Multiple Myeloma Drugs Global Market Report 2024

The multiple myeloma drugs market size has grown strongly in recent years. It will grow from $20.7 billion in 2023 to $22.09 billion in 2024 at a compound annual growth rate (CAGR) of 6.7%. The growth observed during the historical period can be ascribed to advancements in diagnostic capabilities, successful outcomes in clinical trials, enhanced comprehension of disease biology, improvements in healthcare infrastructure, as well as increased patient advocacy and awareness.

The multiple myeloma drugs market size is expected to see strong growth in the next few years. It will grow to $28.07 billion in 2028 at a compound annual growth rate (CAGR) of 6.2%. The anticipated growth in the forecast period is linked to ongoing innovations in immunotherapy, the expanding reach of targeted therapies, increased applications of liquid biopsy techniques, the emergence of CAR-T cell therapy, and continuous progress in biomarker discovery. Noteworthy trends expected in the forecast period encompass a heightened focus on long-term survivorship, exploration of epigenetic therapies, a broader role for telemedicine, increased accessibility to novel therapeutic approaches, and a growing emphasis on sustainability in myeloma care.

The anticipated growth of the multiple myeloma drugs market is expected to be driven by the increasing prevalence of hematological cancer. Hematological cancers, originating in blood-forming tissues such as bone marrow or immune system cells, include conditions such as leukemia, lymphoma, multiple myeloma, among others. Multiple myeloma medications play a crucial role in treating these cancers by inhibiting the growth of cancer cells, reducing cell division, stimulating various enzymatic activities, and contributing to bone strength, thereby alleviating pain associated with bone weakening. As of January 2023, the American Cancer Society reported approximately 59,610 newly diagnosed cases of leukemia, with around 20,380 cases of acute myeloid leukemia (AML) and 23,710 deaths attributed to leukemia. The rising incidence of hematological cancer underscores the growing demand for multiple myeloma drugs.

The progress in biotechnology and precision medicine is expected to significantly contribute to the market's growth. Biotechnology, involving the application of biological systems to develop innovative products, and precision medicine, a personalized healthcare approach tailored to individual characteristics such as genetics and molecular profile, are instrumental in utilizing multiple myeloma drugs. These advanced technologies leverage genetic and molecular insights to identify targeted therapies personalized for individual patients, thereby optimizing treatment effectiveness. As of October 2022, estimates from the Personalized Medicine Coalition indicated that over 75,000 genetic testing kits and 300 personalized treatments would be available for various cancers, hereditary disorders, and chronic diseases. The continued advancement in biotechnology and precision medicine is a driving force behind the expansion of the multiple myeloma drugs market.

Product innovation is a key trend gaining popularity in the multiple myeloma drugs market. Major companies operating in the multiple myeloma drugs market are focused on developing innovative products to strengthen their Product innovation emerges as a prominent trend shaping the landscape of the multiple myeloma drugs market, with major industry players prioritizing the development of novel products to enhance their market standing and gain a competitive edge. A case in point is Janssen Biotech Inc., a Japanese biotechnology company, which secured approval from the United States Food and Drug Administration in March 2022 for Carvykti, a CAR T-Cell therapy designed for multiple myeloma treatment. Carvykti, utilizing genetically modified autologous T cells, features a chimeric antigen receptor (CAR) targeting B cell maturation antigen (BCMA). Eligible patients, having undergone multiple lines of therapy, including essential myeloma medications, can receive this therapy for the management of relapsed conditions.

Strategic partnerships represent another key approach adopted by major companies in the multiple myeloma drugs market to collaboratively develop and commercialize innovative products. An exemplar is the collaboration between Kite Pharma, a subsidiary of Gilead Sciences Inc., a US-based pharmaceutical company, and Arcellx, a US-based biotechnology company. Their partnership, established in December 2022, focuses on the joint development and commercialization of Arcellx's T-cell therapy, CART-ddBCMA, targeting relapsed or refractory multiple myeloma patients. This therapy incorporates Arcellx's unique D-Domain binder and involves autologous T cells genetically modified for effective multiple myeloma targeting.

In November 2021, Pfizer Inc., a leading pharmaceutical manufacturer headquartered in the United States, successfully completed the acquisition of Trillium Therapeutics for an undisclosed financial amount. This strategic acquisition is part of Pfizer's overarching objective to fortify its oncology portfolio by incorporating cutting-edge and experimental immunotherapies specifically designed for the treatment of hematological cancers. Trillium Therapeutics Inc., the target of the acquisition, is a Canada-based biopharmaceutical company specializing in the development and production of innovative drugs for the treatment of multiple myeloma, a form of hematological cancer.

Major companies operating in the multiple myeloma drugs market report are Pfizer Inc., Johnson & Johnson Pvt. Ltd., Merck & Co. Inc., AbbVie Inc., Bayer AG., Roche Holding AG, Novartis AG, Sanofi S.A., Bristol-Myers Squibb Company, GlaxoSmithKline PLC, Takeda Pharmaceutical Company Limited, Eli Lilly and Company, Kite Pharma Inc., Amgen Inc., AstraZeneca PLC, Teva Pharmaceutical Industries Ltd., Regeneron Pharmaceuticals Inc., Daiichi Sankyo Company, Daiichi Sankyo Co. Ltd., Lonza Group AG, Cipla Ltd., ONO Pharmaceutical Co. Ltd., BieGene Ltd., Biotest AG, Onyx Pharmaceuticals Inc., PharmaMar SA, Karyopharm Therapeutics Inc., Poseida Therapeutics Inc., ImmunoGen Inc., Oncopetides AB.

North America was the largest region in the multiple myeloma drugs market in 2023. The regions covered in the multiple myeloma drugs market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the multiple myeloma drugs market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Key therapeutic categories for multiple myeloma encompass immunomodulatory agents, proteasome inhibitors, histone deacetylase inhibitors, monoclonal antibody therapies, corticosteroids, among others. Targeted therapy represents an innovative approach in oncology, leveraging drugs or compounds to directly engage essential molecular targets pivotal for cancer cell viability and growth. In the context of multiple myeloma, these treatments are tailored to engage specific molecules, such as intracellular proteins, which modulate cellular signaling pathways promoting proliferation. Various therapeutic modalities include targeted therapy, biologic interventions, chemotherapy, among others, with diverse distribution channels encompassing hospital-based pharmacies, community retail pharmacies, online pharmaceutical platforms, and other avenues, catering to both male and female patient demographics.

The multiple myeloma drugs market research report is one of a series of new reports that provides multiple myeloma drugs market statistics, including multiple myeloma drugs industry global market size, regional shares, competitors with a multiple myeloma drugs market share, detailed multiple myeloma drugs market segments, market trends and opportunities, and any further data you may need to thrive in the multiple myeloma drugs industry. This multiple myeloma drugs market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The multiple myeloma drugs market consists of revenues earned by entities by providing various therapies such radiation therapy, bone-marrow transplant, surgery and stem-cell transplant. The market value includes the value of related goods sold by the service provider or included within the service offering. The multiple myeloma drug market also includes sales of nuclear export inhibitors, bispecific T cell engager (BiTE), bisphosphonates, and alkylating agents. 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.