The multiple myeloma market size has grown strongly in recent years. It will grow from $23.84 billion in 2023 to $25.9 billion in 2024 at a compound annual growth rate (CAGR) of 8.7%. The growth observed in the historic period can be attributed to several factors, including advancements in diagnostics, the introduction of stem cell transplantation, increased accessibility to high-quality medical care, the adoption of precision medicine approaches, and the implementation of patient-centric care models.
The multiple myeloma market size is expected to see strong growth in the next few years. It will grow to $34.8 billion in 2028 at a compound annual growth rate (CAGR) of 7.7%. The anticipated growth in the forecast period can be attributed to the integration of health technology, widespread adoption of telemedicine services, the development of personalized vaccine therapies, and the utilization of digital health platforms for patient education. Key trends expected in the forecast period encompass advancements in targeted therapies, the exploration of novel drug development, progress in immunotherapy, the development of novel biomarkers, and the integration of artificial intelligence into healthcare systems.
The anticipated growth in the multiple myeloma market is expected to be driven by the increasing prevalence of this form of cancer. Multiple myeloma, which originates in plasma cells, is influenced by factors such as age, genetics, obesity, and radiation exposure. The rise in the number of cases is evident, as reported by the American Cancer Society, with new cases increasing from 34,470 in 2022 to 35,730 in 2023. This escalation in prevalence underscores the imperative for advancements in multiple myeloma treatments, thereby contributing to the growth of the market.
The growth in healthcare expenditures is poised to propel the multiple myeloma market forward. Healthcare expenditures, representing the total monetary outlay on healthcare goods and services within a defined period, play a significant role in the treatment and management of multiple myeloma. These expenditures cover various aspects, including therapies, medications, hospitalization, and supportive care. As indicated by the Canadian Institute for Health Information (CIHI) in November 2022, the forecasted rise in total health spending in Canada from $328 billion in 2021 to $331 billion in 2022 reflects the increasing financial commitment to healthcare. This upward trend in healthcare expenditures is expected to drive advancements in multiple myeloma treatment options and contribute to the overall growth of the market.
Product innovation stands out as a prominent trend in the multiple myeloma market, with major companies actively engaged in developing innovative therapies to maintain their competitive positions. In October 2022, Janssen Pharmaceutical Companies of Johnson & Johnson achieved FDA approval for TECVAYLI (teclistamab-cqyv), the first bispecific T-cell engager antibody. This drug is intended for the treatment of adult patients with multiple myeloma who have undergone at least four prior lines of therapy, including various drugs. TECVAYLI targets the B-cell maturation antigen (BCMA) expressed on certain B-lineage cells, as well as the CD3 receptor found on T-cells and multiple myeloma cells.
Major players in the multiple myeloma market are also focusing on the development of novel therapies such as CAR T-cell therapy (Chimeric Antigen Receptor T-cell therapy) to gain a competitive advantage. In December 2023, Bristol Myers Squibb received approval for Abecma, the first CAR T-cell therapy for earlier use in patients with relapsed or refractory multiple myeloma who have undergone at least two prior therapies. Abecma, a B-cell maturation antigen (BCMA)-directed CAR T-cell immunotherapy, demonstrated significant improvements in median progression-free survival (mPFS) and overall response rate (ORR) based on the interim analysis of the KarMMa-3 Phase 3 study.
In November 2021, Pfizer Inc. acquired Trillium Therapeutics Inc., a clinical-stage immuno-oncology company, for an undisclosed amount. This acquisition enhances Pfizer's position in the oncology field, particularly in the development of next-generation immunotherapies for hematological malignancies, including multiple myeloma. Trillium Therapeutics Inc. is known for its innovative cancer therapies, contributing to Pfizer's leadership in oncology research and development.
Major companies operating in the multiple myeloma market report are Pfizer Inc., Johnson & Johnson Private Limited, F. Hoffmann-La Roche Ltd., Merck & Co. Inc., AbbVie Inc., Bayer AG, Novartis AG, Sanofi S.A., Bristol-Myers Squibb Company, AstraZeneca PLC, Abbott Laboratories, GlaxoSmithKline PLC, Takeda Pharmaceutical Company Limited, Eli Lilly and Company, Boehringer Ingelheim International GmbH, Amgen Inc., Janssen Global Services LLC, Celgene Corporation, Mylan N.V., Biogen Inc., Cipla Inc., Sun Pharmaceutical Industries Ltd., CRISPR Therapeutics AG, Karyopharm Therapeutics Inc., Fate Therapeutics Inc., Atara Biotherapeutics Inc., Allogene Therapeutics Inc., C4 Therapeutics Inc., Adaptimmune Therapeutics PLC, Precision Biosciences Inc.
