Multiple Myeloma Market Global Forecast Report by Drugs Types (Chemotherapy, Protease Inhibitors, Monoclonal Antibody, Others) Disease Types (Active multiple myeloma, Smoldering multiple myeloma) End User (Hospitals, Clinics, Others) Countries and Company Analysis, 2024-2032
Buy NowMultiple Myeloma Market Analysis
Global Multiple Myeloma Market was US$ 20.44 Billion in 2023 and will grow US$ 37.90 Billion by 2032, with a CAGR of 7.10 % from 2024 to 2032. The aging population is one of the main factors driving the multiple myeloma industry. Multiple myeloma is more common in older adults and is uncommon in those under 45. Furthermore, since these conditions are linked to an increase in the incidence and mortality of this indication, a growing prevalence of physical inactivity, overweight, obesity, and diabetes are also anticipated to propel this market.
Multiple Myeloma Market Overview
A malignancy of the plasma cells is called multiple myeloma. White blood cells called plasma cells produce antibodies that fend against infections. In multiple myeloma, normal bone marrow cells that create red blood cells, platelets, and other white blood cells are pushed out by abnormal cell development. Patients with multiple myeloma may not experience any symptoms at first.
However, over time, individuals could have typical symptoms like weariness, weakness, loss of appetite, weight loss, confusion, frequent infections, extreme thirst, and weakness or numbness in the arms and legs. Since multiple myeloma typically exhibits few or no symptoms in its early stages, diagnosis can be challenging. Multiple myeloma diagnosis may entail bone or bone marrow assays, urine tests, and a variety of blood testing. A number of these tests can also be used to plan and track the course of treatment as well as to determine the severity of the illness.
| Report Features | Details |
|
Base Year |
2023 |
|
Forecast Years |
2024 - 2032 |
|
Historical Years |
2019 - 2023 |
|
Market Size in 2023 |
US$ 20.44 Billion |
|
Market Forecast in 2032 |
US$ 37.90 Billion |
|
Market Growth Rate (2024-2032) |
7.10% |
Growth Factors in the Multiple Myeloma Industry
Increasing Multiple Myeloma Prevalence to Support Market Expansion
The rising incidence of various blood malignancies, including multiple myeloma, is one of the major factors propelling the global market. Even though MM is thought to be a less common form of cancer, it accounts for a sizable portion of cancer cases worldwide, and the demand for effective and cutting-edge treatments is rising. Patients frequently have improved and favorable clinical outcomes when effective and cutting-edge therapies are administered. This is especially critical as current data show that MM is becoming more commonplace globally. A little over 130,000 cases of this myeloma were reported in 2016, according to data released by Cancer Network. During the projected period, factors of this nature are expected to propel the expansion of the global market for multiple myeloma treatments. Because of the ongoing research and development, treatment has advanced, necessitating the use of more advanced medicines in order to improve prognosis.
Growing Number of Multiple Myeloma Product Launches to Accelerate Market Expansion
The creation of effective treatments for the management of the illness, which has far lower cure rates, is a growing area of research and development. However, a number of new therapies have been introduced as a result of growing and ongoing research endeavors by significant and well-known industry participants. For example, the U.S. FDA approved Sarclisa (isatuximab-irfc) in March 2020, to be used in conjunction with two additional treatments. Multiple myeloma is a very controllable condition, despite the lower favorable treatment rates, which is expected to fuel the expansion of the global market for the disease. When a disorder's prognosis improves, people are more inclined to choose treatment, which boosts global market income even more.
North America Multiple Myeloma Market Overview:
Due to factors like the rising prevalence of multiple myeloma, expanding company efforts to develop effective treatment drugs, rising healthcare spending along with high healthcare spending, and the presence of key market players in the region, North America is anticipated to witness a significant share in the multiple myeloma market over the forecast period.
The main driver of the market expansion is the rising incidence of multiple myeloma. For example, approximately 34,470 new cases of multiple myeloma (19,100 in males and 15,370 in women) are anticipated to be identified in the United States in 2022, according to the 2022 figures released by ACS. Furthermore, according to the same source, multiple myeloma is a relatively uncommon malignancy, with a lifetime chance of 1 in 132 (0.76%) in the US. Furthermore, according to the Canadian Cancer Society's 2022 statistics, 4,000 Canadians are anticipated to receive a multiple myeloma (MM) diagnosis in 2022. As a result, the increasing number of MM cases raises the need for efficient medications to treat the illness, which is expected to support market expansion during the course of the projection period.
Additionally, the market is growing as a result of the growing initiatives to create various awareness campaigns and programs to raise public knowledge of the MM illness. For example, according to a February 2022 update, the International Myeloma Foundation (IMF) organizes Myeloma Action Month each year for the entire month of March to encourage individuals and groups to take up projects that would benefit the myeloma community in the United States. In an effort to combat the illness, the IMT asked people to participate in Myeloma Action Month this year.
Therefore, the studied market is anticipated to increase throughout the projected period in the North America area due to the aforementioned factors, such as the rising burden of multiple myeloma, growing awareness initiatives, as well as growing product launches and approvals.
Multiple Myeloma Market Company Overview
Some of the industry leaders seen in the Global Multiple Myeloma Market Includes Novartis AG, Abbvie Inc, Sanofi, Johnson and Johnson, Baxter International Inc., Pfizer Inc., Takeda Pharmaceutical Company Ltd, Bristol-Myers Squibb Company.
Multiple Myeloma Market News
In December 2023, Japan has approved the manufacturing and marketing of Bristol-Myers Squibb Company's Abecma® medication for the treatment of multiple myeloma.
