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Global Multiple Myeloma Market to Hit Sales of $34.89 Billion By 2028 | 1.3 Million People Diagnosed with Multiple Myeloma Per Year

·6-min read
SkyQuest Technology Consulting Pvt. Ltd.
SkyQuest Technology Consulting Pvt. Ltd.

Global Multiple Myeloma market was valued at USD 19.48 billion in 2021 and it is expected to grow to USD 34.89 billion by 2028 at a CAGR of 6.00% over the forecast period (2022–2028).

Westford, USA, Aug. 18, 2022 (GLOBE NEWSWIRE) -- Multiple myeloma is a cancer of plasma cells in the bone marrow. It is the most common type of leukemia, and the fifth most common cancer around the globe. Prevalence rates of multiple myeloma have more than doubled over the past 30 years and continue to increase, reaching an all-time high of 1.3 million people in 2021. As per SkyQuest analysis of the Multiple Myeloma market, the global prevalence of multiple myeloma is currently pegged at 0.7%, which translates to around 1 case in 132 individuals. However, the rate varies as per country, region, gender, and external conditions. For instance, in the US alone more than 34,470 Americans are expected to be diagnosed with the diseases and men are expected to be more prevalent than men in 2022.

Multiple myeloma can be diagnosed at any age, but most cases are diagnosed in elderly adults (over 60 years old). The risk factors for developing multiple myeloma include being a smoker, having a family history of the disease, and being overweight or obese. There is no one cure for multiple myeloma, but aggressive treatment with chemotherapy and/or radiation can result in remission or long-term survival in the global Multiple Myeloma market. Patients are advised to undergo regular blood tests to monitor their tumor status.

The majority of MM patients don't have a cure, almost 50%, and 100% will relapse post-treatment. It's important to find new therapies that will help these patients and improve their quality of life.

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Autologous Hematopoietic Stem Cell Transplantation to Become Popular Treatment option in Multiple Myeloma market

As per SkyQuest analysis, the treatment options available for MM are generally based on the stage of the disease. Stages I and II are treated with chemoradiation therapy, which may include alternating doses of radiation and chemotherapy, while stage III and IV are treated with chemo and immunotherapy. Our analysts believe that new multiple myeloma therapies will become available over the next few years, which could change the way MM is treated.

It is expected that multiple myeloma therapies using autologous hematopoietic stem cell transplantation (HSCT) will become more popular by 2025 in the global Multiple Myeloma market. There are several reasons for this trend: first, autologous HSC transplantation has been shown to be effective in treating MM when other treatments have failed; second, alternative therapies such as targeted therapy and monoclonal antibody drugs have not been as successful as chemo/radiation combinations; and third, HSCT is relatively affordable compared to other treatment options.

Stem cell transplants are controversial because they can be dangerous and often require lengthy rehabilitation. However, recent studies have shown that autologous hematopoietic stem cell transplantation (aHSC transplant) is becoming a more popular treatment option in multiple myeloma. aHSC transplants are reservoir cells from someone’s own blood, which can be used to treat many types of cancer.

aHSC transplants are safer than bone marrow transplants because they do not require donors who are specifically matched for the recipient. In addition, aHSC transplants only require fractional doses of radiation and chemotherapy, which make them less likely to cause side effects.

SkyQuest published a report on Multiple Myeloma market that covers a detailed insights about available treatment options for treating the condition. We have identified available treatment, their impact on patient health, affordability by pricing analysis and location. The also provides in-depth understanding about market analysis, trends, challenges, threat, and opportunities for the market participants.

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Recent Developments in Multiple Myeloma Market

  • In August 2022, Winship Cancer Institute at Emory University developed a drug called teclistamab for Multiple Myeloma. The drug showed promising result in a Phase I/II clinical trials.

  • In August 2022, The Telo Genomics Corporation has started processing samples for their TeloView platform to find patients with multiple myeloma at a high risk of developing treatment resistance.

  • In August 2022, EMA has recommended conditional marketing authorisation for Tecvayli in the EU to treat adults who have had at least 3 previous treatments, including immunotherapy, proteasome inhibitor, and anti-CD38 antibody, if their cancer has worsened.

  • In August 2022, University of Michigan Rogel Cancer Center sponsor study entered into phase II clinical trials. The study found that the combination of elotuzumab, carfilzomib, lenalidomide, and dexamethasone had a high response rate for newly-diagnosed multiple myeloma patients without transplantation intent.

SkyQuest Analysis of Ongoing Research in Global Multiple Myeloma Market

Multiple myeloma, an incurable cancer of the bone marrow, is a leading cause of death in adults. Despite advances in treatment over the years, there remains no cure for multiple myeloma. However, researchers are working on developing new and more effective treatments that can help improve the outlook for those living with multiple myeloma. Currently, more than 670 clinical trials are undergoing across the globe for the finding the treatment for multiple myeloma. Most of these studies are focused on testing efficacy and efficiency of the drugs for improving the treatment outcome of the condition.

The following are some of the ongoing research efforts being conducted to find new and better ways of treatment in global Multiple Myeloma market:

  • Studies are underway to see if treating multiple myeloma with chemotherapy before surgery might improve the outcome for patients. So far, results have been mixed, but further research is needed to determine if this approach is worth implementing.

  • Researchers are working on developing new treatments that use biologic agents instead of traditional chemotherapies. These agents could potentially block the growth of tumors or attack them from a different angle, providing improved outcomes for patients with multiple myeloma.

  • Researchers are also exploring new ways to use stem cells to treat multiple myeloma. These cells could be used to repair damage caused by the disease or promote the growth of healthy bone cells in patients who have Multiple Myeloma Node.

SkyQuest has analyzed all these ongoing clinical trials in the global Multiple Myeloma market in order to understand their impact on the global exosomes market. The report provides complete data on upcoming drugs, number of trials completed, which companies are likely to get affected by the launch of new drugs, how on-going clinical trials are expected to leave impact on overall market analysis, market revenue, and forecast. To get a detailed understanding of the clinical study on the global Multiple Myeloma market,

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Key Players in the Global Multiple Myeloma Market

  • Sanofi (France)

  • Pfizer Inc. (US)

  • GlaxoSmithKline plc (UK)

  • Novartis AG (Switzerland)

  • Bayer AG (Germany)

  • Eli Lilly and Company (US)

  • Merck & Co., Inc. (US)

  • Allergan (Ireland)

  • AstraZeneca (UK)

  • Johnson & Johnson Private Limited (US)

  • Cipla Inc. (US)

  • Abbott (US)

  • AbbVie Inc. (US)

  • Merck KGaA (Germany)

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