Multiple Myeloma Market Outlook, 2031
The global multiple myeloma market size was valued at $19,666.74 million in 2021, and is projected to reach $53,521.76 million by 2031, registering a CAGR of 10.5% from 2021 to 2031. Rise in prevalence of multiple myeloma is attributed to increase in demand for medications, immunotherapy, radiation therapy, stem cell transplantation procedure, and plasmapheresis. According to the International Agency for Research on Cancer, around 1,76,404 cases of multiple myeloma were reported over the globe in 2020. In addition, in 2023, the American Cancer Society estimated that around 35,730 new cases of multiple myeloma will be diagnosed in the U.S. Thus, rise in prevalence of multiple myeloma over the globe is expected to boost the market growth.
Multiple myeloma develops in white blood cell known as a plasma cell. Healthy plasma cells produce antibodies that can identify and destroy microorganisms, aiding in the battle against infections. In multiple myeloma, cancerous plasma cells accumulate in the bone marrow and eliminate good blood cells. It causes the production of abnormal proteins, called paraproteins, which can build up in the body and damage organs and tissues. Anemia, frequent infections, bone discomfort, and kidney issues are the associated issues with multiple myeloma. Treatment options include stem cell transplantation, radiation treatment, chemotherapy, and targeted therapy.
Market Dynamics
Growth of the global multiple myeloma market share is majorly driven by increase in the prevalence of multiple myeloma, rise in number of market players who manufacture multiple myeloma drugs, and increase in number product launches for multiple myeloma drugs. Multiple myeloma, also known as Kahler’s disease, is a type of blood cancer. A type of white blood cell called a plasma cell makes antibodies that fight infections in the body. In the case of multiple myeloma, these cells multiply the wrong way. They let too much protein into the bones and blood. It builds up throughout the body and damages the organs.
Rise in initiatives taken by government and nonprofit organizations for the treatment of blood cancer and multiple myeloma is anticipated to fuel the growth of multiple myeloma market opportunity. For instance, in February 2023, the Multiple Myeloma Research Foundation (MMRF) and the Lazarex Cancer Foundation, a non-profit organization focused on improving patient access to cancer clinical trials, announced partnership to support more equitable access to clinical trials for multiple myeloma cancer patients. Thus, this factor is anticipated to boost the demand for multiple myeloma drugs or therapies, thus driving the market growth.
In addition, in March 2022, the Myeloma Investment Fund (MIF), the Multiple Myeloma Research Foundation’s (MMRF) venture philanthropy subsidiary, announced an investment in Triumvira Immunologics (Triumvira), an Austin, TX-based clinical-stage biotech developing novel, targeted autologous and allogeneic T cell immunotherapies that co-opt the natural biology of T cells to treat solid tumors and blood cancers.
Increase in number of market players who manufacture drugs for multiple myeloma is expected to boost the multiple myeloma market growth. For instance, Bristol Myers Squibb, Amgen Inc., AbbVie, Sanofi, ONO Pharmaceutical Co., Ltd., Johnson & Johnson, and Takeda Pharmaceutical Company Ltd. are some major players who manufacture multiple myeloma drugs. In addition, rise in the provision of effective multiple myeloma drugs by these players is attributed to boost the growth of market. For instance, Bristol Myers Squibb, a pharmaceutical company, provides Abecma, a (CAR) T cell immunotherapy drugs and Empliciti (elotuzumab), a monoclonal antibody for treatment of multiple myeloma.
Moreover, increase in the revenue of market players due to rise in sale of multiple myeloma drugs is anticipated to boost the growth of market. For instance, Amgen Inc., a pharmaceutical company, provides KYPROLIS, a protease inhibitor drug which generates $1,108 million in 2021 and $1,247 million in 2022.
On the other hand, high cost of multiple myeloma treatments such as medications, immunotherapy, radiation therapy, plasmapheresis, and stem cell transplantation is expected to hinder the growth of market. For instance, radiation therapy costs around $10,000–20,000, thus making it unaffordable. Moreover, protease inhibitors such as Kyprolis, Velcade, and Ninlaro are expensive, which restrains the growth of market. .
