The global multiple myeloma therapeutics market accounted for USD 28.47 billion in 2023 and is expected to reach USD 57.28 billion by 2034 with a CAGR of 6.56% during the forecast period 2024-2034. The rising prevalence of multiple myeloma, the growing geriatric population, technological advancements, increased demand for less invasive procedures, and developing strategic collaborations and partnerships will all fuel market expansion.
Globally, multiple myeloma incidence and prevalence have been rising rapidly, mostly as a result of aging populations and advancements in diagnosis. The demand for multiple myeloma medicines is driven by the increased risk of developing this disease as the population ages. For instance, Janssen Pharmaceutical announced in February 2022 that CARVYKTITM, the FDA-approved medication, is now available for adult patients with relapsed or refractory multiple myeloma (RRMM). Two single-domain antibodies that target B-cell maturation antigens (BCMA) are part of the CARVYKTITM treatment.
By type, the chemotherapy and other drugs segment accounted for the highest revenue-grossing segment in the global multiple myeloma therapeutics market in 2023 owing to the high efficacy and established use of chemotherapy in multiple myeloma treatment protocols, along with the growing adoption of newer targeted therapies and immunomodulatory agents in combination regimens, which further boosted market revenue. For instance, the FDA approved the first bispecific antibody for multiple myeloma in February 2023. In this particular treatment, Emolituzumab, also known as Empliciti, binds to two different proteins in cancer cells to help the cancerous cells die. Additionally, the monoclonal antibodies segment is predicted to grow at the fastest CAGR during the forecast period owing to the growing recognition of monoclonal antibodies' specificity and efficacy in targeting multiple myeloma cells, alongside ongoing research and development efforts to enhance their therapeutic potential, driving increased adoption and market growth.
By distribution channel, the hospital pharmacies segment accounted for the highest revenue-grossing segment in the global multiple myeloma therapeutics market in 2023 owing to the increased patient footfall in hospitals for multiple myeloma treatment, availability of comprehensive healthcare services, and the convenience of obtaining medications directly from hospital-based pharmacies, which collectively contributed to higher revenue generation in this segment. For instance, the FDA approved the first CD38 inhibitor for multiple myeloma in March 2023. The medication, called Darzalex (daratumumab), binds to the CD38 protein that is found on the outside of malignant cells. Additionally, the online pharmacies segment is anticipated to grow at the fastest CAGR during the forecast period owing to the growing consumer preference for convenience, accessibility, and cost-effectiveness offered by online pharmacies, coupled with the expanding internet penetration and advancements in e-commerce infrastructure facilitating easy access to multiple myeloma therapeutics, driving rapid market growth in this segment.
North American region is anticipated to have the highest revenue share during the forecast period owing to the established healthcare infrastructure, high prevalence of multiple myeloma, early adoption of advanced therapeutics, strong research and development activities, and supportive reimbursement policies, collectively contributing to North America's dominance in the multiple myeloma therapeutics market. Additionally, the Asia Pacific region is predicted to grow at the fastest CAGR during the forecast period owing to the rapidly expanding patient population, increasing healthcare expenditure, improving access to healthcare services, rising awareness about multiple myeloma, and ongoing initiatives to enhance treatment affordability and accessibility, driving robust market growth in the Asia Pacific region. For instance, Sandoz, a Novartis division, began offering generic lenalidomide to patients in 19 countries in February 2022. The goal of the product launch was to lower the high expense of treating multiple myeloma.
This extensive research report concentrates on the size and projections of the global and regional markets from 2023 to 2034.
Globally, multiple myeloma incidence and prevalence have been rising rapidly, mostly as a result of aging populations and advancements in diagnosis. The demand for multiple myeloma medicines is driven by the increased risk of developing this disease as the population ages. For instance, Janssen Pharmaceutical announced in February 2022 that CARVYKTITM, the FDA-approved medication, is now available for adult patients with relapsed or refractory multiple myeloma (RRMM). Two single-domain antibodies that target B-cell maturation antigens (BCMA) are part of the CARVYKTITM treatment.
By type, the chemotherapy and other drugs segment accounted for the highest revenue-grossing segment in the global multiple myeloma therapeutics market in 2023 owing to the high efficacy and established use of chemotherapy in multiple myeloma treatment protocols, along with the growing adoption of newer targeted therapies and immunomodulatory agents in combination regimens, which further boosted market revenue. For instance, the FDA approved the first bispecific antibody for multiple myeloma in February 2023. In this particular treatment, Emolituzumab, also known as Empliciti, binds to two different proteins in cancer cells to help the cancerous cells die. Additionally, the monoclonal antibodies segment is predicted to grow at the fastest CAGR during the forecast period owing to the growing recognition of monoclonal antibodies' specificity and efficacy in targeting multiple myeloma cells, alongside ongoing research and development efforts to enhance their therapeutic potential, driving increased adoption and market growth.
