Press release
Global Multiple Myeloma Drugs Market Projected to Surpass $29.99 Billion by 2029 with 7% Annual Growth
Multiple Myeloma Drugs Market
The surge in hematological cancer cases is anticipated to fuel the expansion of the multiple myeloma drugs market. Hematological cancers originate from blood-forming tissue like bone marrow or immune system cells, including leukemia, lymphoma, multiple myeloma, and more. Medications for multiple myeloma are typically employed to manage various myeloma by annihilating cancer cells and restricting their proliferation by reducing cell division. They also stimulate a variety of enzymatic activities and support bone strength while alleviating pain in deteriorating bones. For example, in January 2023, the American Cancer Society (ACS), a health organization based in the US committed to eradicating cancer, reported approximately 59,610 fresh cases of leukemia and about 20,380 instances of acute myeloid leukemia (AML). Furthermore, leukemia accounted for a total of 23,710 deaths. Consequently, the rising incidence of hematological cancer is propelling the growth of the multiple myeloma drugs market.
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What is the projected compound annual growth rate (CAGR) of the multiple myeloma drugs market from 2025 to 2034, and what factors influence it?
The market size of drugs for multiple myeloma has seen robust growth in the preceding years. The market is predicted to rise from $21.84 billion in 2024 to $23.25 billion in 2025, reflecting a compound annual growth rate (CAGR) of 6.5%. The notable expansion during the historical period can be linked to advancements in diagnosis methods, successful clinical trials, a better understanding of the disease biology, enhancement in healthcare infrastructure, patient advocacy, as well as increased awareness.
The market size of multiple myeloma drugs is due to experience impressive expansion in the coming years, with predictions of it reaching a value of $29.99 billion by 2029, due to a compound annual growth rate (CAGR) of 6.6%. Factors accelerating this growth during the forecast period include advancements in immunotherapy, broadening the use of targeted therapies, usage of liquid biopsy, development of car-t cell therapy, and discovery of biomarkers. The forecast period is also expected to see trends like an emphasis on long-term survivorship, the investigation of epigenetic therapies, the amplified role of telemedicine, wider access to new therapies, and achieving sustainability in myeloma care.
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How are the latest trends influencing the growth of the multiple myeloma drugs market?
In the multiple myeloma drugs market, product advancement is emerging as a primary trend. The leading firms in this market are making efforts to establish innovative products to fortify their market standing and stay competitive. For instance, Janssen Biotech Inc., a biotechnology company from Japan, received approval from the United States Food and Drug Administration in March 2022 for a CAR T-Cell therapy, named Carvykti, to be used for multiple myeloma. Carvykti, or ciltacabtagene autoleucel, is a genetically altered autologous cell-based product involving T cells that have been ex vivo transduced with a replication-incompetent lentiviral vector encoding an anti-B cell maturation antigen (BCMA) chimeric antigen receptor (CAR). The CAR comprises two single domain antibodies that are linked to a 4-1BB costimulatory domain and a CD3-zeta signaling domain. Patients who have been given four or more therapy lines, including treatments with three essential types of multiple myeloma drugs (an anti-CD38 monoclonal antibody, a proteasome inhibitor, and an immunomodulating agent), are deemed fit to receive this treatment for relapse situations.
What are the major segments of the multiple myeloma drugs market and their role in driving growth?
The multiple myeloma drugs market covered in this report is segmented -
1) By Drug Type: Immunomodulatory Drugs, Proteasome Inhibitors, Histone Deacetylase Inhibitors, Monoclonal Antibody Drugs, Steroids, Other Drug Types
2) By Therapy: Targeted Therapy, Biologic Therapy, Chemotherapy, Other Therapies
3) By Distribution Channel: Hospital Pharmacies, Retail Pharmacies, Online Pharmacies, Other Distribution Channels
4) By End-User: Men, Women
Subsegments:
1) By Immunomodulatory Drugs: Lenalidomide, Thalidomide, Pomalidomide
2) By Proteasome Inhibitors: Bortezomib, Carfilzomib, Ixazomib
3) By Histone Deacetylase Inhibitors: Panobinostat, Romidepsin
4) By Monoclonal Antibody Drugs: Daratumumab, Elotuzumab, Isatuximab
5) By Steroids: Dexamethasone, Prednisone
6) By Other Drug Types: Alkylating Agents, Antimetabolites, New Experimental Drugs
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Which regions are key players in the growth of the multiple myeloma drugs market?
North America was the largest region in the multiple myeloma drugs market in 2024. The regions covered in the multiple myeloma drugs market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Who are the key firms paving the way for growth in the multiple myeloma drugs market?
Major companies operating in the multiple myeloma drugs market include Pfizer Inc., Johnson & Johnson Pvt. Ltd, Merck & Co. Inc., AbbVie Inc., Bayer AG., Roche Holding AG, Novartis AG, Sanofi S.A., Bristol-Myers Squibb Company, GlaxoSmithKline Plc, Takeda Pharmaceutical Company Limited, Eli Lilly and Company, Kite Pharma Inc, Amgen Inc., AstraZeneca plc, Teva Pharmaceutical Industries Ltd., Regeneron Pharmaceuticals Inc., Daiichi Sankyo Company, Daiichi Sankyo Co. Ltd., Lonza Group AG, Cipla Ltd., ONO Pharmaceutical Co. Ltd., BieGene Ltd., Biotest AG, Onyx Pharmaceuticals Inc., PharmaMar SA, Karyopharm Therapeutics Inc., Poseida Therapeutics Inc., ImmunoGen Inc., Oncopetides AB
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What Is Covered In The Multiple Myeloma Drugs Global Market Report?
• Market Size Forecast: Examine the multiple myeloma drugs market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the multiple myeloma drugs market for a structured understanding.
• Key Players Overview: Analyze major players in the multiple myeloma drugs market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the multiple myeloma drugs market.
• Segment Contributions: Evaluate how different segments drive overall growth in the multiple myeloma drugs market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the multiple myeloma drugs market.
• Industry Challenges: Identify potential risks and obstacles affecting the multiple myeloma drugs market.
• Competitive Landscape: Review strategic developments in the multiple myeloma drugs market, including expansions, agreements, and new product launches.
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