Multiple Myeloma Global Market Report 2024

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.