USD 25.3 Billion
Multiple Myeloma Market Size, Share, and Growth Analysis
Multiple Myeloma Market By Drug Class(Proteasome Inhibitors, Immunomodulatory Drugs, Monoclonal Antibodies, and Steroids), By Therapy(Immunotherapy, Chemotherapy, Radiation Therapy, and Stem Cell Transplant), By Distribution channel(Hospital, Retail, and Online Pharmacies), By Region - Industry Forecast 2025-2032
Report ID:
SQMIG35I2293 |
Region:
Global |
Published Date: October, 2024
Pages:
157
|Tables:
94
|Figures:
76
Format -
Multiple Myeloma Market Insights
Multiple Myeloma Market size was valued at USD 25.3 Billion in 2023 and is poised to grow from USD 29.12 Billion in 2024 to USD 89.7 Billion by 2032, growing at a CAGR of 15.1% during the forecast period (2025-2032).
Surging prevalence of multiple myeloma and growing investments in oncology research are projected to primarily augment market development. Advancements in cancer treatment therapies and the growing use of CAR-T cell therapy, monoclonal antibodies, and immune checkpoint inhibitors for the treatment of multiple myeloma are also slated to benefit market players in the future. High investments in the R&D of multiple myeloma treatment and diagnostics coupled with the rising use of personalized medicine are also expected to create new opportunities for multiple myeloma companies going forward. Launch of new initiatives to promote awareness regarding multiple myeloma and increasing efforts to promote early diagnosis of multiple myeloma are also slated to expand the business scope for multiple myeloma providers. On the contrary, high costs of treatment, risk of adverse effects of treatment, lack of awareness, and development of treatment resistance are some key constraints that are estimated to impede multiple myeloma market outlook in the long run.
US Multiple Myeloma Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2025-2032
Global Market Size
Largest Segment
Hospital Pharmacies
Fastest Growth
Hospital Pharmacies
Growth Rate
15.1% CAGR
Global Multiple Myeloma Treatment Market 2021-2028 ($ Bn)
Country Share for North America Region- 2021 (%)
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Multiple Myeloma Market Segments Analysis
Global Multiple Myeloma Market is segmented on the drug class, therapy, distribution channel, and region. By drug class, market is segmented into Proteasome Inhibitors, Immunomodulatory Drugs, Monoclonal Antibodies, and Steroids. By therapy, market is segmented into immunotherapy, chemotherapy, radiation therapy, and stem cell transplant. By distribution channel, market is segmented into hospital, retail, and online pharmacies. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Multiple Myeloma Market Analysis by Therapy
Chemotherapy is projected to account for a significant multiple myeloma market share over the coming years. High preference and use of chemotherapy for the treatment of a wide variety of oncology indications and proven efficacy of the same are helping this segment maintain its dominant stance. Most healthcare establishments and healthcare professionals use chemotherapy as a standard treatment for multiple myeloma as it focuses on targeting the rapidly dividing cancer cells in the body. The presence of multiple studies exploring the use of chemotherapy for treatment of various cancers and high availability of chemotherapy alternatives for multiple myeloma are also contributing to the high market share.
On the other hand, the use of radiation therapy for the treatment of multiple myeloma is expected to increase at a rapid pace in the future. High R&D investments to explore the efficacy of radiotherapy for multiple myeloma treatment, and advancements in radiation technologies, are also expected to create new opportunities for multiple myeloma treatment providers going forward. Intensity-modulated radiation therapy, stereotactic body radiation therapy, and proton therapy are forecasted to be highly popular in this segment as they enhance the efficiency of radiation delivery for cancer indication treatment.
Multiple Myeloma Market Analysis by Distribution Channel
Hospitals are forecasted to account for a prominent chunk of the global multiple myeloma market share in the future. Growing use of prescribed multiple myeloma treatment drugs and increasing rate of hospitalization in multiple myeloma cases are expected to help this segment emerge as a dominant one. Proper adherence to medication and treatment in hospital settings is also a key factor allowing hospitals to hold sway over other distribution channels. The complex nature of multiple myeloma treatment also makes it necessary for proper adherence to multiple medications and requires a multidisciplinary approach to improve chances of successful treatment, thereby making hospitals the best channel for multiple myeloma treatment delivery.
Meanwhile, the online pharmacies segment is projected to exhibit an impressive growth across the study period. Increasing preference of patients to shop for medications and drugs from the convenience of their homes is expected to help this segment generate new opportunities for multiple myeloma companies going forward. Rising availability of new online pharmacies providing multiple myeloma treatment drugs and increasing internet penetration around the world are also estimated to boost revenue generation for multiple myeloma companies focusing on this segment. Rise of digital health and increasing digitization of the healthcare industry are also expected to offer new business scope for multiple myeloma treatment providers targeting online pharmacies going forward.
Global Multiple Myeloma Treatment Market By Distribution Channel, 2021 (%)
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Multiple Myeloma Market Regional Insights
North America is estimated to secure the top spot when it comes to the multiple myeloma market. Surging incidence of multiple myeloma, high investments in oncology R&D, and growing geriatric population are some key factors that are estimated to aid the dominance of North America in the future. The United States is projected to spearhead the demand for multiple myeloma treatment followed by Canada going forward. High patient awareness regarding symptoms of multiple myeloma, availability of novel treatment therapies and drugs, and shorter approval times for novel therapies are also estimated to aid the dominance of North America in the long run.
Growing awareness regarding symptoms of multiple myeloma is helping Asia Pacific emerge as the fastest-growing market for multiple myeloma companies in the world. High investments in healthcare infrastructure development, launch of new awareness initiatives, and increasing healthcare expenditure are some major factors helping generate new opportunities for market players. As per this multiple myeloma market forecast, China, Japan, and India are expected to be highly opportune markets for multiple myeloma companies owing to a major surge in senescent population in these countries. Increasing availability of novel multiple myeloma treatment therapies and drugs coupled with high emphasis on early diagnosis are also estimated to benefit the multiple myeloma industry in this region.
