The Business Research Company’s report on the Multiple Myeloma Market provides insights into the global market size, growth rate, regional distribution, competitive landscape, key segments, emerging trends, and strategic opportunities.
What are the key drivers behind the multiple myeloma market’s growth in recent years?
The increasing prevalence of multiple myeloma is expected to propel the growth of the multiple myeloma market going forward. Multiple myeloma is a cancer that appears in a type of white blood cell called a plasma cell. The increase in multiple myeloma is due to age, genetics, obesity, radiation exposure, and other conditions. Multiple myeloma treatment slows its spread and makes symptoms go away. For instance, according to the American Cancer Society, a US-based voluntary health organization, the number of new cases of multiple myeloma increased to 35,730 in 2023 from 34,470 in 2022. Therefore, the increasing prevalence of multiple myeloma is driving the growth of the multiple myeloma market
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How does the future projection of the multiple myeloma market size compare to its historical growth?
The multiple myeloma market size has grown strongly in recent years. It will grow from $26.07 billion in 2024 to $28.15 billion in 2025 at a compound annual growth rate (CAGR) of 8.0%. The growth in the historic period can be attributed to diagnostic improvements, the introduction of stem cell transplantation, access to high-quality medical care, precision medicine approaches, and patient-centric care models
The multiple myeloma market size is expected to see strong growth in the next few years. It will grow to $38.39 billion in 2029 at a compound annual growth rate (CAGR) of 8.1%. The growth in the forecast period can be attributed to health technology integration, adoption of telemedicine IT & Communication Technology, personalized vaccine therapies, and digital health platforms for patient education. Major trends in the forecast period include advancements in targeted therapies, novel drug development, immunotherapy advancements, novel biomarker development, and integration of artificial intelligence.
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Which key players are shaping the future of the multiple myeloma market?
Major companies operating in the multiple myeloma market include 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 IT & Communication Technology 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.
What trends will propel the growth and evolution of the multiple myeloma market?
Product innovation is a key trend gaining popularity in the multiple myeloma market. Major companies operating in the multiple myeloma market are developing innovative products to sustain their position in the market. For instance, in October 2022, Janssen Pharmaceutical Companies of Johnson & Johnson, a Belgium-based pharmaceutical company, received approval for TECVAYLI (teclistamab-cqyv), the first bispecific T-cell engager antibody from the US Food and Drug Administration (FDA). The drug is indicated for treating adult patients with multiple myeloma who have had at least four prior lines of therapy, including proteasome inhibitors, immunomodulatory drugs, and monoclonal antibodies against CD38. It acts by targeting the B-cell maturation antigen (BCMA), which is expressed on the surface of some healthy B-lineage cells, and the CD3 receptor expressed on the surface of T-cells and multiple myeloma cells.
Which regions are expected to become dominant players in the multiple myeloma market?
North America was the largest region in the multiple myeloma market in 2024. 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.
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What are the emerging key segments in the multiple myeloma market, and how are they evolving?
The multiple myeloma market covered in this report is segmented –
1) By Treatment: Medications, Radiation Therapy, Stem Cell Transplant, Other Treatments
2) By Diagnosis: Blood Tests, Bone Marrow Biopsy, Urine Tests, Imaging Tests
3) By Disease Type: Active Multiple Myeloma, Smoldering Multiple Myeloma
4) By Distribution Channel: Hospital Pharmacy, Retail Pharmacy, Online Pharmacy, Other Channels
Subsegments:
1) By Medications: Immunomodulatory Drugs (IMiDs), Proteasome Inhibitors, Monoclonal Antibodies, Corticosteroids, Chemotherapy Agents
2) By Radiation Therapy: External Beam Radiation Therapy (EBRT), Radioisotope Therapy
3) By Stem Cell Transplant: Autologous Stem Cell Transplant (ASCT), Allogeneic Stem Cell Transplant
4) By Other Treatments: Supportive Care, Clinical Trials And Experimental Therapies
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What defines the structure and scope of the multiple myeloma market?
Multiple myeloma is a cancer that appears in a type of white blood cell called a plasma cell. Cancerous plasma cells build up in the bone marrow and crowd out healthy blood cells in multiple myeloma. Cancer cells produce abnormal proteins that may cause problems rather than helpful antibodies.
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