Global Multiple Myeloma Therapeutics Market to Reach US$6.4 Billion by 2017, According to a New Report by Global Industry Analysts, Inc.
Global Multiple Myeloma Therapeutics Market to Reach US$ 6.4 Billion by 2017, According to a New Report by Global Industry Analysts, Inc.
San Jose, California (PRWEB) November 10, 2011
Follow us on LinkedIn – Globally, the incidence of multiple myeloma is increasing with each passing year. Consequently, the number of people willing to undergo therapeutic intervention is rising, which in turn is driving the awareness of the available and potential treatment options for treating the condition. These factors are expected to create a substantial surge in demand for the existing as well as new therapies available in the market for treating multiple myeloma. Despite being on the expensive side when compared to the standard therapies for treating myeloma, most current drugs are increasingly being accepted by myeloma patients in search for effective treatment options, creating significant value growth in the market. Going forwards, the demand for myeloma therapeutics is expected to surge, driven by the continued rise in the use of Revlimid as a first-line therapy for myeloma, and the prospective launch of new medications in the market. Demand for new, effective drugs would emerge from the fact that significant unmet needs exist in the market.
Multiple Myeloma, a lethal but less common type of blood cancer results in eventual patient relapses even after therapy, and is universally considered as fatal. More than 181,000 individuals suffered from the condition across major regions worldwide, including the US, EU, and Japan in the year 2010, with an estimated 52,000 new cases diagnosed during the year. The condition primarily affects the aged, given the average age of disease onset at around 70 years. Stem cell therapy has been available for treating the condition for several years, and novel drugs that forayed into the market over the years have largely been effective. However, the stem cell transplantation has been more fruitful in younger patient population, and high unmet needs existed for long in high-risk patients. The subsequent launch of new drug agents, such as thalomide, bortezomib, and lenalidomide have succeeded in making a substantial impact on the treatment outcomes in patients of all age groups.
The US represents the largest regional market for multiple myeloma therapeutics worldwide, as stated by the new market research report on Multiple Myeloma Therapeutics. Europe remains the second largest market for multiple myleoma therapeutics worldwide. However, Rest of World, which includes markets such as Canada, Asia-Pacific, Latin America, Africa, and the Middle East, is forecast to garner the fastest growth during the analysis period. Japanese market is projected to tread at a compounded annual growth rate of close to 10% during the analysis period.
Revlimid’s approval for use as a drug in the first line treatment of multiple myeloma has sparked a new momentum for the sales of this drug. Consequently, Revlimid is expected to cannibalize significant share of Velcade in the myeloma therapy market in value terms as well as in terms of the drug’s share in number of patients using the drug. However, the cannibalizing effect is expected to be more profound in case of Thalomid when compared to Velcade. Despite this threat, sales of Velcade and Revlimid are expected to increase, specifically in the patient segment with relapsed/refractory forms of myeloma.
Major players profiled in the report include Amgen Inc, Bristol-Myers Squibb Company, Celgene Corporation, F. Hoffmann-La Roche Ltd, Genentech Inc., Janssen Biotech Inc, Millennium Pharmaceuticals, Seattle Genetics, Ziopharm Oncology Inc., among others.
The research report titled “Multiple Myeloma Therapeutics: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of the multiple myeloma therapeutics markets, current market trends, key growth drivers, recent product approvals, recent industry activity, and profiles of major/niche global as well as regional market participants. The report provides annual sales estimates and projections for Multiple Myeloma Therapeutics market for the years 2009 through 2017 for the following geographic markets – US, Japan, Europe, and Rest of World. Also, a six-year (2003-2008) historic analysis is provided for additional perspective.
For more details about this comprehensive market research report, please visit – http://www.strategyr.com/Multiple_Myeloma_Therapeutics_Market_Report.asp
About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a leading publisher of off-the-shelf market research. Founded in 1987, the company currently employs over 800 people worldwide. Annually, GIA publishes more than 1300 full-scale research reports and analyzes 40,000+ market and technology trends while monitoring more than 126,000 Companies worldwide. Serving over 9500 clients in 27 countries, GIA is recognized today, as one of the world’s largest and reputed market research firms.
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