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Multiple Myeloma Market Size & Share, by Drug Class (Proteasome Inhibitors, Immunomodulatory Drugs, Steroids, Monoclonal Antibodies); Therapy (Immunotherapy, Chemotherapy, Radiation Therapy, Stem Cell Transplant); Distribution Channel (Hospital, Retail, Online Pharmacies) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2035

  • Report ID: 2898
  • Published Date: Sep 04, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2023 - 2035

Multiple Myeloma Market size is poised to reach USD 71 Billion by the end of 2035, growing at a CAGR of 15% during the forecast period, i.e., 2023 – 2035. In the year 2022, the industry size of multiple myeloma was over USD 22 Billion. Multiple myeloma is a rare type of cancer, which is increasing nowadays. The market is growing on account of growing awareness among people related to disease symptoms.

In addition, the number of diagnoses is increasing. The manufacturers are designing and developing new products and drugs for the treatment of multiple myeloma. These factors are bolstering the market growth of multiple myeloma market. Also, the advancement in therapies and drugs is growing owing to the reports indicating an increase in the incidence of multiple myeloma around the world. According to data from 2015 to 2019, 7.1 persons will receive a myeloma diagnosis per 100,000 people each year. It will cause about 3.2 out of 100,000 deaths.

Multiple Myeloma Treatment Drugs Market
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Multiple Myeloma Sector: Growth Drivers and Challenges

Growth Drivers

  • Growing Incidences of Multiple Myeloma – The increasing number of cases of blood cancer, including multiple myeloma are driving the market growth. Multiple myeloma, is considered to be a rare cancer form but, covers a noteworthy number of cancer cases globally and there is a growing demand for effective and advanced therapeutics. The lifetime risk of developing multiple myeloma in the US is 1 in 132. About 35,730 new instances of multiple myeloma will be diagnosed in the United States in 2023, according to the American Cancer Society.
  • Growing Number of Product Unveilings – Growing R&D activities in the development of various cancer therapeutics drugs are driving the market growth. The key players are endlessly developing and investing in the production of these drugs. Also, positive rates associated with new drugs are propelling the growth of the market. The sector creates more than 60,000 generic medications across 60 distinct therapeutic areas. In the fiscal year 2022–2023, India's pharmaceutical exports brought in USD 25.3 billion.
  •  Increase in the Initiatives taken by the Government – The initiatives taken by the government and non-profit organizations are expected to boost the market growth for multiple myeloma. For instance, The Lazarex Cancer Foundation, a non-profit organization devoted to enhancing patient access to clinical trials, and the Multiple Myeloma Research Foundation established a partnership in February 2023 to encourage more equal access to cancer studies for patients with multiple myeloma.

Challenges

  • High Cost Associated with the Treatment – The treatment for multiple myeloma is expensive from medications and immunotherapy to radiation therapy and plasmapheresis. Also, stem cell transplantation is highly expensive, these factors make it inaccessible for many people. The factor related to the costs of the treatment is likely to hinder the market growth.
  • Side Effects of Therapies
  • Decline in the Number of Patients

Multiple Myeloma Market: Key Insights

Base Year

2022

Forecast Year

2023-2035

CAGR

~ 15%

Base Year Market Size (2022)

~ USD 22 Billion

Forecast Year Market Size (2035)

~ USD 71 Billion

Regional Scope
  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Multiple Myeloma Segmentation

Drug Class (Proteasome Inhibitors, Immunomodulatory Drugs, Steroids, Monoclonal Antibodies)

The immunomodulatory drugs segment is expected to hold 38% share multiple myeloma market during the forecast period. Oral immunomodulators are recognised as a new therapy and are believed to be extremely successful in enhancing the course of treatment for a number of tumours. The immunomodulators category consequently controlled a disproportionately high part of the global market due to these drugs' strong revenue positions. For instance, 2,625 new cases of multiple myeloma are expected to be diagnosed in Australia in 2022, according to data given by Cancer Australia. The same source also claims that a person's chance of receiving a multiple myeloma diagnosis by the time they are 85 years old is 1 in 111, or 0.90 percent.

Distribution Channel (Hospital, Retail, Online Pharmacies)

The hospital segment is expected to hold around 45% share of the global multiple myeloma market during the forecast period. Generally, the medicine used to treat this condition can, at least once a year, be recommended and given in hospital settings. This will make it possible to follow treatment guidance in multiple myeloma and also the proper administration of life-saving therapeutics. These factors are leading the hospital segment for multiple myeloma treatment market.

Our in-depth analysis of the global market includes the following segments:

    Drug Class
  • Proteasome Inhibitors
  • Immunomodulatory Drugs
  • Monoclonal Antibodies
  • Steroids

    Therapy
  • Immunotherapy
  • Chemotherapy
  • Radiation Therapy
  • Stem Cell Transplant

     Distribution Channel
  • Hospital
  • Retail
  • Online Pharmacies

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Multiple Myeloma Industry - Regional Synopsis

North America Market Forecast

By region, North America is holding the largest share of about 33% in the market owing to the increasing demand for the treatment and implementation of advanced therapeutics in the region. Also, increasing investment in the healthcare sector and key players in the region are propelling market growth. The US healthcare sector is enormous; in 2021, healthcare spending will represent more than 18.3% of the US GDP. US healthcare costs more than those in most other nations. The Commonwealth Fund estimates that the US spent close to 16.8% of its GDP on healthcare in 2019.

APAC Market Statistics

The multiple myeloma market in Asia Pacific is witnessing significant growth with about 25% revenue share owing to the increasing number of government funding organizations for research and development related to cancer. According to WHO, the Ministry of Finance of the People’s Republic of China, and the Indian Council of Medical Research of India are some government institutions in Asia Pacific that provide funding for research related to cancer. These factors are bolstering the market growth in the region. In addition, the Asia Pacific region saw 63,439 new cases of multiple myeloma in 2020, according to the International Agency for Research on Cancer.

Research Nester
Multiple Myeloma Treatment Drugs Market Size
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Companies Dominating the Multiple Myeloma Landscape

top-features-companies
    • Bristol-Myers Squibb Company
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Amgen Inc.
    • Johnson & Johnson
    • Novartis AG
    • Sanofi
    • Janssen Pharmaceuticals Inc.
    • Genentech, Inc.
    • AbbVie Inc.
    • Karyopharm

In the News

  • Abecma, a B-cell maturation antigen-directed CAR T cell immunotherapy, has been approved for the treatment of adult patients with relapsed or refractory (R/R) multiple myeloma, according to a statement from the pharmaceutical company Bristol-Myers Squibb.
  • The FDA has approved Johnson and Johnson's drug TECVAYLI, which is used to treat people with multiple myeloma that has relapsed or become resistant to treatment.

Author Credits:  Radhika Gupta, Shivam Bhutani


  • Report ID: 2898
  • Published Date: Sep 04, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

Growing incidences of multiple myeloma, growing number of product unveilings and increase in the initiatives taken by the government are driving the market growth.

The market size of multiple myeloma is anticipated to attain a CAGR of 15% over the forecast period, i.e., 2023 – 2035.

The major players in the market are Amgen Inc., Johnson & Johnson, Takeda Pharmaceuticals Company Limited, Novartis AG, Sanofi, Teva Pharmaceuticals Industries Ltd., Pfizer Inc., Daiichi Sankyo Company Limited, Merck Sharp & Dohme Corp., Bristol-Myers Squibb Company and others.

The immunomodulatory drugs segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.

The market in the North America region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.
Multiple Myeloma Market Report Scope
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