Multiple Myeloma Market - Growth, Trends, and Forecasts (2023-2028)

The multiple myeloma market is expected to witness a CAGR of 6% over the forecast period.

COVID-19 has impacted the growth of the multiple myeloma market. According to an article published in the Blood Cancer Journal, in December 2021, it has been observed that COVID-19 has severely impacted multiple myeloma patients at different levels. In addition, as per the same source, the diagnosis of multiple myeloma was delayed, and their chances of survival were lower during the pandemic period as compared to the pre-pandemic period. Thus, the demand for multiple myeloma treatment was negatively impacted in the early phase of the pandemic. However, the released restrictions and lockdown measures have increased the company’s focus on conducting clinical trials for developing advanced drugs for treating multiple myeloma (MM) conditions. For instance, in December 2022, Takeda is conducting Phase I/ Phase II multicenter trials to investigate the safety, tolerability, efficacy, and immunogenicity of Modakafusp Alfa in patients with relapsed/refractory MM. The patients receiving 1.5 milligrams of Modakafusp Alfa every four weeks have shown a partial response or decrease in their cancer by over 50%. Thus, such development and company activities are likely to boost the demand for MM treatment drugs, which is anticipated to increase market growth over the forecast period.

Factors such as the increasing burden of multiple myeloma as well as the increasing focus on research and development to generate novel therapies and drugs for the treatment of multiple myeloma are boosting the market growth.

The increasing burden of multiple myeloma is driving the demand for multiple myeloma treatment. For instance, as per the data published by Cancer Australia, in August 2022, about 2,625 new cases of multiple myeloma (1,540 cases in males and 1,085 cases in females) are expected to be diagnosed in Australia in 2022. Also, as per the same source, a person has a 1 in 111 (or 0.90%) chance of receiving a multiple myeloma diagnosis by the time they are 85 years old (1.1% for men and 0.74% for women). Thus, the expected increase in the number of people suffering from multiple myeloma is expected to accelerate the company’s focus on developing effective and safe drugs. This is anticipated to fuel the market growth over the forecast period.

Furthermore, the increasing company focus on research and development activities to develop novel drugs and therapies for multiple myeloma is also expected to propel the market growth. For instance, in March 2022, Sanofi signed a strategic, risk-sharing collaboration with Blackstone. Under the collaboration, Blackstone Life Sciences invests up to EUR 300 million (USD 320.51 million) to accelerate the pivotal global studies and the clinical development program for the subcutaneous formulation and delivery of the anti-CD38 antibody Sarclisa, to treat patients with multiple myeloma. Also, in September 2021, Dr. Reddy's Laboratories and Natco Pharma launched generic capsules, Lenalidomide capsules, used in the treatment of multiple myeloma and myelodysplastic syndrome patients in the Canadian market.

Therefore, owing to the factors, such as the growing burden of multiple myeloma, increasing company activities, and product launches, the studied market is expected to grow over the forecast period. However, the high cost associated with the treatment of multiple myeloma is expected to restrain the growth of the multiple myeloma market over the forecast period.

Multiple Myeloma Market Trends

Immunomodulators Segment Expects to Register a Significant CAGR Over the Forecast Period

The immunomodulators segment is expected to hold a significant share in the market over the forecast period owing to the factors such as the rising burden of multiple myeloma among the population as well as rising demand for immunomodulators drugs.

Immunomodulators alter or delay the progression of numerous autoimmune, inflammatory, and cancerous disorders. Some of the drugs that are used for treating multiple myeloma are Thalomid and its derivatives, Revlimid, and pomalyst.

The rising prevalence and incidence of multiple myeloma among the population is the key factor driving the demand for immunomodulator drugs over the forecast period. For instance, according to an article published in Blood Advances, in May 2021, it has been observed that lenalidomide, an immunomodulatory drug licensed for maintenance therapy in newly diagnosed multiple myeloma patients, has demonstrated improvements in progression-free survival, the depth and quality of the response, and, ultimately, improves the survival outcomes. Thus, such outcomes and increased survival rates of lenalidomide drug are expected to increase its adoption among patients, hence propelling the market growth.

Furthermore, the increasing company activities in developing drugs and rising drug approvals are also contributing to the market growth. For instance, in February 2022, Sandoz launched the generic oncology drug lenalidomide, which is indicated for several haemato-oncology conditions including multiple myeloma. Moreover, in March 2022, Teva Pharmaceuticals launched the first generic version of Revlimid (lenalidomide capsules), in 5mg, 10mg, 15mg, and 25mg strengths, in the United States.

Therefore, due to the above-mentioned factors, such as the rising adoption of lenalidomide for treating multiple myeloma and increasing product launches and approvals, the studied market is expected to witness significant growth over the forecast period.

North America is Expected to Hold a Significant Share in the Market and Expected to do Same Over the Forecast Period

North America is expected to witness a significant share in the multiple myeloma market over the forecast period owing to the factors such as the increasing burden of multiple myeloma, growing company activities in developing effective treatment drugs, rising healthcare expenditure along with high healthcare spending, and the presence of key market players in the region.

The increasing prevalence of multiple myeloma is the key factor driving the market growth. For instance, according to the 2022 statistics published by ACS, about 34,470 new cases (19,100 in men and 15,370 in women) of multiple myeloma are expected to be diagnosed in the United States in 2022. In addition, as per the same source, 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%). Additionally, as per the 2022 statistics published by the Canadian Cancer Society, about 4,000 Canadians are expected to be diagnosed with multiple myeloma (MM) in 2022. Thus, the high number of MM cases increases the demand for effective drugs for treating the disease which in turn is anticipated to augment the market growth over the forecast period.

Furthermore, the rising initiatives in launching several awareness programs and campaigns for increasing public awareness regarding the MM condition are also contributing to the market growth. For instance, as per a February 2022 update, Myeloma Action Month is organized with the International Myeloma Foundation (IMF), every year during the entire month of March, to inspire people and organizations to adopt initiatives that will improve the myeloma community in the United States. This year, the IMT invited participants to Myeloma Action Month to take action against the disease.

Moreover, the increasing company focus on adopting several strategic initiatives, such as collaboration, partnership, product launches, and approvals, to withhold their market position is also contributing to the market growth. For instance, in February 2022, the United States FDA approved Janssen’s first cell therapy Carvykti (ciltacabtagene autoleucel), a B-cell maturation antigen (BCMA)-directed, genetically modified autologous T-cell immunotherapy, for the treatment of relapsed or refractory multiple myeloma in adults. Also, in May 2021, Health Canada granted conditional approval to Bristol Myers Squibb’s ABECMA (idecabtagene vicleucel; ide-cel) as the first and only B-cell maturation antigen (BCMA)-directed chimeric antigen receptor (CAR) T cell immunotherapy for adults with multiple myeloma. The drug is indicated for MM patients who have received at least three prior therapies, including an immunomodulatory agent, a proteasome inhibitor, and an anti-CD38 antibody, and who are refractory to their last treatment.

Therefore, owing to the aforementioned factors, such as the rising burden of multiple myeloma, increasing awareness programs as well as growing product launches and approvals, the studied market is expected to grow over the forecast period in the North America region.

Multiple Myeloma Market Competitive Analysis

The multiple myeloma market is fragmented and competitive with the presence of several global and international market players. The key players are adopting different growth strategies to enhance their market presence, such as partnerships, agreements, collaborations, new product launches, geographical expansions, mergers, and acquisitions. Some of the key players in the market are Karyopharm Therapeutic Inc., Sanofi S.A., Amgen Inc., Takeda Pharmaceutical Company, and Bristol-Myers Squibb Company, among other players.

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