Multiple Myeloma Market Size
| 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 |
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 Market Trends
This section covers the major market trends shaping the Multiple Myeloma Market according to our research experts:
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 Industry Overview
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.
Multiple Myeloma Market Leaders
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Bristol-Myers Squibb Company
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Takeda Pharmaceutical Company Limited
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Amgen Inc.
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Sanofi S.A.
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Karyopharm Therapeutics Inc.
*Disclaimer: Major Players sorted in no particular order
Multiple Myeloma Market News
- In December 2022, Kite, a Gilead company entered an international strategic partnership with Aecellex for the joint development and commercialization of the T-cell therapy, CART-ddBCMA, to treat relapsed or refractory multiple myeloma patients. In addition, the CART-ddBCMA is under Phase I clinical study. Under the partnership, Arcellx will pay USD 225 million upfront payment to Kite.
- In October 2022, FDA granted accelerated approval to Janssen Biotech's teclistamab-cqyv, a first bispecific B-cell maturation antigen (BCMA)-directed CD3 T-cell engager, for adult patients with relapsed or refractory multiple myeloma.
Multiple Myeloma Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Growing Burden of Multiple Myeloma Worldwide
4.2.2 Increasing Focus on Research and Development To Generate Novel Therapies and Drugs for Multiple Myeloma
4.3 Market Restraints
4.3.1 High Cost Pertaining to Multiple Myeloma Treatment
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value - USD million)
5.1 By Drug Class
5.1.1 Immunomodulators
5.1.2 Proteasome Inhibitors
5.1.3 Monocolonal Antibodies
5.1.4 Histone Deacetylase (HDAC) inhibitors
5.1.5 Other Drug Class
5.2 By Distribution Channel
5.2.1 Hospital Pharmacies
5.2.2 Retail Pharmacies
5.2.3 Other Distribution Channels
5.3 Geography
5.3.1 North America
5.3.1.1 United States
5.3.1.2 Canada
5.3.1.3 Mexico
5.3.2 Europe
5.3.2.1 Germany
5.3.2.2 United Kingdom
5.3.2.3 France
5.3.2.4 Italy
5.3.2.5 Spain
5.3.2.6 Rest of Europe
5.3.3 Asia-Pacific
5.3.3.1 China
5.3.3.2 Japan
5.3.3.3 India
5.3.3.4 Australia
5.3.3.5 South Korea
5.3.3.6 Rest of Asia-Pacific
5.3.4 Middle East and Africa
5.3.4.1 GCC
5.3.4.2 South Africa
5.3.4.3 Rest of Middle East and Africa
5.3.5 South America
5.3.5.1 Brazil
5.3.5.2 Argentina
5.3.5.3 Rest of South America
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Bristol-Myers Squibb Company
6.1.2 Takeda Pharmaceutical Company Limited
6.1.3 Amgen Inc.
6.1.4 Sanofi S.A.
6.1.5 Karyopharm Therapeutics Inc.
6.1.6 Ono Pharmaceutical Co., Ltd.
6.1.7 Novartis International AG
6.1.8 Teva Pharmaceutical Industries Ltd.
6.1.9 Johnson and Johson, Inc. (Janssen Pharmaceuticals)
6.1.10 AbbVie Inc.
6.1.11 GlaxoSmithKline plc
6.1.12 Harpoon Therapeutics
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
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 Research 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.
Which is the fastest growing region in Multiple Myeloma Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Multiple Myeloma Market?
In 2024, the North America accounts for the largest market share in Multiple Myeloma Market.
What years does this Multiple Myeloma Market cover?
The report covers the Multiple Myeloma Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Multiple Myeloma Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Multiple Myeloma Industry Report
Statistics for the 2024 Multiple Myeloma market share, size and revenue growth rate, created by Mordor Intelligenceā¢ Industry Reports. Multiple Myeloma analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
