Jun 16, 2021 (AmericaNewsHour) -- Research Nester released a report titled "Multiple Myeloma Therapy Market: Global Demand Analysis & Opportunity Outlook 2028" which delivers detailed overview of the global multiple myeloma therapy market in terms of market segmentation by therapy and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter's five force model.
Multiple myeloma is a form of cancer of the plasma cells. In this condition, the body produces abnormal plasma cells which impact normal functioning of the healthy plasma cells. The multiple myeloma therapy market is projected to record a significantly high CAGR over the forecast period, i.e., 2020-2028. The market is segmented by therapy and by region, out of which, the therapy segment is further segmented into targeted therapy, chemotherapy, radiotherapy, bone marrow transplant and others. Based on therapy, the targeted therapy segment is anticipated to grow at the highest rate in the multiple myeloma therapy market on account of better efficacy of targeted drugs and reduced side-effects as compared with alternate treatment methods such as chemotherapy and bone marrow transplants.
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Based on region, the multiple myeloma therapy market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The segment for North America is anticipated to hold the largest market share on account of high number of cases in the region, mainly in the United States. The market in Asia Pacific region is estimated to grow at the highest rate in the coming years on the back of increasing elderly population in the area, especially in countries such as China, India and Japan.
New Developments in the Area of Multiple Myeloma Therapy to Boost the Market Growth
As per the American Cancer Society, around 32,270 new cases of multiple myeloma are estimated to be diagnosed in 2020, out of which, 17,530 cases will be in men and 14,740 in women. Moreover, about 12,830 deaths as a result of this disorder are predicted to occur, out of which, 7,190 are estimated to be in men and 5,640 in women. The lifetime risk of getting multiple myeloma in the United States was recorded to be around 1 in 132 or 0.76%.
In order to prevent the disease rate from increasing any further, new and improved therapies including combination therapies are being developed by companies. Moreover, the entry of more leading players in the market is an addition factor anticipated to result in the market growth. However, the high cost of these drugs along with lower number of people requiring the therapies are predicted to hamper the market growth.
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This report also provides the existing competitive scenario of some of the key players of the global multiple myeloma therapy market which includes company profiling of Sanofi, Celgene, Johnson & Johnson, GlaxoSmithKline plc, F. Hoffmann-La Roche Ltd, AbbVie Inc., Amgen Inc., Novartis AG, Millennium Pharmaceuticals and Innate Pharma SA.
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