Market Size of Multiple Myeloma Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 6.00 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Multiple Myeloma Market Analysis
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 Industry Segmentation
As per the scope of the report, multiple myeloma is referred to as cancer that forms in a type of white blood cell called a plasma cell. It is also known as Kahler's disease. The treatment of multiple myeloma involves different kinds of therapies and drugs. The Multiple Myeloma Market is Segmented by Drug Class (Immunomodulators, Proteasome Inhibitors, Monoclonal Antibodies, Histone Deacetylase (HDAC) Inhibitors, and Other Drug Classes), Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and Other Distribution Channel) and Geography (North America, Europe, Asia-Pacific, Middle East and Africa, and South America). The market report also covers the estimated market sizes and trends for 17 different countries across major regions, globally. The report offers the value (in USD million) for the above segments.
| By Drug Class | |
| Immunomodulators | |
| Proteasome Inhibitors | |
| Monocolonal Antibodies | |
| Histone Deacetylase (HDAC) inhibitors | |
| Other Drug Class |
| By Distribution Channel | |
| Hospital Pharmacies | |
| Retail Pharmacies | |
| Other Distribution Channels |
| Geography | ||||||||
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Multiple Myeloma Market Size Summary
The multiple myeloma market is poised for growth, driven by an increasing burden of the disease and a heightened focus on research and development for novel therapies. The market is experiencing a resurgence post-COVID-19, which had initially hindered treatment demand due to delayed diagnoses and lower survival rates during the pandemic. However, the lifting of restrictions has spurred clinical trials and drug development, such as Takeda's investigation into Modakafusp Alfa, which has shown promising results in reducing cancer progression. The market's expansion is further supported by strategic collaborations and product launches, like Sanofi's partnership with Blackstone and Dr. Reddy's introduction of generic Lenalidomide capsules, which are expected to enhance treatment accessibility and efficacy.
North America is anticipated to hold a significant share of the multiple myeloma market, attributed to the region's high prevalence of the disease, substantial healthcare expenditure, and the presence of key industry players. The market's growth is bolstered by initiatives to raise awareness and the introduction of innovative therapies, such as Janssen's Carvykti and Bristol Myers Squibb's ABECMA, which have received regulatory approvals for advanced treatment options. The competitive landscape is characterized by strategic partnerships, mergers, and new product launches, with major companies like Bristol-Myers Squibb, Takeda, and Amgen actively enhancing their market presence. Despite the high cost of treatment posing a challenge, the overall market outlook remains positive, driven by ongoing advancements and increasing demand for effective multiple myeloma therapies.
Multiple Myeloma Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.2.1 Growing Burden of Multiple Myeloma Worldwide
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1.2.2 Increasing Focus on Research and Development To Generate Novel Therapies and Drugs for Multiple Myeloma
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1.3 Market Restraints
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1.3.1 High Cost Pertaining to Multiple Myeloma Treatment
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1.4 Porter's Five Forces Analysis
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1.4.1 Threat of New Entrants
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1.4.2 Bargaining Power of Buyers/Consumers
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1.4.3 Bargaining Power of Suppliers
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION (Market Size by Value - USD million)
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2.1 By Drug Class
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2.1.1 Immunomodulators
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2.1.2 Proteasome Inhibitors
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2.1.3 Monocolonal Antibodies
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2.1.4 Histone Deacetylase (HDAC) inhibitors
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2.1.5 Other Drug Class
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2.2 By Distribution Channel
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2.2.1 Hospital Pharmacies
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2.2.2 Retail Pharmacies
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2.2.3 Other Distribution Channels
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2.3 Geography
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2.3.1 North America
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2.3.1.1 United States
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2.3.1.2 Canada
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2.3.1.3 Mexico
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2.3.2 Europe
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2.3.2.1 Germany
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2.3.2.2 United Kingdom
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2.3.2.3 France
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2.3.2.4 Italy
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2.3.2.5 Spain
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2.3.2.6 Rest of Europe
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2.3.3 Asia-Pacific
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2.3.3.1 China
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2.3.3.2 Japan
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2.3.3.3 India
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2.3.3.4 Australia
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2.3.3.5 South Korea
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2.3.3.6 Rest of Asia-Pacific
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2.3.4 Middle East and Africa
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2.3.4.1 GCC
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2.3.4.2 South Africa
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2.3.4.3 Rest of Middle East and Africa
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2.3.5 South America
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2.3.5.1 Brazil
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2.3.5.2 Argentina
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2.3.5.3 Rest of South America
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Multiple Myeloma Market Size FAQs
What is the current Multiple Myeloma Market size?
The Multiple Myeloma Market is projected to register a CAGR of 6% during the forecast period (2024-2029)
Who are the key players in Multiple Myeloma Market?
Bristol-Myers Squibb Company, Takeda Pharmaceutical Company Limited, Amgen Inc., Sanofi S.A. and Karyopharm Therapeutics Inc. are the major companies operating in the Multiple Myeloma Market.
