Multiple Myeloma Market Growth Analysis With investment opportunities
Multiple Myeloma Global Market Report 2024 : Market Size, Trends, And Global Forecast 2024-2033
The Business Research Company's Multiple Myeloma Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
LONDON, GREATER LONDON, UK, July 8, 2024 /EINPresswire.com/ -- The multiple myeloma market size has grown strongly in recent years. It will grow from $23.84 billion in 2023 to $25.9 billion in 2024 at a compound annual growth rate (CAGR) of 8.7%. The growth in the historic period can be attributed to diagnostic improvements, the introduction of stem cell transplantation, access to high-quality medical care, precision medicine approaches, and patient-centric care models. The multiple myeloma market size is expected to see strong growth in the next few years, reaching $34.8 billion in 2028 at a CAGR of 7.7%. This growth can be attributed to health technology integration, adoption of telemedicine services, personalized vaccine therapies, and digital health platforms for patient education.
Increasing Prevalence of Multiple Myeloma Drives Market Growth
The increasing prevalence of multiple myeloma is expected to propel the growth of the multiple myeloma market going forward. Multiple myeloma is a cancer that appears in a type of white blood cell called a plasma cell. The increase in multiple myeloma is due to age, genetics, obesity, radiation exposure, and other conditions. Multiple myeloma treatment slows its spread and makes symptoms go away. For instance, according to the American Cancer Society, a US-based voluntary health organization, the number of new cases of multiple myeloma increased to 35,730 in 2023 from 34,470 in 2022. Therefore, the increasing prevalence of multiple myeloma is driving the growth of the multiple myeloma market.
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Key Players and Market Trends
Major companies operating in the multiple myeloma market include Pfizer Inc., Johnson & Johnson Private Limited, F. Hoffmann-La Roche Ltd., Merck & Co. Inc., AbbVie Inc., Bayer AG, Novartis AG, Sanofi S.A., Bristol-Myers Squibb Company, AstraZeneca PLC, Abbott Laboratories, GlaxoSmithKline PLC, Takeda Pharmaceutical Company Limited, Eli Lilly and Company, Boehringer Ingelheim International GmbH, Amgen Inc., Janssen Global Services LLC, Celgene Corporation, Mylan N.V., Biogen Inc., Cipla Inc., Sun Pharmaceutical Industries Ltd., CRISPR Therapeutics AG, Karyopharm Therapeutics Inc., Fate Therapeutics Inc., Atara Biotherapeutics Inc., Allogene Therapeutics Inc., C4 Therapeutics Inc., Adaptimmune Therapeutics PLC, Precision Biosciences Inc.
Major Trends in the Market
Major companies in the multiple myeloma market are focused on developing novel therapies, such as CAR T-cell therapy, to gain a competitive edge in the market. CAR T-cell therapy (Chimeric Antigen Receptor T-cell therapy) is an immunotherapy that involves genetically modifying a patient's T cells to express a chimeric antigen receptor, enabling them to recognize and target specific cancer cells. For instance, in December 2023, Bristol Myers Squibb, a US-based biopharmaceutical company, received approval for Abecma, as the first CAR T-cell therapy for earlier use in patients with relapsed or refractory multiple myeloma (RRMM) who have undergone at least two prior therapies. Abecma is a B-cell maturation antigen (BCMA)-directed CAR T-cell immunotherapy. The approval is based on the interim analysis of the KarMMa-3 Phase 3 study, demonstrating a significant increase in median progression-free survival (mPFS) and a higher overall response rate (ORR) in the Abecma arm.
Segments:
• By Treatment: Medications, Radiation Therapy, Stem Cell Transplant, Other Treatments
• By Diagnosis: Blood Tests, Bone Marrow Biopsy, Urine Tests, Imaging Tests
• By Disease Type: Active Multiple Myeloma, Smoldering Multiple Myeloma
• By Distribution Channel: Hospital Pharmacy, Retail Pharmacy, Online Pharmacy, Other Channels
Geographical Insights: North America Leading the Market
North America was the largest region in the multiple myeloma market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the multiple myeloma market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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Multiple Myeloma Global Market Report 2024 from TBRC covers the following information:
• Market size data for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Multiple Myeloma Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on multiple myeloma market size, multiple myeloma market drivers and trends, multiple myeloma market major players, competitors' revenues, market positioning, and market growth across geographies. The multiple myeloma market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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