The China Multiple Myeloma Therapeutics Market was valued at $670 Mn in 2022 and is estimated to expand at a CAGR of 7.5% from 2022 to 2030 and will reach $1069 Mn in 2030. One of the main reasons propelling the growth of this Market is Rising disposable income, aging population. The Market is segmented by type, drug and distribution channel. Some key players in this Market are BeiGene, Innovent Biologics, Simcere, Hengrui Medicine, CSPC Pharmaceutical and others.
The China Multiple Myeloma Therapeutics Market was valued at $670 Mn in 2022 and is estimated to expand at a CAGR of 7.5% from 2022 to 2030 and will reach $1069 Mn in 2030. China is a rapidly growing market for multiple myeloma therapeutics, with an increasing incidence of the disease and a large population base. Multiple myeloma is a malignancy caused by malignant mutation and aberrant growth of plasma cells. Myeloma can invade bone marrow and cause bone pain in many places of the body, compromise normal haematological function, and lead to life-threatening disorders such as anaemia, platelet insufficiency, and immunodeficiency
Multiple myeloma is the second most common type of blood cancer in China after leukemia. According to a study published in the Journal of Hematology & Oncology in 2020, the incidence of multiple myeloma in China is increasing at a rate of approximately 6.7% per year. This rising incidence of the disease is expected to drive the growth of the multiple myeloma therapeutics market in China. The condition is prevalent in middle-aged and elderly individuals aged 60 to 70, with around 98% being diagnosed after the age of 40 and 60% being male.
Market Dynamics
Market Growth Drivers
The prevalence of multiple myeloma is increasing in China, which is one of the key drivers of the market. This is attributed to the aging population, changes in lifestyle, and environmental factors. The Chinese government has been taking initiatives to improve healthcare infrastructure and make healthcare services more accessible to people. This has led to increased investment in the healthcare sector and has been a major driver of growth in the multiple myeloma therapeutics market. As the disposable income of people in China increases, they are willing to spend more on healthcare. This has led to an increase in demand for better quality healthcare services, including multiple myeloma therapeutics. With the advancements in technology, the treatment options for multiple myeloma have increased, leading to a higher demand for therapeutics. Innovative therapies like CAR-T cell therapy have shown promising results in clinical trials. There is an increasing awareness about multiple myeloma among people in China, which has led to early diagnosis and better treatment outcomes. This has increased the demand for multiple myeloma therapeutics.
Market Restraints
Despite the increasing demand for multiple myeloma therapeutics, China's healthcare system still has limited resources and facilities, which can make it difficult for patients to receive timely and appropriate care. The cost of multiple myeloma therapeutics in China can be high, which can be a major barrier to access for patients who may not be able to afford it. Multiple myeloma is not as well-known in China compared to other countries, which can lead to delayed diagnosis and treatment. China has a complex regulatory environment, which can make it difficult for foreign companies to enter the market and obtain the necessary approvals for their products. The multiple myeloma therapeutics market in China is highly competitive, with both domestic and international players vying for market share, which can make it challenging for new entrants.
Key Players
In China, the healthcare policy and regulatory framework are constantly evolving. The Chinese government has made several efforts to improve the healthcare system and promote innovation in the pharmaceutical industry. The China Food and Drug Administration (CFDA) is responsible for regulating the approval and registration of drugs, including multiple myeloma therapeutics.
One of the key initiatives taken by the Chinese government to improve the healthcare system is the Healthy China 2030 plan, which aims to improve the overall health of the Chinese population by addressing key health issues, such as cancer. The government has also implemented policies to promote innovation in the pharmaceutical industry and reduce the time and cost of drug approval.
The reimbursement scenario in China for multiple myeloma therapeutics has been improving in recent years. In 2018, the Chinese government announced a new policy to include 17 new drugs in the National Reimbursement Drug List (NRDL), including some drugs used for multiple myeloma treatment. This policy aims to improve patient access to innovative drugs and reduce the financial burden of patients and their families.
In addition, the Chinese government has been promoting the development of the domestic pharmaceutical industry, which may lead to the development of more affordable and accessible treatments for multiple myeloma patients. However, there are still challenges in the reimbursement system, including the low reimbursement rates for some drugs and the limited coverage of the NRDL in some regions. These factors may affect patient access to some of the newer and more expensive drugs.
1. Executive Summary
1.1 Disease Overview
1.2 Global Scenario
1.3 Country Overview
1.4 Healthcare Scenario in Country
1.5 Patient Journey
1.6 Health Insurance Coverage in Country
1.7 Active Pharmaceutical Ingredient (API)
1.8 Recent Developments in the Country
2. Market Size and Forecasting
2.1 Epidemiology of Disease
2.2 Market Size (With Excel & Methodology)
2.3 Market Segmentation (Check all Segments in Segmentation Section)
3. Market Dynamics
3.1 Market Drivers
3.2 Market Restraints
4. Competitive Landscape
4.1 Major Market Share
4.2 Key Company Profile (Check all Companies in the Summary Section)
4.2.1 Company
4.2.1.1 Overview
4.2.1.2 Product Applications and Services
4.2.1.3 Recent Developments
4.2.1.4 Partnerships Ecosystem
4.2.1.5 Financials (Based on Availability)
5. Reimbursement Scenario
5.1 Reimbursement Regulation
5.2 Reimbursement Process for Diagnosis
5.3 Reimbursement Process for Treatment
6. Methodology and Scope
By Treatment
By Distribution Channel
By End User (Revenue, USD Bn):
By Drug Class
Immunomodulatory drugs (IMiDs)
One of the most common therapies used to treat myeloma are immunomodulatory drugs, or IMiDs. These drugs work by modifying the immune system to attack myeloma cells and have been a significant advance in the treatment of multiple myeloma. Some of the commonly used IMiDs in multiple myeloma include:
Proteasome inhibitors
Proteasome inhibitors are a class of drugs that are commonly used in the treatment of multiple myeloma. They work by blocking the activity of proteasomes, which are cellular structures that break down proteins. This leads to the accumulation of proteins within the myeloma cells, ultimately causing their death. Some proteasome inhibitors used in multiple myeloma include:
Monoclonal antibodies:
Monoclonal antibodies, target specific proteins on the surface of myeloma cells, causing them to be destroyed by the immune system. Some of the commonly used monoclonal antibodies in multiple myeloma include:
Chemotherapy drugs
Chemotherapy drugs work by killing rapidly dividing cells, including cancer cells. Chemotherapy is often used in combination with other drugs, such as steroids, immunomodulatory drugs, or proteasome inhibitors, to improve their effectiveness. Here are some chemotherapy drugs used in multiple myeloma:
Steroids
Steroids such as dexamethasone and prednisone are often used in combination with other drugs to treat multiple myeloma. They can reduce inflammation, suppress the immune system, and promote the death of myeloma cells.
Steroids are effective in reducing inflammation and suppressing the immune system, which can help to control the growth of myeloma cells. However, they can have side effects, such as weight gain, mood changes, and increased risk of infection, so their use needs to be carefully monitored.
Others
Other drug classes used to treat multiple myeloma include:
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