Global Multiple Myeloma Market - 2025-2032

The global multiple myeloma market reached US$ 22.3 billion in 2024 and is expected to reach US$ 34.58 billion by 2032, growing at a CAGR of 5.6% during the forecast period 2024-2032.

Multiple myeloma is a rare and aggressive cancer that originates in the plasma cells, a type of white blood cell found in the bone marrow. This condition leads to the uncontrolled growth of abnormal plasma cells, which crowd out normal blood cells, resulting in various complications such as bone damage, kidney dysfunction, and weakened immunity.

The multiple myeloma treatment market has witnessed substantial growth, driven by increasing disease awareness, rising incidence rates, and the development of innovative therapies. The market is expected to continue expanding as new therapies and treatment combinations enter the pipeline.

Market Dynamics: Drivers & Restraints

Rising number of product approvals

The rising number of product approvals is significantly driving the multiple myeloma treatment market by expanding the range of available therapies and offering new solutions for patients. With the rising research and development of new solutions there has been growing products approvals.

Several innovative solutions such as chemotherapy, immunotherapy treatments are receiving approvals by meeting the safety and efficacy standards set by the regulatory bodies. For instance, in April 2024, Johnson & Johnson received approval from the U.S. Food and Drug Administration (FDA) for CARVYKTI (ciltacabtagene autoleucel; cilta-cel), a treatment for adult patients with relapsed or refractory multiple myeloma who have undergone at least one prior line of therapy, including a proteasome inhibitor and an immunomodulatory agent, and are refractory to lenalidomide. This approval makes CARVYKTI the first and only B-cell maturation antigen (BCMA)-targeted therapy authorized for use in multiple myeloma patients as early as their first relapse.

In September 2024, the U.S. Food and Drug Administration (FDA) approved Sarclisa (isatuximab) in combination with bortezomib, lenalidomide, and dexamethasone (VRd) as a first-line treatment for adult patients with newly diagnosed multiple myeloma (NDMM) who are ineligible for autologous stem cell transplant (ASCT). Sarclisa is the first anti-CD38 therapy combined with the standard VRd regimen to significantly reduce the risk of disease progression or death by 40% compared to VRd alone in patients with NDMM who are not candidates for transplant.

High Cost of Treatment

The high cost of multiple myeloma treatment is expected to hinder the multiple myeloma market growth. The high costs of the treatment are expected to reduce the number of individuals from undergoing treatment. For instance according to the National Institute of Health in 2022, multiple myeloma related healthcare costs (US$670,561 per patient) contributed on average 88.5% to the total all-cause healthcare costs; the majority (67.2%) of MM-related healthcare costs were attributed to drug and infusion costs (US$450,952 per patient). Thus, the expensiveness of treatment could not be afforded by the individuals with financial barriers which could impact the market growth negatively.

Segment Analysis

The global multiple myeloma market is segmented based on type, treatment, end-user, and region.

Type:

Immunotherapy segment is expected to dominate the global multiple myeloma market share

Immunotherapy segment holds a major portion of the multiple myeloma market share. Additionally, the increased investment in research and development by pharmaceutical companies is fostering innovation in this area. As more advanced therapies enter the market, they are expected to attract significant attention from healthcare providers and patients

Several ongoing research and developments for multiple myeloma and the increasing preference by the patients are expected to hold the segment in the dominant position. For instance, in August 2023, Janssen Pharmaceutical Companies of Johnson & Johnson announced received the U.S. Food and Drug Administration (FDA) accelerated approval of TALVEY (talquetamab-tgvs), a first-in-class bispecific antibody for the treatment of adult patients with relapsed or refractory multiple myeloma who have received at least four prior lines of therapy, including a proteasome inhibitor, an immunomodulatory agent, and an anti-CD38 antibody.

Geographical Analysis

North America is expected to hold a significant position in the global multiple myeloma market share

North America is expected to hold a dominant position in the global multiple myeloma market. This is primarily driven by the increasing occurrence of multiple myeloma, rising approvals of the products in the region and the presence of large number of market players in the region.

The companies in the region are actively developing novel drugs, which enhances competition and drives the region's market growth. Market players are increasingly receiving approvals for the innovative solutions that are being developed. For instance, in September 2024, Amneal Pharmaceuticals, Inc. and Shilpa Medicare Limited ("Shilpa") received the U.S. Food and Drug Administration (FDA) approval of BORUZU. This new ready-to-use oncology product reduces the compounding preparation steps typically required with administration. BORUZU (bortezomib injection), a proteasome inhibitor, is used for the treatment of multiple myeloma and mantle cell lymphoma.

