The Global Multiple Myeloma drugs market size stood at USD 8.5 billion in 2019 and is projected to reach USD xx billion by 2028, exhibiting a CAGR of xx% during the forecast period.
Multiple myeloma is a rare form of cancer that has a direct impact on the blood in the human body. Because of blood disorders, there has been a huge emphasis on the development of drugs associated with the treatment of the disease. The increasing investment in the R&D of products by large scale companies across the world will bode well for the market in recent years. Advances in ongoing clinical trials associated with the treatment of the disease, will open a huge potential for the companies operating in the market. The presence of several large-scale companies will bode well for the market in the foreseeable future.
Significant developments in the healthcare sector, along with the increasing prevalence of haematological cancer, is one of the key factors driving the growth of the market. Multiple myeloma is usually caused by specific genetic abnormalities, and the treatment of this disease involves drugs that modulate the immune system and aid in enhancing the efficiency of chemotherapies, radiation therapies, stem cell transplants and platelet transfusion.
Furthermore, rising consumer awareness regarding the benefits of biologic therapy drugs, which utilize the body’s immune system to identify and attack the myeloma cells, is also providing a boost to the market growth. Additionally, various technological advancements, such as the development of microRNA therapeutics and nanomedicines for the treatment of multiple myeloma, is acting as another growth-inducing factor. These medicines are used to facilitate the delivery of macromolecular agents into the bone marrow and catalyse antitumor responses. Other factors, including the rising healthcare expenditures and extensive research and development (R&D) activities in the field of medical sciences, are projected to drive the market further.