Global Multiple Myeloma Treatment Market By Geography, 2021 - 2028
- Largest
- Fastest
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Multiple Myeloma Market Dynamics
Multiple Myeloma Market Driver
Growing Geriatric Population
- The senescent population around the world is increasing at a rapid pace and this is slated to be a key factor contributing to high demand for multiple myeloma treatment in the future. Studies show that older adults are more susceptible to multiple myeloma, which in turn is projected to drive the global multiple myeloma market growth over the coming years.
High Investments in Research and Development
- From public to private, almost all organizations around the world are investing heavily in oncology research and development. Novel therapies, improved diagnostic methods, and potential cures for multiple myeloma are being researched by multiple companies as emphasis on cancer treatment increases around the world. Grants, government funding, and venture capital are fueling the R&D efforts.
Restraints
Side Effects of Treatment
- Extensively used multiple myeloma treatment options involve chemotherapy, immunotherapy, and stem cell transplants. All of these treatments are linked to severe risks of side effects such as neuropathy, infections, and gastrointestinal issues. These adverse effects are expected to discourage people from getting treated and thereby impede the overall demand for multiple myeloma treatment as well.
Lack of Awareness Regarding Symptoms
- Awareness regarding symptoms of multiple myeloma indications is quite limited, especially in underdeveloped and developing countries. This lack of awareness results in a smaller number of patients being diagnosed thereby effectively translating in less people having access to treatment. Healthcare infrastructure challenges and lack of specialist care also contribute to the slowdown of the multiple myeloma industry.
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Multiple Myeloma Market Competitive Landscape
Multiple myeloma treatment providers should focus on increasing awareness regarding the condition to maximize their business scope going forward. Investing in the research and development of novel multiple myeloma treatments with minimal side effects is also expected to be a key strategy for all market players. Collaborations, mergers, product approvals, new product launches, and acquisitions are slated to be key strategies used by multiple myeloma companies to expand their market presence.
Top Players in Multiple Myeloma Market
- Bristol-Myers Squibb Company (US)
- Amgen Inc. (US)
- Johnson & Johnson (Janssen Pharmaceuticals) (US)
- Novartis AG (Switzerland)
- Sanofi (France)
- Takeda Pharmaceutical Company Limited (Japan)
- Pfizer Inc. (US)
- Celgene Corporation (Bristol-Myers Squibb Company) (US)
- AbbVie Inc. (US)
- Genentech, Inc. (F. Hoffmann-La Roche Ltd) (US)
- Karyopharm Therapeutics (US)
- Teva Pharmaceutical Industries Ltd. (Israel)
- ONO Pharmaceutical Co., Ltd. (Japan)
- Merck & Co., Inc. (US)
- Eli Lilly and Company (US)
- GlaxoSmithKline plc (UK)
- Bayer AG (Germany)
- Takeda Oncology (Millennium Pharmaceuticals) (Japan)
- Oncopeptides AB (Sweden)
- Bluebird Bio, Inc. (US)
Multiple Myeloma Market Recent Developments
- In June 2024, AbbVie, renowned pharmaceutical organization from the United States announced the start of its Phase 3 clinical trial for treatment of multiple myeloma. The trial was intended to investigate the treatment of multiple myeloma among patients using its investigational asset called ABBV-383 and evaluate the efficacy and safety of the same as well.
- In April 2024, Johnson & Johnson, a leading pharmaceutical company announced that the United States FDA (Food and Drug Administration) approved its new treatment for relapsed or refractory multiple myeloma in adult patients. CARVYKTI® was approved for treatment use in adult patients who had received one prior treatment therapy.
- In March 2021, the United States Food and Drug Administration (FDA) announced the approval of a cell-based gene therapy for the treatment of multiple myeloma in adults. Abecma was approved with a risk evaluation and mitigation strategy to mitigate the risks of potential side effects associated with this treatment.
Multiple Myeloma Key Market Trends
- Use of Personalized Medicine: Multiple myeloma treatment companies can focus on the personalized medicine trend as awareness and preference for the same rises among patients around the world. A personalized medicine approach can help multiple myeloma patients improve their chances of successful treatment with less side effects and improved quality of life in the long run.
- Use of Minimally Invasive Diagnostics: Preference for minimally invasive procedures is increasing rapidly among patients around the world and this multiple myeloma market trend is also offering lucrative opportunities for multiple myeloma companies. Minimally invasive diagnostic tools for multiple myeloma such as liquid biopsies are expected to gain massive popularity and generate new business scope for market players across the study period and beyond.
Multiple Myeloma Market SkyQuest Analysis
SkyQuest's ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, growing incidence of multiple myeloma and rising geriatric population are expected to be key factors driving the global multiple myeloma market development. On the contrary, risk of side effects and lack of awareness regarding symptoms are slated to be key restraints for multiple myeloma companies in the future. North America is estimated to be the top market for multiple myeloma providers owing to the presence of a developed healthcare infrastructure and high investments in oncology R&D. Use of minimally invasive approach and personalized medicine approach are projected to create new opportunities for multiple myeloma treatment providers in the long run.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 25.3 Billion |
| Market size value in 2032 | USD 89.7 Billion |
| Growth Rate | 15.1% |
| Base year | 2024 |
| Forecast period | 2025-2032 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
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| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Multiple Myeloma Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Multiple Myeloma Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Multiple Myeloma Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Multiple Myeloma Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Multiple Myeloma Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Multiple Myeloma Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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