In addition, side effects associated with multiple myeloma drugs such as Kyprolis, Abecma, Velcade, and Ninlaro hamper the growth of the global market. For instance, common side effects of Kyprolis includes fatigue, low blood cell count & blood platelet levels, shortness of breath, diarrhea, constipation, nausea, fever, swelling of the extremities, upper respiratory tract infection, runny or stuffy nose, bronchitis, pneumonia, low blood potassium, low blood calcium, high blood sugar, muscle spasms, numbness & tingling in the extremities, and high blood pressure. In addition, side effects of radiation therapy include fatigue, skin irritation, nausea, diarrhea, hair loss in the treatment area, loss of appetite, infertility, increased risk of infection, increased risk of secondary cancer, and damage to organs near the treatment area.
COVID-19 has had a significant impact on the multiple myeloma market. A number of clinical trials have been disrupted due to the pandemic and social distancing regulations. Moreover, shortage of healthcare workers, financial constraints, and lockdowns have led to an increase in the number of patients who are unable to access timely treatments.
In addition, the number of patients seeking treatment for multiple myeloma has decreased, leading to a decrease in the number of new patients entering clinical trials. Furthermore, the pandemic has resulted in a decrease in the availability of drugs for treating multiple myeloma, due to disrupted supply chain. The pandemic further caused a slowdown in the development of new treatments and therapies for multiple myeloma, as R&D activities were severely impacted. In addition, according to the Blood Cancer Journal, in December 2021, it was reported that the number of new diagnoses of multiple myeloma was reduced in 2020 compared to 2019 and the survival of newly diagnosed multiple myeloma cases decreased simultaneously. Multiple myeloma patients showed higher risk of COVID-19 infection and a higher mortality rate in 2020.
Segmental Overview
The multiple myeloma market share is segmented into drug type, end user and disease type and region. Depending on drug type, the market is divided into chemotherapy, protease inhibitors, monoclonal antibody, and others. On the basis of disease type, it is bifurcated into active multiple myeloma and smoldering multiple myeloma. By end user, it is segregated into hospitals, clinics, and others.
Region wise, the multiple myeloma market size is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, France, UK, Italy, Spain, and rest of Europe), Asia-Pacific (China, Japan, India, Australia, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil, Saudi Arabia, South Africa, and rest of LAMEA).
By Drug Type
Depending on drug type, the market is classified into chemotherapy, protease inhibitors, monoclonal antibody, and others. Among these, the protease inhibitor segment is expected to register the fastest growth during the forecast period, owing to rise in number of product launches and product approvals for protease inhibitors for the treatment of multiple myeloma.
By Drug Type
Protease Inhibitors segment held a dominant position in 2021 and would continue to maintain the lead over the forecast period.
By Disease Type
On the basis of disease type, the market is fragmented into active multiple myeloma and smoldering multiple myeloma. The active multiple myeloma segment is expected to dominate the market, owing to rise in prevalence of multiple myeloma and increase in awareness among people regarding cancer.
By Disease Type
Active Multiple Myeloma segment held a dominant position in 2021 and would continue to maintain the lead over the forecast period.
By End User
Based on end user, the market is classified into hospitals, clinics, and others. The hospitals segment is projected to exhibit the highest growth in the near future due to the availability of trained medical staff in hospitals that helps to provide better services to patients, increase in patient admission in hospitals, and surge in prevalence of multiple myeloma.
By End User
Hospitals segment is projected as one of the most lucrative segment.
By Region
The North America multiple myeloma market forecast is expected to grow at a notable pace during the forecast period owing to strong presence of key players such as Novartis AG, Bristol Myers Squibb, Amgen Inc., AbbVie, and Johnson & Johnson and increase in number of product launches & product approvals for multiple myeloma drugs. In January 2022, Bristol-Myers Squibb, a pharmaceutical company, announced that Japan’s Ministry of Health, Labour and Welfare approved Abecma (idecabtagene vicleucel), a B-cell maturation antigen (BCMA)-directed chimeric antigen receptor (CAR) T cell immunotherapy, for the treatment of adult patients with relapsed or refractory (R/R) multiple myeloma. In addition, rise in prevalence multiple myeloma is expected to fuel the growth of market. For instance, in 2023, the American Cancer Society estimated that around 35,730 new cases of multiple myeloma will be diagnosed in the U.S. by 2023.
