Reports - Multiple Myeloma Market
Multiple Myeloma Market Size, Share & Trends Analysis Report by Drug Class (Immunomodulators, Proteasome Inhibitor, Anti-CD38 Monoclonal Antibody, Alkylating Agents, Other Drug Classes) by Distribution Channel (Hospital Pharmacies, Retail Pharmacies & Drug Stores, Online Pharmacies) by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2017 - 2022) & Forecast (2023 - 2030)
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USD 59.015 Billion
6.95%
North America
Asia Pacific
2021 - 2023
NaN - NaN
By Drug Class, By Distribution Channel, By Region
The final deliverable will encompass both quantitative and qualitative data, providing a comprehensive analysis of the market. The scope is customizable.
The global Multiple Myeloma Market is valued at USD 28.42 Billion in 2024 and is projected to reach a value of USD 59.015 Billion by 2035 at a CAGR (Compound Annual Growth Rate) of 6.95% between 2025 and 2035.
Premium Insights
Multiple Myeloma is a malignancy that develops in plasma cells, a type of white blood cell. Plasma cells in good health aid in the struggle against infections by producing antibodies that recognize and destroy pathogens. Multiple Myeloma is characterized by an accumulation of malignant plasma cells in the bone marrow, which crowd out benign blood cells. According to the American Cancer Society, the United States diagnosed nearly 24,050 new cases of Multiple Myeloma by the end of 2014. Multiple Myelomas are more prevalent in men than women, and their incidence increases with age. Consequently, an increase in the elderly population will fuel the markets growth for Multiple Myeloma therapeutics over the forecast period.
The World Health Organization (WHO) estimates that by 2050, older people will comprise nearly 2 billion individuals. Consequently, the increasing prevalence of the disease and the expansion of the elderly population are anticipated to be the major factors driving the global Multiple Myeloma therapeutics market. In addition, the complications of treating patients will include supportive measures such as reparative treatment, including transfusion. In addition, the global market for Multiple Myeloma therapeutics is bolstered by factors such as the presence of large companies and the increased adoption of new therapies, which have benefited regional businesses. With a growing patient population in countries such as the United States and the introduction of new therapies, the market is expected to expand consistently over the forecast period. In addition, ongoing efforts by governments and non-profits to increase patient awareness of new treatment options contribute significantly to the success of this vertical. Consequently, the United States represents a substantial portion of the North American market.
In the Multiple Myeloma market, increasing R&D activities for developing novel therapies by key players is one of the main driving factors. Due to the importance of Multiple Myeloma as cancer, several prominent pharmaceutical companies, such as Regeneron, have robust pipeline candidates in various phases of clinical trials. This increase in R&D into oncology therapeutics is because significant pharmaceutical breakthroughs leading to the development of blockbuster drugs in oncology are more likely to occur in these cancers due to their rising global prevalence. Several clinical trials have also demonstrated some clinical data, such as the pipeline candidate REGN5458 (BCMAXCD3) for Regeneron. This is anticipated to boost the global market for Multiple Myeloma therapeutics during the forecast period.
Economic Insights
The present conflict between Russia and Ukraine is anticipated to worsen over the analysis horizon, thereby hindering economic growth and development. The massive shocks caused by Russias invasion of Ukraine are anticipated to slow the growth rate of the global economy. The British company World Economic League Table forecasts that the global economy will be worth $100 trillion by 2022. Despite the best efforts of government officials to reconcile their disagreements over rising prices, this economic trend is projected to halt by 2023. As tensions between Russia and Ukraine escalate, the entire economy prepares for the effects of this massive conflict. Due to the Russian invasion, devastating effects on economic growth and development are anticipated. Despite their efforts to reach an agreement, there is a strong possibility that this economic trend will reverse. The world eagerly awaits the crisiss outcome and observes it with bated breath.
Top Market Trends
Market Segmentation
The global Multiple Myeloma market can be categorized into the following segments Drug Class, Distribution Channel, and Region. Based on the Drug Class, the market can be categorized into Immunomodulator, Proteasome Inhibitor, Anti-CD38 Monoclonal Antibody, Alkylating Agent, and Other Drug Classes. Additionally, based on Distribution Channel, the market can be split further into Hospital Pharmacies, Retail Pharmacies & Drug Stores, and Online Pharmacies. Likewise, based on Region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Based on the Drug Class
Immunomodulators to Accommodate Largest Market Share Due to Emerging Market Products
Immunomodulators, such as oral immunomodulators, are considered emerging therapy for treating several cancers and have exceptionally successful treatment outcomes. As a result, the immunomodulators segment dominated the global market in 2022 due to the strong revenue position of these medications. Immunomodulators such as CELGENE CORPORATIONs (Bristol Myers Squibb Company) Revlimid have contributed to this segments global market dominance. Due to the vast number of available products, the proteasome inhibitors subsegment also accounts for a sizeable portion of the global market. Velcade, a vital medication, is one of the essential therapeutics in this segment. Anti-CD38 Monoclonal Antibody is significant because it offers Darzalex (daratumumab).
Based on End Use
Hospital Pharmacies to Widen Revenue Owing to a Wider Population of Target Consumers
The fact that treatment drugs can be routinely prescribed and administered in hospital settings is one of the primary reasons for this segments dominance. This enables proper adherence to treatment guidelines for Multiple Myeloma and the secure administration of life-saving therapeutics, some of which must be administered intravenously. This type of effective treatment usually results in favorable treatment outcomes. Despite the presence of Revlimid, the number of oral therapeutics used in the treatment is relatively smaller, which will limit the growth of the retail pharmacies segment during the forecast period.
Based on Region
North America to Expand Its Birth Owing to Rising Prevalence of Diseases
The market in the region of North America is characterized by an increase in disease prevalence and treatment demand, as well as an increase in disease diagnosis, which is complemented by the adoption of innovative therapeutics. These factors, along with the inclination of a patient population with higher healthcare expenditures toward new treatment options and the presence of key companies with pipeline candidates and impending product launches, are responsible for the regions dominant share of the global market. Europe and Asia-Pacific are anticipated to hold a sizeable portion of the market during the forecast period. The growing number of regulatory approvals of key products in the region and their extended patent expiration dates are anticipated to drive the demand for therapeutics in Europe during the forecast period. New approvals of therapeutics such as DARZALEX (daratumumab) in key countries such as Japan and the presence of an enormous potential patient population base are expected to drive the growth of the Asia-Pacific market over the forecast period.
Competitive Landscape
With the presence of key market leaders in oncology and their diversified portfolios of cancer therapeutics, the competitive landscape of the global market reflects a more intense competition scenario. Several prominent market participants, such as Takeda Pharmaceutical Company Limited and CELGENE CORPORATION (Bristol Myers Squibb Company), have a substantial presence in the global market and control a substantial proportion of their revenue. However, other market participants, such as Amgen with its Kyprolis product and Bristol-Myers Squibb Company with its Empliciti product, have significant market revenue shares.
The key players in the global Multiple Myeloma market include - Takeda Pharmaceutical Company Limited (Japan) among others.
Recent Market Developments
Segmentation of the Global Multiple Myeloma Market
Source: www.vantagemarketresearch.com
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Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis | |
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