Multiple Myeloma Market Expected to Reach $53,521.76 Million by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Multiple Myeloma Market," The 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 2022 to 2031. Multiple myeloma is a type of cancer that affects plasma cells, a type of white blood cell that helps fight infection. It causes the production of abnormal proteins, called paraproteins, which can build up in the body and damage organs and tissues. Multiple myeloma may cause bone pain, anemia, frequent infections, and kidney problems. Treatment includes chemotherapy, radiation therapy, targeted therapy, or stem cell transplantation.

The key factors that drive the growth of the global multiple myeloma market include increase in R&D activities in cancer treatment and rapid medication launches and approvals. Furthermore, the introduction of monoclonal antibodies (mAbs) such as Empliciti and Darzalex significantly contribute toward the growth of the market. For instance, in March 2020, Sanofi, a multinational pharmaceutical and healthcare company, announced that the U.S. Food and Drug Administration (FDA) approved Sarclisa (isatuximab-irfc) in combination with pomalidomide and dexamethasone (pom-dex) for the treatment of adults with relapsed refractory multiple myeloma (RRMM). 

In addition, rise in number of product approvals for protease inhibitor fosters the growth of multiple myeloma industry. For instance, in December 2021, Amgen, a biopharmaceutical company, announced that the U.S. Food and Drug Administration (FDA) approved the distribution of the KYPROLIS (carfilzomib) in the U.S., prescribing information to include its use in combination with Darzalex Faspro (daratumumab and hyaluronidase-fihj) and dexamethasone for the treatment of adult patients with relapsed or refractory multiple myeloma.

Moreover, rise in number of initiatives taken by government for treatment of multiple myeloma is anticipated to boost the growth of market. 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.

However, complications associated with radiation therapies such as fatigue, skin changes, nausea, diarrhea, hair loss, decreased appetite, dry mouth, difficulty swallowing, pain in radiation, and changes in taste restrain the growth of the market. Furthermore, high cost of stem cell transplantation therapy coupled with lack of skilled professionals in underdeveloped countries negatively impact the market growth.

Depending on drug type, the multiple myeloma market share 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.

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 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.

Region wise, North America multiple myeloma market trends garnered the largest share in 2021, and is expected to continue this trend during the forecast period, owing to increase in the market players who manufacture multiple myeloma drugs, availability of well-developed healthcare infrastructure, and increase in awareness among the people regarding treatment of multiple myeloma. However, Asia-Pacific is expected to exhibit fastest growth during the forecast period owing to improvement in health awareness, rise in incidence of blood cancer, increase in disposable income, development in healthcare facilities, and surge in healthcare expenditure.

The Covid-19 pandemic hamper the multiple myeloma market growth. The pandemic has led to delays in the development of new drugs and treatments. Additionally, the disruption in the supply chain due to lockdowns and travel restrictions has hindered the distribution of drugs and treatments. Further, the health crisis has hampered clinical trials, thereby delaying the approval of new therapies. As a result, the market growth of multiple myeloma is expected to be significantly impacted during the forecast period.

Moreover, decrease in number of consultations for multiple myeloma, supply chain distruction of drugs for multiple myeloma and shortage of healthcare workers for treatment of cancer are anticipated to hinder the growth of multiple myeloma market. 

Key findings of the study

• By drug type, the protease inhibitor segment dominated the market in 2021.

• On the basis of disease type, the active multiple myeloma segment led the market in 2021.

• Depending on end user, hospitals was the prominent segment in 2021.

• Region wise, North America exhibited the highest growth in 2021, and is expected to grow     during the forecast period.