Bortezomib is a proteasome inhibitor drug used to treat multiple myeloma and non-Hodgkin's lymphoma. It targets and selectively inhibits the action of proteasomes in cancer cells, which are responsible for destroying unneeded or damaged proteins and targeted for degradation. Proteasome inhibition offers improved patient outcomes by interfering with various cellular functions in cancer cells such as cell cycle regulation, apoptosis, and angiogenesis. With rising cases of multiple myeloma across the world, the demand for bortezomib as an effective treatment option is growing significantly. The global bortezomib market is poised to witness steady growth owing to the increasing incidence of multiple myeloma.

The global bortezomib market is estimated to be valued at US$ 24.54 Mn in 2024 and is expected to exhibit a CAGR of 4.7% over the forecast period of 2024 to 2031.

Key Takeaways

Key players operating in the bortezomib market are Hikma Pharmaceuticals, Pfizer, Meitheal Pharmaceuticals, Novartis International AG, Bristol Myers Squibb, NATCO Pharma, Teva Pharmaceuticals, Dr. Reddy's Laboratories, Gland Pharma, Shilpa Medicare, Qilu Pharmaceutical, Scion Pharmaceuticals, Farmhispania Group, Coresyn, Chem-Stone (Guangzhou), Hubei Honch Pharmaceutical, Vinkem Labs, Icrom, TAPI Teva, Chengdu Aslee Biopharmaceuticals.

The growing multiple myeloma patient pool globally presents lucrative opportunities for players in the Bortezomib Market Demand to expand their footprint. Various initiatives undertaken by governments and non-profit organizations to spread awareness about myeloma and its treatment options are further augmenting the market demand. Moreover, public and private funding for development of safer and more effective therapeutics for multiple myeloma is encouraging many pharmaceutical companies to invest in R&D activities.

Key players are engaged in new product development and geographic expansion strategies to strengthen their global presence. The presence of a robust pipeline of innovative bortezomib candidates is expected to drive the overall market growth during the forecast period.

Market Drivers

The rising prevalence of multiple myeloma globally is a key factor driving the Bortezomib Market Size And Trends  According to Globocan 2020 data, 130,320 new multiple myeloma cases and 91,368 deaths were reported worldwide in 2020. Furthermore, growing geriatric population prone to developing myeloma coupled with improving treatment seeking rate is boosting the market demand. Extensive research investigating bortezomib’s potential in treatment of other cancers such as breast cancer indicate significant opportunity for market expansion.

PEST Analysis

Political: Regulations related to pharmaceutical industry and new drug approvals plays a vital role in bortezomib market. Changes in healthcare policies of different countries also impact market growth.

Economic: Availability of funds for research and development activities undertaken by pharmaceutical companies along with patient affordability are important factors that determine demand.

Social: Increase in cancer prevalence and rising awareness about treatment options are key social determinants supporting the bortezomib market. Acceptance of new biosimilar drugs also influences market trends.

Technological: Continuous innovations in drug delivery mechanisms and ongoing research & clinical trials to expand therapeutic applications of bortezomib aid market expansion.

In terms of value, North America accounts for the largest share of the global bortezomib market currently. This can be attributed to high healthcare spending and presence of major market players in the region. Europe is the second largest regional market driven by growing cancer burden and government funding for life science research.

Asia Pacific market is expected to witness fastest growth over the forecast period. Rising healthcare expenditure, huge patient population, increasing disposable incomes, and growing accessibility to advanced treatments are fueling market demand from emerging economies like China and India. Expansion of healthcare infrastructure and awareness programs by market participants shall further propel growth in the Asia Pacific region.

Get More Insights On, Bortezomib Market

For More Insights Discover the Report In language that Resonates with you

French, German, Italian, Russian, Chinese, Korean

About Author:

Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)