Multiple Myeloma Market Trends

Growth Drivers

• Growing Incidences of Multiple Myeloma – The increasing number of cases of blood cancer, including multiple myeloma are driving the market growth. Multiple myeloma, is considered to be a rare cancer form but, covers a noteworthy number of cancer cases globally and there is a growing demand for effective and advanced therapeutics. The lifetime risk of developing multiple myeloma in the US is 1 in 132. About 35,730 new instances of multiple myeloma will be diagnosed in the United States in 2023, according to the American Cancer Society.
• Growing Number of Product Unveilings – Growing R&D activities in the development of various cancer therapeutics drugs are driving the market growth. The key players are endlessly developing and investing in the production of these drugs. Also, positive rates associated with new drugs are propelling the growth of the market. The sector creates more than 60,000 generic medications across 60 distinct therapeutic areas. In the fiscal year 2022–2023, India's pharmaceutical exports brought in USD 25.3 billion.
•  Increase in the Initiatives taken by the Government – The initiatives taken by the government and non-profit organizations are expected to boost the market growth for multiple myeloma. For instance, The Lazarex Cancer Foundation, a non-profit organization devoted to enhancing patient access to clinical trials, and the Multiple Myeloma Research Foundation established a partnership in February 2023 to encourage more equal access to cancer studies for patients with multiple myeloma.

Challenges

• High Cost Associated with the Treatment – The treatment for multiple myeloma is expensive from medications and immunotherapy to radiation therapy and plasmapheresis. Also, stem cell transplantation is highly expensive, these factors make it inaccessible for many people. The factor related to the costs of the treatment is likely to hinder the market growth.
• Side Effects of Therapies
• Decline in the Number of Patients