Global Refractory Multiple Myeloma Market is Segmented By Drug Type (Proteasome Inhibitor, Immunomodulators, Anti-CD38 Monoclonal Antibody, Others), By Route of Administration (Oral, Parenteral), By Product Type (Tablet, Capsule, Solution, Suspension), By End User (Hospitals, Surgical Centres/ Clinics, Others), and By Region (North America, Europe, South America, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2024-2031
Refractory Multiple Myeloma Market Size
The Global Refractory Multiple Myeloma Market reached USD 2.4 billion in 2022 and is projected to witness lucrative growth by reaching up to USD 3.4 billion by 2030. The Global Refractory Multiple Myeloma Market is expected to exhibit a CAGR of 4.7% during the forecast period 2024-2031. The refractory multiple myeloma market trends show rising regulatory approvals for refractory numerous myeloma treatments owing to the rising incidence of myeloma and increasing research and development.
Myeloma that is resistant to treatment or worsens over 60 days of the final line of treatment is referred to as refractory myeloma. It is a form of myeloma that has already been treated but has progressed following treatment and needs further treatment.
Furthermore, rising consumer demand for treatments due to the rising availability of drugs, an increase in the number of authorized service providers in the market, and an increase in the number of new product launches is driving up the refractory multiple myeloma market size.
The market is experiencing a growth in demand for products from North American areas due to the rising regulatory approvals in these fields. Significant competitors like Bristol Myers Squibb, Fresenius Kabi, Pfizer Inc., and others are actively operating in the market.
Market Summary
| Metrics | Details |
| CAGR | 4.7% |
| Size Available for Years | 2021-2030 |
| Forecast Period | 2024-2031 |
| Data Availability | Value (USD ) |
| Segments Covered | Drug Type, Route of Administration, Product Type, End User, and Region |
| Regions Covered | North America, Europe, Asia-Pacific, South America and Middle East & Africa |
| Fastest Growing Region | Asia-Pacific |
| Largest Region | North America |
| Report Insights Covered | Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and Acquisitions, New Drug Type Launches, Growth Strategies, Revenue Analysis, Porter’s Analysis, Pricing Analysis, Regulatory Analysis, Supply-Chain Analysis and Other key Insights. |
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Market Dynamics
The Rising Novel Product Launches Drive the Growth of the Refractory Multiple Myeloma Market
The increase in demand for treatment for refractory multiple myeloma, novel drug introduction, recent developments in therapeutics, surging clinical trials and unknown product launches will likely fuel the Global Refractory Multiple Myeloma Market size expansion throughout the forecast period.
For instance, on May 2, 2022, the complete injectable oncology range in the market has just added Bortezomib for Injection, an entirely novel generic version of Velcade in the United States, according to Fresenius Kabi. For subcutaneous (SQ) or intravenous (IV) administration, Fresenius Kabi Bortezomib for Injection is offered in a 3.5 mg per 10 mL single-dose bottle format.
Adult patients having mantle cell lymphoma and multiple myeloma have an affordable therapeutic option in Fresenius Kabi Bortezomib for Injection. Nearly 2% of all newly diagnosed cancers in the United States are numerous myeloma, and that percentage is predicted to increase by 200%.
Rising Regulatory Approval and Pipeline creates lucrative Opportunities for Manufacturers.
There is a growing refractory multiple myeloma market opportunity owing to rising pipelines and regulatory approvals by the authorities due to the increasing incidence of refractory multiple myeloma. The rising clinical trials by major key players is also a refractory multiple myeloma market trend driving the market.
For instance, on November 3, 2022, Elranatamab, an experimental cancer immunotherapy from Pfizer Inc., was given the FDA's Breakthrough Therapy Designation for treating patients with refractory or relapsed multiple myeloma (RRMM). Elranatamab is a bispecific antibody (BsAb) that targets both CD3 and the B-cell maturation antigen (BCMA). BsAbs are an innovative type of immunotherapy for cancer that binds to and interacts with two distinct targets simultaneously.
Both cell types are brought together when one arm connects to T-cells and the other to particular antigens on malignancy cells. Elranatamab is made to bind to both the CD3 receptor on T-cell surfaces and BCMA, which is widely expressed on the outermost layer of multiple myeloma (MM) cells. By doing this, it activates T-cells to kill myeloma cells.
High Cost Associated with the Treatment will hamper the growth of the market.
The projected price range for multiple myeloma therapy in India is between 4600 and 5000 USD, according to Medsurge India. A stem cell transplant treating multiple myeloma also has a price tag of about D 18,000 USD. The stage affects how much the treatment will cost.
The patient must spend 15 hospital stays and 20 days outside of the hospital following multiple myeloma therapy in India. Complete blood count, blood calcium levels, urine tests, kidney function tests, electrophoresis, and imaging tests are all required to diagnose multiple myeloma.
Market Segment Analysis
The Global Refractory Multiple Myeloma Market is segmented based on drug type, route of administration, product type, end user and region.
Owing to Adoption, the Proteosome Inhibitor Segment Accounted for Approximately 38.8% of the Refractory Multiple Myeloma Market Share
The market is anticipated to grow throughout the projection due to the sector known as proteasome inhibitors. The initial publication of phase 1 data on proteasome inhibitors (PIs)'s first-generation in 2002 opened the path for Bortezomib's eventual approval for RRMM in 2003.