By distribution channel, the hospital pharmacies segment accounted for the highest revenue-grossing segment in the global multiple myeloma therapeutics market in 2023 owing to the increased patient footfall in hospitals for multiple myeloma treatment, availability of comprehensive healthcare services, and the convenience of obtaining medications directly from hospital-based pharmacies, which collectively contributed to higher revenue generation in this segment. For instance, the FDA approved the first CD38 inhibitor for multiple myeloma in March 2023. The medication, called Darzalex (daratumumab), binds to the CD38 protein that is found on the outside of malignant cells. Additionally, the online pharmacies segment is anticipated to grow at the fastest CAGR during the forecast period owing to the growing consumer preference for convenience, accessibility, and cost-effectiveness offered by online pharmacies, coupled with the expanding internet penetration and advancements in e-commerce infrastructure facilitating easy access to multiple myeloma therapeutics, driving rapid market growth in this segment.
North American region is anticipated to have the highest revenue share during the forecast period owing to the established healthcare infrastructure, high prevalence of multiple myeloma, early adoption of advanced therapeutics, strong research and development activities, and supportive reimbursement policies, collectively contributing to North America's dominance in the multiple myeloma therapeutics market. Additionally, the Asia Pacific region is predicted to grow at the fastest CAGR during the forecast period owing to the rapidly expanding patient population, increasing healthcare expenditure, improving access to healthcare services, rising awareness about multiple myeloma, and ongoing initiatives to enhance treatment affordability and accessibility, driving robust market growth in the Asia Pacific region. For instance, Sandoz, a Novartis division, began offering generic lenalidomide to patients in 19 countries in February 2022. The goal of the product launch was to lower the high expense of treating multiple myeloma.
This extensive research report concentrates on the size and projections of the global and regional markets from 2023 to 2034.
Report Scope:
- Base Year: 2023
- Forecast Period: 2024-2034
Study Coverage
- Market Forecast by Type, and Distribution Channel
- Market Forecast for 5 Regions and 17+ Countries
- North America (U.S. and Canada)
- Europe (Germany, France, UK, Spain, Italy, Russia, Rest of Europe)
- Asia Pacific (China, Japan, India, Australia, South Korea, Rest of APAC)
- Latin America (Brazil, Mexico, Argentina, Rest of LATAM)
- MEA (South Africa, GCC, Rest of MEA)
- Exhaustive Company Profiles of the Top 10+ Major Market Players
- 20% Free Customization Available to Meet Your Exact Requirement.
Segmentation: Multiple Myeloma Therapeutics Market Report 2023 - 2034
Multiple Myeloma Therapeutics Market Analysis & Forecast by Type 2023 - 2034 (Revenue USD Bn)
- Chemotherapy and other drugs
- Traditional chemotherapy
- Immunomodulating agents
- Proteasome inhibitors
- Histone Deacetylase (HDAC) inhibitors
- Monoclonal Antibodies
- Radiation
- Stem cell transplant and supportive treatment
Multiple Myeloma Therapeutics Market Analysis & Forecast by Distribution Channel 2023 - 2034 (Revenue USD Bn)
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacies
Multiple Myeloma Therapeutics Market Analysis & Forecast by Region 2023 - 2034 (Revenue USD Bn)
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- UK
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Mexico
- Argentina
- Rest of LATAM
- Middle East & Africa
- South Africa
- GCC
- Rest of MEA
Table of Contents
1. Research Methodology
2. Introduction
4. Market Environment Analysis
5. Market Dynamics
7. Multiple Myeloma Therapeutics Market: Type Estimates & Trend Analysis
8. Multiple Myeloma Therapeutics Market: Distribution Channel Estimates & Trend Analysis
9. Regional Market Analysis
10. North America Multiple Myeloma Therapeutics Market
11. Europe Multiple Myeloma Therapeutics Market
12. Asia Pacific Multiple Myeloma Therapeutics Market
13. Latin America Multiple Myeloma Therapeutics Market
14. MEA Multiple Myeloma Therapeutics Market
15. Competitor Analysis
16. Company Profiles
Companies Mentioned
- Amgen Inc.
- Bristol Myers Squibb
- Takeda Pharmaceutical Company Limited
- Johnson & Johnson
- AbbVie Inc.
- GlaxoSmithKline plc
- Novartis AG
- Celgene Corporation (acquired by Bristol Myers Squibb)
- Merck & Co. Inc.
- Sanofi
- Oncopeptides AB
- Karyopharm Therapeutics Inc.
- Janssen Pharmaceuticals Inc. (a subsidiary of Johnson & Johnson)
- Genmab A/S
- F. Hoffmann-La Roche Ltd.
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 200 |
| Published | March 2024 |
| Forecast Period | 2023 - 2034 |
| Estimated Market Value ( USD | $ 28.47 Billion |
| Forecasted Market Value ( USD | $ 57.28 Billion |
| Compound Annual Growth Rate | 6.5% |
| Regions Covered | Global |
| No. of Companies Mentioned | 15 |
