Report Overview

The South Korea multiple myeloma therapeutics market size stood at around USD 53 million in 2019 and is projected to reach xx million by 2028, exhibiting a CAGR of around xx% during the forecast period.

Multiple myeloma is a cancer that forms in a type of white blood cell called a plasma cell. In multiple myeloma, cancerous plasma cells accumulate in the bone marrow and crowd out healthy blood cells.

In Korea, the very first case report of multiple myeloma was published in 1959 and since that time, the number of cases of multiple myeloma in Korea increased steadily. The incidence and mortality of multiple myeloma in Korea have increased more than 30 times during past 30years. As of 2004, multiple myeloma accounted for the second highest medical cost per person in Korea, and its treatment continues to pose a great challenge as both the number of patients and available therapeutic options increase.



Market Drivers

Multiple myeloma market is majorly driven by its high prevalence. Air pollution, increased exposure to potential carcinogens and radiation are all associated with rapid industrialization and are suspected as reasons for the increase in number of multiple myeloma cases. Another possible reason for the increase is the aging of the Korean population. Promising pipeline of drugs, high diagnostics rate, unhealthy lifestyle, growth in demand of biologic therapies, and emergence of nanomedicine also drive the market.

However, high cost of radiotherapy and chemotherapy combined with limited revenue opportunities delay the growth of the market.