The Multiple Myeloma market size was valued globally at US$ 20.44 billion in 2023 and is expected to reach to US$ 37.90 billion by the year 2032, with a CAGR of 7.10% during 2024-2032. The main growth drivers include an increasing incidence rate, growth in the label and market penetration of current therapies in previous lines, high utilization of novel therapies, chiefly CAR-T cell therapies and anti-BCMA, robust emerging pipeline, and anticipated increases in R&D investment.Multiple Myeloma Market will reach US$ 16.31 Billion in 2030
Multiple Myeloma Market Overview
Multiple myeloma is a neoplastic disease that is manifested by the excessive production of monoclonal plasma cells that cause different effects resulting to the dysfunction of organs and thus, death. This is a disease that is characterized by the progressive accumulation of terminally differentiated monoclonal plasma cells (PC) in the bone marrow. The mechanism of action of MM is that it is a clonal plasma cell proliferative disease by the unusual elevation of monoclonal paraprotein having clinical and laboratory evidence of specific end-organ dysfunction. MM is categorized under the monoclonal gammopathy spectrum. In recent years there has been change of pathogenesis of disease and therefore improved methods of managing patients with multiple myeloma.The diagnosis of multiple myeloma can be performed by laboratory investigations, clinical manifestations such as bone pain, weakness, hypercalcemia, etc, physical examination and other signs. Several tests are carried out based on these symptoms and these include blood test and urine test. Following these tests, a biopsy is taken differently, either bone marrow aspiration or fine needle aspiration. In addition to these tests, there are other tests that can be conducted to enhance the diagnosis of multiple myeloma as we have seen; plasma cell proliferation that indicates the proportion of the plasma cells that are actively dividing; serum viscosity that determine the thickness of blood; echocardiogram which is an ultrasound that assess the health of the heart in terms of how it contracts and pumps blood. After such a diagnosis it is also necessary to determine if it is smoldering or active myeloma; for this there also starts treatment.
Growth Factors in the Multiple Myeloma Market
Advancements in Treatment and Drug Development
The multiple myeloma market is on the right uptrend owing to increase in better treatment and continued drug research. New and novel treatment regimens such as immunomodulating agents, proteasome inhibitors, and monoclonal antibodies have enhanced patient prognosis and made more patients live longer. The new drugs that have been approved include the CAR T-cell therapy and bispecific antibodies that have a more precise targeting of the cancer cells, a ray of hope for patients with relapsed or refractory multiple myeloma. Also, preclinical research on registration of combination therapies, as well as the development of individualized therapy, is increasing. The steady stream of new drugs and increased clinical trials has attracted a lot of pharmaceutical interest which has accelerated market growth for multiple myeloma, thus providing improved treatment options for patients of the disease.Growing Prevalence of Multiple Myeloma
Increased prevalence of multiple myeloma especially amongst the elder population is one of the main growths inducing factors to the market. Multiple myeloma prevails in people over 60 and, given the general tendency of global life expectancy, the prognosis for such patients will also grow. Furthermore, the disease is rife in other groups of people, say the blacks and patients with hereditary factors. Technological advancement in diagnosing tools and enhanced sensitization present more patients to the doctor at an early stage hence early treatment. These factors include, but are not limited to, the higher incidence rates and longer span of survival as a result of better treatment regimens that is translating to a greater population of patients, thus increased call for more effective therapies and supportive care measures thus driving the market forward.Expanding Healthcare Infrastructure and Access
The investment and progress in the healthcare facilities with special reference to emerging nations are considerably influencing the multiple myeloma market growth. Improved diagnostics, dedicated specialties and, new therapies make it possible to control the disease in many countries around the world. New policies, healthcare reforms and advancement in cancers including enhanced investments in treatments are augmenting the accessibility of superior care. Moreover, the increase in health insurance coverage and reimbursement increases the chances of patients to afford expensive treatments. Reflecting on the current and future availability of clinical trials as well as advanced treatment centres in both developed and developing countries it can be concluded that in this manner more patient can utilise modern effective treatments for their diseases and thereby increase market demand, and as a result, the growth in global markets.United States Multiple Myeloma Market Overview
Currently, USA is expected to have moderately large market contribution and is expected to grow in the next few years in the multiple myeloma market. This is because multiple myeloma patient population is rising, the number of activities done by the companies to develop better effective treatment drugs continuing to rise, there is continuous increase in healthcare expenditure and leading players are present in this region.The increasing prevalence of multiple myeloma is a critical factor driving market growth. For example, according to 2022 statistics published by ACS, multiple myeloma is a relatively uncommon cancer, and in the United States, the lifetime risk of getting multiple myeloma is 1 in 132 (0.76%). The high number of multiple myeloma cases increases the demand for effective drugs to treat the disease, which is expected to drive market growth shortly. Furthermore, initiatives to launch awareness programs and campaigns to increase public awareness regarding multiple myeloma also contribute to market growth. For instance, in February 2022, Myeloma Action Month was organized with the International Myeloma Foundation (IMF) every March to inspire people and organizations to adopt initiatives to improve the myeloma community in the United States. This year, the IMF invited participants to act against the disease during Myeloma Action Month.
