Multiple Myeloma Market Global Forecast Report by Drugs Types Disease Types End User Countries and Company Analysis, 2024-2032

Multiple Myeloma Market Analysis

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 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(R) 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:

1. Chemotherapy

2. Protease Inhibitors

3. Monoclonal Antibody

4. Others

Disease Type - Market breakup in 2 viewpoints:

1. Active multiple myeloma

2. Smoldering multiple myeloma

End User - Market breakup in 3 viewpoints:

1. Hospitals

2. Clinics

3. 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

All the Key players have been covered from 4 Viewpoints:

• Overviews
• Recent Developments
• Products Portfolio
• Revenues

Company Analysis:

1. Novartis AG

2. Abbvie Inc

3. Sanofi

4. Johnson and Johnson

5. Baxter International Inc.

6. Pfizer Inc.

7. Takeda Pharmaceutical Company Ltd

8. Bristol-Myers Squibb Company