North America was the largest region in the multiple myeloma market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the multiple myeloma market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the multiple myeloma market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The primary treatments for multiple myeloma encompass various approaches such as medications, radiation therapy, stem cell transplant, and others. Medications, in this context, refer to dosage forms containing both potentially inert substances and one or more active chemicals aimed at managing the disease. To diagnose active multiple myeloma and smoldering multiple myeloma, healthcare professionals employ blood tests, bone marrow biopsy, urine tests, and imaging tests. Treatment modalities can be administered through different channels, including hospital pharmacies, retail pharmacies, online pharmacies, and other distribution channels.
The multiple myeloma research report is one of a series of new reports that provides multiple myeloma market statistics, including the multiple myeloma industry's global market size, regional shares, competitors with multiple myeloma market share, detailed multiple myeloma market segments, market trends and opportunities, and any further data you may need to thrive in the multiple myeloma industry. This multiple myeloma market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The multiple myeloma market consists of revenues earned by entities by providing services such as treatment planning, supportive care, and diagnostic testing such as computerized tomography (CT scans), magnetic resonance imaging (MRI), and positron emission tomography (PET) scans. The market value includes the value of related goods sold by the service provider or included within the service offering. The multiple myeloma market also includes sales of thalidomide, bortezomib, and daratumumab which are used in providing multiple myeloma services. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
This product will be delivered within 3-5 business days.
The multiple myeloma market size is expected to see strong growth in the next few years. It will grow to $34.8 billion in 2028 at a compound annual growth rate (CAGR) of 7.7%. The anticipated growth in the forecast period can be attributed to the integration of health technology, widespread adoption of telemedicine services, the development of personalized vaccine therapies, and the utilization of digital health platforms for patient education. Key trends expected in the forecast period encompass advancements in targeted therapies, the exploration of novel drug development, progress in immunotherapy, the development of novel biomarkers, and the integration of artificial intelligence into healthcare systems.
The anticipated growth in the multiple myeloma market is expected to be driven by the increasing prevalence of this form of cancer. Multiple myeloma, which originates in plasma cells, is influenced by factors such as age, genetics, obesity, and radiation exposure. The rise in the number of cases is evident, as reported by the American Cancer Society, with new cases increasing from 34,470 in 2022 to 35,730 in 2023. This escalation in prevalence underscores the imperative for advancements in multiple myeloma treatments, thereby contributing to the growth of the market.
The growth in healthcare expenditures is poised to propel the multiple myeloma market forward. Healthcare expenditures, representing the total monetary outlay on healthcare goods and services within a defined period, play a significant role in the treatment and management of multiple myeloma. These expenditures cover various aspects, including therapies, medications, hospitalization, and supportive care. As indicated by the Canadian Institute for Health Information (CIHI) in November 2022, the forecasted rise in total health spending in Canada from $328 billion in 2021 to $331 billion in 2022 reflects the increasing financial commitment to healthcare. This upward trend in healthcare expenditures is expected to drive advancements in multiple myeloma treatment options and contribute to the overall growth of the market.
Product innovation stands out as a prominent trend in the multiple myeloma market, with major companies actively engaged in developing innovative therapies to maintain their competitive positions. In October 2022, Janssen Pharmaceutical Companies of Johnson & Johnson achieved FDA approval for TECVAYLI (teclistamab-cqyv), the first bispecific T-cell engager antibody. This drug is intended for the treatment of adult patients with multiple myeloma who have undergone at least four prior lines of therapy, including various drugs. TECVAYLI targets the B-cell maturation antigen (BCMA) expressed on certain B-lineage cells, as well as the CD3 receptor found on T-cells and multiple myeloma cells.
