Multiple Myeloma Drugs Market Growth and Demand Forecast to 2025
Multiple Myeloma is a form of cancer formed by malignant plasma cells. Malignant tumors are formed from highly unstable abnormal cells travelling via the blood stream, circulatory system, and lymphatic system. The plasma cells become cancerous and vigorously proliferative, producing tumor called plasmacytoma that prevents the bone marrow from producing healthy blood cells and immunoglobulins. The formation and proliferation of myeloma cells result in fewer leukocyte, erythrocyte, and platelet cell formation causing a damaged immune system. Gastrointestinal problems, enlarged organs, kidney damage, rapid weight loss, bone pain, and fever are some of the common symptoms of multiple myeloma. Multiple myeloma is considered to be the third most common blood cancer followed by lymphoma and leukemia.
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Introduction of monoclonal antibodies with safety profile to fight myeloma cells is expected to drive the multiple myeloma drugs market
The increasing microRNA therapeutics, nanomedicine platform emergence, and constant introduction of effective and safe therapeutics drives the growth of multiple myeloma drugs market. The drugs market is expected to gain momentum with the addition of monoclonal antibodies and Histone Deacetylase (HDAC) inhibitors to the current therapeutics array. The biologic therapy of monoclonal antibodies including DARZALEX and EMPLICITI are largely preferred by the physicians owing to the established clinical profile. The growing prevalence of the disorder with the surging elderly population, the inefficiency of the current medication augments to invest in research and development, thereby driving the global market in the forecast period. Additionally, the supportive treatment demand for restoration procedures including point of care technologies, approved safety profile and efficiency of monoclonal antibodies is expected to broaden the drug treatment received by the patients.
Presence of major key players accounts for the drastic dominance of Europe in the global multiple myeloma drugs market
Regional segmentation of the global mouth ulcers treatment market by Coherent Market Insights comprises North America, Europe, Asia Pacific, Latin America, The Middle East and Africa. According to the American Cancer Society’s estimates for 2017, about 30,280 new cases will be diagnosed including 17,490 in men and 12,790 in women in the U.S., with an expected 12,590 deaths, thus indicating rising prevalence of multiple myeloma cases in North America with the rise in effective treatment. Also, North America is expected to dominate the multiple myeloma drugs market owing to change in lifestyle habits, obesity, and the launch of various multiple myeloma therapies. For instance, the launch of NINLARO, DARZALEX, and FARYDAK will considerably drive the growth of the market in the forecast period. The European market is expected to rise drastically owing to the presence of major players, favorable reimbursement policies. and immediate FDA drug approval rates.
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Launching drugs due to high unmet medical needs of patients is a strategy adopted by key players
Key players operating the global multiple myeloma drugs market include Novartis, Johnson & Johnson, Elgene, Takeda Pharmaceuticals, and Amgen. The strategies adopted by the key players include advances in research activities, the launch of novel therapies specific for effective treatment due to unmet medical needs increase the competition among vendors. Other leading vendors include Acceleron Pharma, Bristol-Meyer Squibb, Sanofi, GlaxoSmithKline, and Merck.
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