Multiple myeloma therapeutics industry is projected to witness a CAGR of 6.4% during the period 2024-2032. This growth can be attributed to increasing prevalence of multiple myeloma.
Selbyville, Delaware, Sept. 30, 2024 (GLOBE NEWSWIRE) —
Multiple Myeloma Therapeutics Market size was at approximately USD 25.4 billion in 2023 and will grow at 6.4% CAGR from 2024 to 2032, propelled by the increasing incidence of multiple myeloma, coupled with substantial advancements in treatment options.
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Rising awareness and improved diagnostic techniques have led to earlier detection and higher reported cases. Also, the development of innovative therapies, such as targeted treatments and immunotherapies, has transformed patient outcomes, providing more effective and personalized options. As healthcare providers adopt these advancements and more patients seek treatment, the demand for multiple myeloma therapeutics will continue to expand considerably.
The multiple myeloma therapeutics market is divided based on treatment type, route of administration, disease type, end-use, and region.
The targeted therapy segment witnessed USD 8.7 billion in 2023, owing to its ability to precisely attack cancer cells while sparing healthy tissues. These therapies, which include monoclonal antibodies and proteasome inhibitors, have demonstrated significant efficacy in improving patient outcomes and prolonging survival rates. As ongoing research continues to unveil new targets and combinations, the appeal of targeted therapies is set to increase. Their rising adoption in clinical settings further solidifies this segment’s dominant position in the market.
The multiple myeloma therapeutics market from hospitals segment will expand to USD 24.3 billion by 2032, primarily due to their role as primary treatment centers for cancer patients. Hospitals provide comprehensive care, including advanced diagnostic tools, specialized treatment regimens, and access to multidisciplinary teams of healthcare professionals. As the complexity of multiple myeloma therapies increases, hospitals are well-equipped to manage and administer these treatments effectively. Besides, the rising number of cancer patients seeking treatment in hospital settings further drives the demand for therapeutics in this segment.
North America multiple myeloma therapeutics market will demonstrate a 6.2% CAGR and register USD 20.4 billion by 2032, driven by advanced healthcare infrastructure and high rates of cancer diagnosis. The region benefits from sizable investments in research and development, leading to the introduction of innovative therapies. Furthermore, a growing aging population and increased awareness about multiple myeloma contribute to higher treatment demand. Access to specialized medical centers and comprehensive health insurance coverage further enhance patient access to therapies, making North America a notable contributor to the global market.
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Major players in the multiple myeloma therapeutics market include Cleveland Clinic, Dana-Farber Cancer Institute, Inc., Mayo Foundation for Medical Education and Research (MFMER), MD Anderson Cancer Center, and Memorial Sloan Kettering Cancer Center among others.
Partial Table of Contents (ToC) of the report:
Chapter 1 Methodology & Scope
1.1 Market scope & definitions
1.2 Research design
1.2.1 Research approach
1.2.2 Data collection methods
1.3 Base estimates & calculations
1.3.1 Base year calculation
1.3.2 Key trends for market estimation
1.4 Forecast model
1.5 Primary research and validation
1.5.1 Primary sources
1.5.2 Data mining sources
Chapter 2 Executive Summary
2.1 Industry 360° synopsis
Chapter 3 Industry Insights
3.1 Industry ecosystem analysis
3.2 Industry impact forces
3.2.1 Growth drivers
3.2.1.1 Increasing prevalence of multiple myeloma
3.2.1.2 Improved diagnostic technologies
3.2.1.3 Patient awareness and education
3.2.2 Industry pitfalls & challenges
3.2.2.1 High treatment costs
3.2.2.2 Adverse effects associated with treatment
3.3 Growth potential analysis
3.4 Regulatory landscape
3.5 Pipeline analysis
3.6 Future market trends
3.7 Porter’s analysis
3.8 PESTEL analysis
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