Global Multiple Myeloma Market Size, Share, Growth Analysis, By Drug Class (Proteasome Inhibitors, Immunomodulatory Drugs), By Therapy (immunotherapy, chemotherapy), By Distribution Channel (hospital, retail), By Region - Industry Forecast 2024-2031

Global Multiple Myeloma Market size was valued at USD 21.98 billion in 2022 and is poised to grow from USD 25.30 billion in 2023 to USD 77.93 billion by 2031, growing at a CAGR of 15.1% in the forecast period (2024-2031).

Multiple myeloma is a critical type of blood cancer that mostly targets plasma cells. It is an uncommon form of cancer. The number of diagnoses among patients is rising as a result of growing awareness of disease symptoms. As a result, several potentially blockbuster medications were introduced, and the treatment expertise of the leading Multiple Myeloma Market competitors increased. As per the Globocan 2020 information sheet, there were an expected 19,292,789 new cancer cases, with about 9,958,133 cancer-related deaths.

Furthermore, the International Agency for Research on Cancer (IARC) predicts that by 2031, the worldwide incidence of cancer will have increased to 27.5 million new cases and 16.3 million deaths. In the entire world, men are around 1.5 times more likely to have it than women. Although no single risk factor has been linked to multiple myeloma, suggested underlying causes include differences in health-risk behaviors like smoking and alcohol consumption as well as higher rates of obesity among males. The disease is more prevalent among the age group of older adults with median age i.e., between the age range 55 to 65 years.

Additionally, rising incidence rates of hematological cancer and rising demand for healthcare infrastructure, research, and treatment are the main drivers of the multiple myeloma market. Low treatment rates in developing countries are a limiting factor to the market expansion for the global multiple myeloma market.

US Multiple Myeloma Market is poised to grow at a sustainable CAGR for the next forecast year.