LONDON--(EON: Enhanced Online News)--Technavio market research analysts forecast the global multiple myeloma drugs market to grow at a CAGR of over 9% during the forecast period, according to their latest report.
“The emergence of nanomedicine platform for the effective delivery of drugs is likely to fuel market growth, owing to the increased need.”
The market study covers the present scenario and growth prospects of the global multiple myeloma drugs market for 2017-2021. The report segments the market into three major categories based on therapy, which are biologic therapy, targeted therapy, and chemotherapy.
According to Sapna Jha, a lead analyst at Technavio for oncology research, “The emergence of nanomedicine platform for the effective delivery of drugs is likely to fuel market growth, owing to the increased need.”
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Technavio healthcare and life sciences analysts highlight the following three market drivers that are contributing to the growth of the global multiple myeloma drugs market:
- Growing demand for biologic therapies
- Paradigm shift toward the adoption of novel proteasome inhibitors
- Presence of large patient pool
Growing demand for biologic therapies
The market has been witnessing a growing demand for biologic therapies, which is expected to drive market growth. Biologic therapy is a treatment that triggers the body's immune system to fight myeloma cells. Biologic therapies boost the immune system cells that identify and attack cancer cells. The demand for targeted therapies is due to its higher efficacy than other conventional therapies, which involve the destroying of healthy cells as well. Further, targeted therapies may have lesser side effects as compared to conventional treatments. Therefore, the market has witnessed an increased uptake of biologic therapies in the recent past. For instance, drugs such as REVLIMID and POMALYST have been reporting increasing adoption by physicians.
“The increased duration of treatment coupled with increased endorsements from healthcare organizations and research institutes regarding the use of biologic therapies will fuel the adoption rates,” says Sapna.
Paradigm shift toward the adoption of novel proteasome inhibitors
Proteasome inhibition has emerged as a key therapeutic strategy in the treatment of multiple myeloma. Cancer cells have higher levels of proteasome activity as compared to normal cells and are more sensitive to the proapoptotic (the process of programmed cell death) effects of proteasome inhibition than normal cells, thereby making proteasome a therapeutic target in multiple myeloma. The adoption of proteasome inhibitors started from 2003 when the US FDA approved VELCADE (bortezomib) for the treatment of individuals who were already treated with chemotherapy and whose cancer continued to advance after the most recent therapy. Later, in 2008 the drug was approved for use in the initial phase of treatment.
The limitations of existing therapies are driving the adoption rate of proteasome inhibitors. For instance, proteasome inhibitor treatment is preferred after there is a failure of treatment with the conventional approach. The market has witnessed approval of new proteasome inhibitors, which will further drive market growth, such as Johnson & Johnson's DARZALEX and Takeda Pharmaceuticals' NINLARO.
Presence of large patient pool
The presence of large patient pool is expected to drive market growth. Multiple myeloma accounts for 15% of hematologic cancers and 1.3% of all malignancies. In addition, the increasing awareness and development of new diagnostic tests are factors that will lead to an increase in the patient pool.
The International Myeloma Foundation offers support to individuals and caregivers through knowledge sharing, experience sharing, and fundraising for the disease. Such initiatives will boost the awareness among individuals and physicians. For instance, in June 2016, Sebia and Abingdon Health entered a global distribution agreement under which Sebia will distribute Abingdon Health’s Seralite FLC Dual Kappa and Lambda serum lateral flow immunoassay for the diagnosis of multiple myeloma. This move will expand the patient population substantially. Also, the launch of novel diagnostic products such as rapid tests for the treatment of multiple myeloma will drive the market growth.
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