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The global treatment market for multiple myeloma will rise in value from $8.9 billion in 2014 to an estimated $22.4 billion by 2023, representing an impressive Compound Annual Growth Rate (CAGR) of 11.2%, according to research and consulting firm GlobalData.
The company's latest report states that this increase, which will occur across the eight major markets of the US, France, Germany, Italy, Spain, UK, Japan, and urban China, will be boosted by increasing therapeutic options, including the introduction of two monoclonal antibodies (mAbs) with blockbuster potential, namely Empliciti and daratumumab, during the forecast period.
Dr Dan Roberts, GlobalData's senior analyst covering oncology and hematology, says the patent expiries of a number of key treatments will pave the way for the new mAbs to have a major impact on the multiple myeloma therapeutics space by 2023.
He comments: "The patents of the two best-selling drugs in multiple myeloma treatment, namely Revlimid (lenalidomide) and Velcade (bortezomib), will both expire in the US and five European countries during the forecast period.
"As a consequence, Celgene will lose its dominance in this therapy area, with its market share anticipated to fall dramatically from 68% in 2014 to a mere 17% by 2023."