The capacity of PIs to block NF-kB signaling via both canonical as well as non-canonical pathways by inhibiting the proteasome of IkB or p100/105 proteins, respectively, is connected to their pharmacology. Downstream Bcl-2 family members, caspase inhibitors, cytochrome c extrusion via mitochondria, and cytokine production are regulated by NF-kB, which has been shown to have anti-myeloma and pro-apoptotic actions.
However, the 20S proteasome's absence causes a buildup of misfolded proteins, which gives PIs their essential anti-myeloma effect. The final unfolded protein response resulting from this buildup and endoplasmic reticulum stress is an apoptotic response. The market for refractory multiple myeloma will expand due to increased proteasome inhibitors and a rise in myeloma cases. As a result, this market segment will be dominant.
Market Geographical Share
North America Accounted for Approximately 42.7% of the Market Share in 2022, Owing to the Strong Presence of Major Players and Increasing Healthcare Infrastructure Investment.
Due to the rising need for refractory multiple myeloma for treatment purposes in healthcare, manufacturers in North America have a chance of increasing their operations. There are many producers and suppliers in North America and owing to the rapid economic growth of the region, industrial production has expanded, driving the demand for refractory multiple myeloma.
Increasing expenditure on healthcare and rising awareness among people, advancement of technologies for treatment, and increase in biopharmaceutical establishment across the region are also contributing to the growth of this region's refractory multiple myeloma market share.
The primary healthcare organizations and businesses' joint research endeavors and new product development that continuously aims to enhance available treatment options are also expected to contribute to the rising demand. Individuals are becoming more aware of various advanced products being studied for the treatment leading to market expansion in this region. The factors mentioned above further prove North America's dominance on a global scale.
Refractory Multiple Myeloma Market Companies
The major global players in the refractory multiple myeloma market include Bristol Myers Squibb, Teva Pharmaceutical Industries Ltd., Pfizer Inc., Janssen Global Services, LLC, Gilead Sciences, Inc., Fresenius Kabi, GSK plc., Novartis AG, Takeda Pharmaceutical Company Limited and Genentech, Inc. among others.
COVID-19 Impact on Market
Russia Ukraine Conflict Analysis
The Russia-Ukraine conflict is estimated to have a low impact on the global Refractory Multiple Myeloma market, owing to the low prevalence and absence of key market players in this region. However, the impact of the import and export of raw materials is expected to have little influence over the global Refractory Multiple Myeloma market growth over the forecast period.
By Drug Type
- Proteosome Inhibitor
- Immunomodulators
- Anti -CD38 Monoclonal Antibody
- Chimeric Antigen Receptor (CAR-T) therapy
- Others
By Route of Administration
- Oral
- Parenteral
By Product Type
- Tablet
- Capsule
- Solution
- Suspension
By End User
- Hospitals
- Surgical Centres/ Clinics
- Others
By Region
- North America
- The U.S.
- Canada
- Mexico
- Europe
- Germany
- The U.K.
- France
- Spain
- Italy
- Rest of Europe
- South America
- Brazil
- Argentina
- Rest of South America
- Asia-Pacific
- China
- India
- Japan
- Australia
- Rest of Asia-Pacific
- Middle East and Africa
Key Developments
- On June 6, 2023, The Johnson & Johnson Company of Janssen Pharmaceutical of announced the filing of a supplementary biologics license application (sBLA) to the U.S. FDA to request approval of an additional indication for the use of CARVYKTI (ciltacabtagene autoleucel; cilta-cel) for the therapy of adult individuals with refractory or relapsed multiple myeloma who have undergone a minimum of one prior line.
- On April 17, 2023, The KarMMa-3 study examined the therapy of adult individuals with relapsed or refractory multiple myeloma who received treatment with an immunomodulatory drug, an anti-CD38 monoclonal antibody and a proteasome inhibitor.
Bristol Myers Squibb, a biopharma company, and 2seventy bio, Inc., a biotech company, announced the fact that the U.S. Food and Drug Administration has approved the companies' supplemental Biologics.
- On June 5, 2023, A landmark Phase 3 ZUMA-7 study comparing Yescarta (axicabtagene ciloleucel) CAR T-cell therapy to ancient standard of care (SOC) as the first course of treatment in the therapeutic setting for individuals with refractory or relapsed large B-cell lymphoma (R/R LBCL) has revealed detailed results, according to Kite, a Gilead Company, a biopharmaceutical company.
Why Purchase the Report?
- To visualize the Global Refractory Multiple Myeloma Market segmentation based on drug type, route of administration, product type, end user and region, and understand key commercial assets and players.
- Identify commercial opportunities by analyzing trends and co-development.
- Excel data sheet with numerous refractory multiple myeloma market-level data points with all segments.
- PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
- Product mapping available as Excel consisting of key products of all the major players.
The Global Refractory Multiple Myeloma Market Report Would Provide Approximately 53 Tables, 54 Figures And 195 Pages.
Target Audience 2024
- Manufacturers/ Buyers
- Industry Investors/Investment Bankers
- Research Professionals
- Emerging Companies