Major players in the multiple myeloma market are also focusing on the development of novel therapies such as CAR T-cell therapy (Chimeric Antigen Receptor T-cell therapy) to gain a competitive advantage. In December 2023, Bristol Myers Squibb received approval for Abecma, the first CAR T-cell therapy for earlier use in patients with relapsed or refractory multiple myeloma who have undergone at least two prior therapies. Abecma, a B-cell maturation antigen (BCMA)-directed CAR T-cell immunotherapy, demonstrated significant improvements in median progression-free survival (mPFS) and overall response rate (ORR) based on the interim analysis of the KarMMa-3 Phase 3 study.
In November 2021, Pfizer Inc. acquired Trillium Therapeutics Inc., a clinical-stage immuno-oncology company, for an undisclosed amount. This acquisition enhances Pfizer's position in the oncology field, particularly in the development of next-generation immunotherapies for hematological malignancies, including multiple myeloma. Trillium Therapeutics Inc. is known for its innovative cancer therapies, contributing to Pfizer's leadership in oncology research and development.
Major companies operating in the multiple myeloma market report are Pfizer Inc., Johnson & Johnson Private Limited, F. Hoffmann-La Roche Ltd., Merck & Co. Inc., AbbVie Inc., Bayer AG, Novartis AG, Sanofi S.A., Bristol-Myers Squibb Company, AstraZeneca PLC, Abbott Laboratories, GlaxoSmithKline PLC, Takeda Pharmaceutical Company Limited, Eli Lilly and Company, Boehringer Ingelheim International GmbH, Amgen Inc., Janssen Global Services LLC, Celgene Corporation, Mylan N.V., Biogen Inc., Cipla Inc., Sun Pharmaceutical Industries Ltd., CRISPR Therapeutics AG, Karyopharm Therapeutics Inc., Fate Therapeutics Inc., Atara Biotherapeutics Inc., Allogene Therapeutics Inc., C4 Therapeutics Inc., Adaptimmune Therapeutics PLC, Precision Biosciences Inc.
North America was the largest region in the multiple myeloma market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the multiple myeloma market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the multiple myeloma market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The primary treatments for multiple myeloma encompass various approaches such as medications, radiation therapy, stem cell transplant, and others. Medications, in this context, refer to dosage forms containing both potentially inert substances and one or more active chemicals aimed at managing the disease. To diagnose active multiple myeloma and smoldering multiple myeloma, healthcare professionals employ blood tests, bone marrow biopsy, urine tests, and imaging tests. Treatment modalities can be administered through different channels, including hospital pharmacies, retail pharmacies, online pharmacies, and other distribution channels.
The multiple myeloma research report is one of a series of new reports that provides multiple myeloma market statistics, including the multiple myeloma industry's global market size, regional shares, competitors with multiple myeloma market share, detailed multiple myeloma market segments, market trends and opportunities, and any further data you may need to thrive in the multiple myeloma industry. This multiple myeloma market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The multiple myeloma market consists of revenues earned by entities by providing services such as treatment planning, supportive care, and diagnostic testing such as computerized tomography (CT scans), magnetic resonance imaging (MRI), and positron emission tomography (PET) scans. The market value includes the value of related goods sold by the service provider or included within the service offering. The multiple myeloma market also includes sales of thalidomide, bortezomib, and daratumumab which are used in providing multiple myeloma services. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
This product will be delivered within 3-5 business days.