The Asia-Pacific multiple myeloma market is expected to witness notable growth during the forecast period owing to rise in number of government funding organizations for research of cancer and increase in prevalence of multiple myeloma. For instance, according to the World Health Organization (WHO), the Ministry of Finance of the People's Republic of China, the Ministry of Health of the People's Republic of China, the Indian Council of Medical Research, and the Ministry of Health and Family Welfare of India are some institutions in Asia-Pacific that provide funding for cancer research.
Moreover, according to the International Agency for Research on Cancer, around 63,439 multiple myeloma cases were reported in Asia-Pacific in 2020, which accounts 36% of multiple myeloma cases over the globe.
By Region
North America was holding a dominant position in 2021 and would continue to maintain the lead over the analysis period.
Competition Analysis
Some of the major multiple myeloma industry that operate in the global multiple myeloma market include Major key players that operate in the global multiple myeloma market are Novartis AG, Bristol-Myers Squibb Company, Amgen Inc., AbbVie Inc., Johnson & Johnson, Teva Pharmaceutical Industries Ltd., ONO Pharmaceutical Co., Ltd., Takeda Pharmaceutical Company Ltd., and Roche Group.
Recent Developments in the Multiple Myeloma Market
In January 2022, Bristol-Myers Squibb, a pharmaceutical company, announced that Japan’s Ministry of Health, Labour and Welfare has approved Abecma (idecabtagene vicleucel), a B-cell maturation antigen (BCMA)-directed chimeric antigen receptor (CAR) T cell immunotherapy, for the treatment of adult patients with relapsed or refractory (R/R) multiple myeloma.
Key Benefits for Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the multiple myeloma market analysis from 2021 to 2031 to identify the prevailing multiple myeloma market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the multiple myeloma market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global multiple myeloma market trends, key players, market segments, application areas, and market growth strategies.
Multiple Myeloma Market Report Highlights
| Aspects | Details |
 Market Size By 2031 | USD 53.5 billion |
 Growth Rate | CAGR of 10.5% |
 Forecast period | 2021 - 2031 |
 Report Pages | 411 |
 By Drug Type |
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 By Disease Type |
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 By End User |
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 By Region |
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 Key Market Players | Pfizer Inc., Teva Pharmaceutical Industries, Bristol-Myers Squibb Company, Johnson and Johnson, Amgen Inc., Abbvie Inc, Takeda Pharmaceutical Company Ltd, Baxter International Inc., Sanofi, Novartis AG |
Analyst Review
This section provides various opinions of the top-level CXOs in the global multiple myeloma industry. In accordance with several interviews conducted, the multiple myeloma market is expected to witness healthy growth with rise in R&D for drugs of multiple myeloma. In addition, increase in population suffering from multiple myeloma has led to high adoption of multiple myeloma drugs and therapies, which is expected to significantly boost the growth of the multiple myeloma market.
The CXOs further added that rise in the number of product launches and product approvals for multiple myeloma drugs are anticipated to drive the growth of market. For instance, in October 2022, Janssen Pharmaceutical Companies of Johnson & Johnson announced that the U.S. Food and Drug Administration (FDA) approved Tecvayli for the treatment of adult patients with relapsed or refractory multiple myeloma. Tecvayli is a first-in-class, bispecific T-cell engager antibody that is administered as a subcutaneous treatment.
The top companies that hold the market share in multiple myeloma market are Novartis AG, Bristol-Myers Squibb Company, Amgen Inc., Johnson & Johnson.
Asia-Pacific is anticipated to witness lucrative growth during the forecast period, owing to rise in expenditure by government organization to develop the healthcare sector, increase in the prevalence of chronic diseases such as multiple myeloma and increase in the number of geriatric populations.
The key trends in the multiple myeloma market are rise in number of product launches and product approvals for multiple myeloma drugs and increase in the number of market players who manufactures multiple myeloma drugs.
The base year for the report is 2021.
10 multiple myeloma companies are profiled in the report.
The total market value of multiple myeloma market is $19,666.74 million in 2021.
The forecast period in the report is from 2022 to 2031.
High cost of multiple myeloma drugs and side effects associated with drugs are restraining factor for multiple myeloma market.
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