One of the major growth factors is the rise in the incidence rate of multiple myeloma. According to the figures of American Cancer Society ACS, multiple myeloma is very common cancer and the chances of an individual developing multiple myeloma at some point in life in the United States is 1 in 132 (0. 76%). Thus, the fact that multiple myeloma is a relatively frequent disease in the population promotes the growth of demand for effective drugs in the near future. In addition to increased R&D for new treatment of multiple myeloma, efforts to start programs and campaigns to increase public awareness about multiple myeloma also leads to market growth. For example, in February 2022, Myeloma Action Month was initiated with the International Myeloma Foundation (IMF) annually in March to encourage people and organizations to initiate activities to enhance myeloma society in the United States.
Multiple Myeloma Market Company Overview
Some Global Multiple Myeloma Market industry leaders include Novartis AG, AbbVie Inc., Sanofi, Johnson & Johnson, Baxter International Inc., Pfizer Inc., Takeda Pharmaceutical Company Ltd, and Bristol-Myers Squibb Company.Multiple Myeloma Market News
- In December 2023, Japan approved Bristol-Myers Squibb Company's production and sale of Abecma® for the treatment of multiple myeloma.
- In December 2022, Arcellx and Kite, under Gilead, formed a national alliance to develop and market CART and collaborate on treatment for multiple myeloma. As part of the agreement, Arcellx will pay Kite an upfront fee of USD 225 million.
- In October 2022, Janssen Biotech received accelerated FDA approval for teclistamab-cqyv, the first bispecific CD3 T-cell engager targeting BCMA (B-cell maturation antigen), for use in adult patients with relapsed or refractory multiple myeloma.
Drugs Type - Market breakup in 4 viewpoints:
- Chemotherapy
- Protease Inhibitors
- Monoclonal Antibody
- Others
Disease Type - Market breakup in 2 viewpoints:
- Active multiple myeloma
- Smoldering multiple myeloma
End User - Market breakup in 3 viewpoints:
- Hospitals
- Clinics
- Others
Country - Market breakup in 25 viewpoints:
North America
- United States
- Canada
Europe
- France
- Germany
- Italy
- Spain
- United Kingdom
- Belgium
- the Netherlands
- Turkey
Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Thailand
- Malaysia
- Indonesia
- New Zealand
Latin America
- Brazil
- Mexico
- Argentina
Middle East & Africa
- South Africa
- Saudi Arabia
- United Arab Emirates
The key players have been covered from 4 viewpoints:
- Overviews
- Recent Developments
- Products Portfolio
- Revenues
Company Analysis:
- Novartis AG
- Abbvie Inc
- Sanofi
- Johnson and Johnson
- Baxter International Inc.
- Pfizer Inc.
- Takeda Pharmaceutical Company Ltd
- Bristol-Myers Squibb Company
Table of Contents
1. Introduction2. Research Methodology3. Executive Summary5. Global Multiple Myeloma Market
4. Market Dynamics
6. Market Share Analysis
7. Drugs Types
8. Disease Types
9. End User
10. Countries
11. Porter's Five Forces Analysis
12. SWOT Analysis
13. Key Players Analysis
Companies Mentioned
- Novartis AG
- Abbvie Inc
- Sanofi
- Johnson and Johnson
- Baxter International Inc.
- Pfizer Inc.
- Takeda Pharmaceutical Company Ltd
- Bristol-Myers Squibb Company
Methodology
In this report, for analyzing the future trends for the studied market during the forecast period, the publisher has incorporated rigorous statistical and econometric methods, further scrutinized by secondary, primary sources and by in-house experts, supported through their extensive data intelligence repository. The market is studied holistically from both demand and supply-side perspectives. This is carried out to analyze both end-user and producer behavior patterns, in the review period, which affects price, demand and consumption trends. As the study demands to analyze the long-term nature of the market, the identification of factors influencing the market is based on the fundamentality of the study market.
Through secondary and primary researches, which largely include interviews with industry participants, reliable statistics, and regional intelligence, are identified and are transformed to quantitative data through data extraction, and further applied for inferential purposes. The publisher's in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. These analytical tools and models sanitize the data & statistics and enhance the accuracy of their recommendations and advice.
Primary Research
The primary purpose of this phase is to extract qualitative information regarding the market from the key industry leaders. The primary research efforts include reaching out to participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions. The publisher also established professional corporate relations with various companies that allow us greater flexibility for reaching out to industry participants and commentators for interviews and discussions, fulfilling the following functions:
- Validates and improves the data quality and strengthens research proceeds
- Further develop the analyst team’s market understanding and expertise
- Supplies authentic information about market size, share, growth, and forecast
The researcher's primary research interview and discussion panels are typically composed of the most experienced industry members. These participants include, however, are not limited to:
- Chief executives and VPs of leading corporations specific to the industry
- Product and sales managers or country heads; channel partners and top level distributors; banking, investment, and valuation experts
- Key opinion leaders (KOLs)
Secondary Research
The publisher refers to a broad array of industry sources for their secondary research, which typically includes, however, is not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Patent and regulatory databases for understanding of technical & legal developments
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic new articles, webcasts, and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecasts
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 200 |
| Published | August 2024 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value ( USD | $ 20.44 Billion |
| Forecasted Market Value ( USD | $ 37.9 Billion |
| Compound Annual Growth Rate | 7.1% |
| Regions Covered | Global |
| No. of Companies Mentioned | 8 |