In March 2024, Poseida Therapeutics, Inc. received Orphan Drug Designation for the treatment of multiple myeloma to P-BCMA-ALLO1, a novel BCMA-targeted allogeneic, T stem cell memory (TSCM)-rich chimeric antigen receptor (CAR)-T therapy candidate. The Company is investigating P-BCMA-ALLO1 in partnership with Roche for the treatment of relapsed/refractory multiple myeloma (RRMM). Thus, the above factors are expected to drive the region's market growth.

Competitive Landscape

The major global players in the multiple myeloma market include Amgen Inc., Sanofi, Novartis AG, Teva Pharmaceutical Industries Ltd., Johnson & Johnson Services, Inc., Bristol-Myers Squibb Company, ONO PHARMACEUTICAL CO., LTD., Pfizer Inc., Karyopharm and Amneal Pharmaceuticals LLC. among others.

Key Developments

• In April 2024, Bristol Myers Squibb ("BMS") and 2seventy bio, Inc. received FDA approval for ABECMA (idecabtagene vicleucel) for the treatment of adult patients with relapsed or refractory multiple myeloma after two or more prior lines of therapy including an immunomodulatory agent (IMiD), a proteasome inhibitor (PI), and an anti-CD38 monoclonal antibody.
• In March 2024, Kite, a Gilead Company and Arcellx, Inc. announced several key operational updates on their partnered anitocabtagene autoleucel (anito-cel) multiple myeloma program. Anito-cel is the first BCMA CAR T to be investigated in multiple myeloma that utilizes Arcellx's novel and compact D-Domain binder.
• In March 2023, Natco Pharma Ltd launched additional strengths for its generic lenalidomide capsules used in the treatment of multiple myeloma, in the US. The company has launched 2.5 mg, and 20 mg strengths of the generic version of Revlimid (lenalidomide capsules) through its marketing partner Teva Pharmaceuticals, a US affiliate of Teva Pharmaceutical Industries Ltd.

Why Purchase the Report?

• Pipeline & Innovations: Reviews ongoing clinical trials, and product pipelines, and forecasts upcoming advancements in medical devices and pharmaceuticals.
• Product Performance & Market Positioning: Analyzes product performance, market positioning, and growth potential to optimize strategies.
• Real-World Evidence: Integrates patient feedback and data into product development for improved outcomes.
• Physician Preferences & Health System Impact: Examines healthcare provider behaviors and the impact of health system mergers on adoption strategies.
• Market Updates & Industry Changes: Covers recent regulatory changes, new policies, and emerging technologies.
• Competitive Strategies: Analyzes competitor strategies, market share, and emerging players.
• Pricing & Market Access: Reviews pricing models, reimbursement trends, and market access strategies.
• Market Entry & Expansion: Identifies optimal strategies for entering new markets and partnerships.
• Regional Growth & Investment: Highlights high-growth regions and investment opportunities.
• Supply Chain Optimization: Assesses supply chain risks and distribution strategies for efficient product delivery.
• Sustainability & Regulatory Impact: Focuses on eco-friendly practices and evolving regulations in healthcare.
• Post-market Surveillance: Uses post-market data to enhance product safety and access.
• Pharmacoeconomics & Value-Based Pricing: Analyzes the shift to value-based pricing and data-driven decision-making in R&D.

The Global Multiple Myeloma Market report delivers a detailed analysis with 60+ key tables, more than 50 visually impactful figures, and 176 pages of expert insights, providing a complete view of the market landscape.

Target Audience 2023

• Manufacturers: Pharmaceutical, Medical Device, Biotech Companies, Contract Manufacturers, Distributors, Hospitals.
• Regulatory & Policy: Compliance Officers, Government, Health Economists, Market Access Specialists.
• Technology & Innovation: AI/Robotics Providers, R&D Professionals, Clinical Trial Managers, Pharmacovigilance Experts.
• Investors: Healthcare Investors, Venture Fund Investors, Pharma Marketing & Sales.
• Consulting & Advisory: Healthcare Consultants, Industry Associations, Analysts.
• Supply Chain: Distribution and Supply Chain Managers.
• Consumers & Advocacy: Patients, Advocacy Groups, Insurance Companies.
• Academic & Research: Academic Institutions