Table of Contents
1. Executive Summary2. Multiple Myeloma Market Characteristics3. Multiple Myeloma Market Trends and Strategies32. Global Multiple Myeloma Market Competitive Benchmarking33. Global Multiple Myeloma Market Competitive Dashboard34. Key Mergers and Acquisitions in the Multiple Myeloma Market
4. Multiple Myeloma Market - Macro Economic Scenario
5. Global Multiple Myeloma Market Size and Growth
6. Multiple Myeloma Market Segmentation
7. Multiple Myeloma Market Regional and Country Analysis
8. Asia-Pacific Multiple Myeloma Market
9. China Multiple Myeloma Market
10. India Multiple Myeloma Market
11. Japan Multiple Myeloma Market
12. Australia Multiple Myeloma Market
13. Indonesia Multiple Myeloma Market
14. South Korea Multiple Myeloma Market
15. Western Europe Multiple Myeloma Market
16. UK Multiple Myeloma Market
17. Germany Multiple Myeloma Market
18. France Multiple Myeloma Market
19. Italy Multiple Myeloma Market
20. Spain Multiple Myeloma Market
21. Eastern Europe Multiple Myeloma Market
22. Russia Multiple Myeloma Market
23. North America Multiple Myeloma Market
24. USA Multiple Myeloma Market
25. Canada Multiple Myeloma Market
26. South America Multiple Myeloma Market
27. Brazil Multiple Myeloma Market
28. Middle East Multiple Myeloma Market
29. Africa Multiple Myeloma Market
30. Multiple Myeloma Market Competitive Landscape and Company Profiles
31. Multiple Myeloma Market Other Major and Innovative Companies
35. Multiple Myeloma Market Future Outlook and Potential Analysis
36. Appendix
Executive Summary
Multiple Myeloma Global Market Report 2024 provides strategists, marketers and senior management with the critical information they need to assess the market.This report focuses on multiple myeloma market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Reasons to Purchase
- Gain a truly global perspective with the most comprehensive report available on this market covering 50+ geographies.
- Understand how the market has been affected by the coronavirus and how it is responding as the impact of the virus abates.
- Assess the Russia-Ukraine war’s impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
- Measure the impact of high global inflation on market growth.
- Create regional and country strategies on the basis of local data and analysis.
- Identify growth segments for investment.
- Outperform competitors using forecast data and the drivers and trends shaping the market.
- Understand customers based on the latest market shares.
- Benchmark performance against key competitors.
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- Report will be updated with the latest data and delivered to you along with an Excel data sheet for easy data extraction and analysis.
- All data from the report will also be delivered in an excel dashboard format.
Where is the largest and fastest growing market for multiple myeloma? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? This report answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.
- The market characteristics section of the report defines and explains the market.
- The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
- The forecasts are made after considering the major factors currently impacting the market. These include:
- The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
- The impact of higher inflation in many countries and the resulting spike in interest rates.
- The continued but declining impact of COVID-19 on supply chains and consumption patterns.
- Market segmentations break down the market into sub markets.
- The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
- The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
- The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
Report Scope
Markets Covered:1) By Treatment: Medications; Radiation Therapy; Stem Cell Transplant; Other Treatments
2) By Diagnosis: Blood Tests; Bone Marrow Biopsy; Urine Tests; Imaging Tests
3) By Disease Type: Active Multiple Myeloma; Smoldering Multiple Myeloma
4) By Distribution Channel: Hospital Pharmacy; Retail Pharmacy; Online Pharmacy; Other Channels
Key Companies Mentioned: Pfizer Inc.; Johnson & Johnson Private Limited; F. Hoffmann-La Roche Ltd.; Merck & Co. Inc.; AbbVie Inc.
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes
Delivery Format: PDF, Word and Excel Data Dashboard
Companies Mentioned
- Pfizer Inc.
- Johnson & Johnson Private Limited
- F. Hoffmann-La Roche Ltd.
- Merck & Co. Inc.
- AbbVie Inc.
- Bayer AG
- Novartis AG
- Sanofi S.A.
- Bristol-Myers Squibb Company
- AstraZeneca plc
- Abbott Laboratories
- GlaxoSmithKline PLC
- Takeda Pharmaceutical Company Limited
- Eli Lilly and Company
- Boehringer Ingelheim International GmbH
- Amgen Inc.
- Janssen Global Services LLC
- Celgene Corporation
- Mylan N.V.
- Biogen Inc.
- Cipla Inc.
- Sun Pharmaceutical Industries Ltd.
- CRISPR Therapeutics AG
- Karyopharm Therapeutics Inc.
- Fate Therapeutics Inc.
- Atara Biotherapeutics Inc.
- Allogene Therapeutics Inc.
- C4 Therapeutics Inc.
- Adaptimmune Therapeutics plc
- Precision Biosciences Inc.
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 175 |
| Published | February 2024 |
| Forecast Period | 2024 - 2028 |
| Estimated Market Value ( USD | $ 25.9 Billion |
| Forecasted Market Value ( USD | $ 34.8 Billion |
| Compound Annual Growth Rate | 7.7% |
| Regions Covered | Global |
| No. of Companies Mentioned | 30 |
