for developing and approving new treatments. Additionally, several organizations’ dedication in the UK raises awareness and supports patients and their families, leading to greater attention and funding for research in the field.
China’s Increasing Number of Aging Population have increased the incidence of Multiple Myeloma
The United States, United Kingdom, Germany, France, Spain, Italy, Japan, Australia, China, and Saudi Arabia are the countries that comprise the multiple myeloma market in this report. China’s growing and aging population has led to a higher incidence of multiple myeloma and growth in the industry. Increased healthcare spending due to economic development has improved cancer care, including for multiple myeloma. China’s diverse patient population presents opportunities for new treatments and clinical trials, while government policies support the biopharmaceutical industry. Renowned research institutions and collaborations with international pharmaceutical companies have contributed to the transfer of advanced technologies and growth in the industry.
The report titled “Multiple Myeloma Market Global Forecast by Countries (United States, United Kingdom, Germany, France, Spain, Italy, Japan, Australia, China, and Saudi Arabia), Treatment Types (Targeted therapy, Chemotherapy, and Others), Epidemiology Scenario Share (United States, United Kingdom, Germany, France, Spain, Italy, Japan, Australia, China, and Australia), Gender share (Male, and Female)," provides a detailed analysis of Multiple Myeloma Market.
Countries - Market breakup from 10 Viewpoints:
1. United States
2. United Kingdom
10. Saudi Arabia
Treatment Types - Market breakup from 3 Viewpoints:
1. Targeted therapy
Epidemiology Scenario Share - Market breakup from 10 Viewpoints:
1. United States
2. United Kingdom
Gender Share - Market breakup from 2 Viewpoints:
All companies have been covered from 3 viewpoints
• Recent Developments
1. Sanofi (France)
2. Pfizer Inc. (US)
3. GlaxoSmithKline plc (UK)
4. Novartis AG (Switzerland)
5. Bayer AG (Germany)
6. Eli Lilly and Company (US)
7. Merck & Co., Inc. (US)