In December 2022, Aecellex and Kite, a Gilead business, have formed an international strategic alliance for the cooperative development and marketing of CART-ddBCMA, a T-cell treatment intended to treat patients with relapsed or refractory multiple myeloma. The CART-ddBCMA is also undergoing a Phase I clinical investigation. As part of the agreement, Arcellx will give Kite an upfront payment of USD 225 million.
In October 2022, Janssen Biotech's teclistamab-cqyv, the first bispecific CD3 T-cell engager directed by BCMA (B-cell maturation antigen), received accelerated clearance from the FDA for adult patients with relapsed or refractory multiple myeloma.
Drugs Type – Market breakup in 4 viewpoints:
- Chemotherapy
- Protease Inhibitors
- Monoclonal Antibody
- Others
Disease Type – Market breakup in 2 viewpoints:
- Active multiple myeloma
- Smoldering multiple myeloma
End User – Market breakup in 3 viewpoints:
- Hospitals
- Clinics
- Others
Country – Market breakup in 25 viewpoints:
North America
- United States
- Canada
Europe
- France
- Germany
- Italy
- Spain
- United Kingdom
- Belgium
- the Netherlands
- Turkey
Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Thailand
- Malaysia
- Indonesia
- New Zealand
Latin America
- Brazil
- Mexico
- Argentina
Middle East & Africa
- South Africa
- Saudi Arabia
- United Arab Emirates
All the Key players have been covered from 4 Viewpoints:
- Overviews
- Recent Developments
- Products Portfolio
- Revenues
Company Analysis:
- Novartis AG
- Abbvie Inc
- Sanofi
- Johnson and Johnson
- Baxter International Inc.
- Pfizer Inc.
- Takeda Pharmaceutical Company Ltd
- Bristol-Myers Squibb Company
Report Details:
| Report Features | Details |
| Base Year |
2023 |
| Historical Period |
2019 - 2023 |
| Forecast Period |
2024 - 2032 |
| Market |
US$ Billion |
| Segment Covered |
Drugs Type, Disease Type, End User and Countries |
| Countries Covered |
|
| Companies Covered |
|
| Customization Scope |
20% Free Customization |
| Post-Sale Analyst Support |
1 Year (52 Weeks) |
| Delivery Format |
PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on request) |
Key Questions Answered in This Report:
- How big is the Multiple Myeloma industry?
- What is the Multiple Myeloma industry growth rate?
- Who are the key players in Multiple Myeloma industry?
- What are the factors driving the Multiple Myeloma industry?
- Which Region held the largest market share in the Multiple Myeloma industry?
- What segments are covered in the Multiple Myeloma Market report?
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1. Introduction
2. Research Methodology
3. Executive Summary
4. Market Dynamics
4.1 Growth Drivers
4.2 Challenges
5. Global Multiple Myeloma Market
6. Market Share Analysis
6.1 By Drugs Types
6.2 By Disease Types
6.3 By End User
6.4 By Country
7. Drugs Types
7.1 Chemotherapy
7.2 Protease Inhibitors
7.3 Monoclonal Antibody
7.4 Others
8. Disease Types
8.1 Active multiple myeloma
8.2 Smoldering multiple myeloma
9. End User
9.1 Hospitals
9.2 Clinics
9.3 Others
10. Countries
10.1 North America
10.1.1 United States
10.1.2 Canada
10.2 Europe
10.2.1 France
10.2.2 Germany
10.2.3 Italy
10.2.4 Spain
10.2.5 United Kingdom
10.2.6 Belgium
10.2.7 Netherlands
10.2.8 Turkey
10.3 Asia Pacific
10.3.1 China
10.3.2 Japan
10.3.3 India
10.3.4 Australia
10.3.5 South Korea
10.3.6 Thailand
10.3.7 Malaysia
10.3.8 Indonesia
10.3.9 New Zealand
10.4 Latin America
10.4.1 Brazil
10.4.2 Mexico
10.4.3 Argentina
10.5 Middle East & Africa
10.5.1 South Africa
10.5.2 Saudi Arabia
10.5.3 United Arab Emirates
11. Porter's Five Forces Analysis
11.1 Bargaining Power of Buyers
11.2 Bargaining Power of Suppliers
11.3 Degree of Competition
11.4 Threat of New Entrants
11.5 Threat of Substitutes
12. SWOT Analysis
12.1 Strength
12.2 Weakness
12.3 Opportunity
12.4 Threats
13. Key Players Analysis
13.1 Novartis AG
13.1.1 Overviews
13.1.2 Recent Developments
13.1.3 Products Portfolio
13.1.4 Revenues
13.2 Abbvie Inc
13.2.1 Overviews
13.2.2 Recent Developments
13.2.3 Products Portfolio
13.2.4 Revenues
13.3 Sanofi
13.3.1 Overviews
13.3.2 Recent Developments
13.3.3 Products Portfolio
13.3.4 Revenues
13.4 Johnson and Johnson
13.4.1 Overviews
13.4.2 Recent Developments
13.4.3 Products Portfolio
13.4.4 Revenues
13.5 Baxter International Inc.
13.5.1 Overviews
13.5.2 Recent Developments
13.5.3 Products Portfolio
13.5.4 Revenues
13.6 Pfizer Inc.
13.6.1 Overviews
13.6.2 Recent Developments
13.6.3 Products Portfolio
13.6.4 Revenues
13.7 Takeda Pharmaceutical Company Ltd
13.7.1 Overviews
13.7.2 Recent Developments
13.7.3 Products Portfolio
13.7.4 Revenues
13.8 Bristol-Myers Squibb Company
13.8.1 Overviews
13.8.2 Recent Developments
13.8.3 Products Portfolio
13.8.4 Revenues
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