Press release
Multiple Myeloma Market Poised for 8 % Growth, Set to Hit $38.39 Billion by 2029
Multiple Myeloma Market
The growth of the multiple myeloma market is anticipated to be fuelled by the rising occurrence of multiple myeloma. This form of cancer affects a specific type of white blood cell known as a plasma cell. The rising occurrence of multiple myeloma is linked to factors like age, genetic traits, obesity, exposure to radiation, and other conditions. Treating multiple myeloma can slow its progression and alleviate symptoms. For example, data from the American Cancer Society, a voluntary health organization in the US, shows the number of new multiple myeloma cases rose to 35,730 in 2023 up from 34,470 in 2022. As a result, this rise in multiple myeloma instances is contributing significantly to the expansion of the multiple myeloma market.
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What growth opportunities are expected to drive the multiple myeloma market's CAGR through 2034?
The sector of multiple myeloma has seen a significant expansion in recent years. It is projected to increase from $26.07 billion in 2024 to $28.15 billion in 2025, with a compound annual growth rate (CAGR) of 8.0%. Factors contributing to the growth during the past period include enhancements in diagnosis, the advent of stem cell transplantation, access to superior medical care, precision-based medical treatments, and care models centered around patients.
The market size of multiple myeloma is anticipated to witness robust expansion in the forthcoming years. Its value is forecasted to escalate to $38.39 billion by 2029, increasing at a compound annual growth rate (CAGR) of 8.1%. The notable growth projected during the forecast period owes much to the integration of health technology, the widespread adoption of telemedicine services, custom vaccine treatments, and the use of digital health systems for patient awareness. Key trends identified during the forecast period encompass progress in targeted therapies, the advent of new drugs, the evolution in immunotherapy, the development of new biomarkers, and the incorporation of artificial intelligence.
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What are the emerging trends shaping the future of the multiple myeloma market?
There is a rising trend of product innovation in the multiple myeloma market. Dominant companies in this market are focusing on the development of novel products to solidify their market standing. An example is the approval gained by Janssen Pharmaceutical Companies of Johnson & Johnson, based in Belgium, for TECVAYLI (teclistamab-cqyv) from the US Food and Drug Administration (FDA) in October 2022. This makes it the first bispecific T-cell engager antibody in the market. It is aimed at the treatment of adult patients with multiple myeloma who have undergone at least four previous therapy lines, featuring proteasome inhibitors, immunomodulatory drugs, and monoclonal antibodies targeting CD38. Its mechanism of works lies in its focus on the B-cell maturation antigen (BCMA) present on the surface of certain B-lineage cells, as well as the CD3 receptor found on T-cells and multiple myeloma cells' surface.
Which growth-oriented segments of the multiple myeloma market are leading the industry's development?
The multiple myeloma market covered in this report is segmented -
1) By Treatment: Medications, Radiation Therapy, Stem Cell Transplant, Other Treatments
2) By Diagnosis: Blood Tests, Bone Marrow Biopsy, Urine Tests, Imaging Tests
3) By Disease Type: Active Multiple Myeloma, Smoldering Multiple Myeloma
4) By Distribution Channel: Hospital Pharmacy, Retail Pharmacy, Online Pharmacy, Other Channels
Subsegments:
1) By Medications: Immunomodulatory Drugs (IMiDs), Proteasome Inhibitors, Monoclonal Antibodies, Corticosteroids, Chemotherapy Agents
2) By Radiation Therapy: External Beam Radiation Therapy (EBRT), Radioisotope Therapy
3) By Stem Cell Transplant: Autologous Stem Cell Transplant (ASCT), Allogeneic Stem Cell Transplant
4) By Other Treatments: Supportive Care, Clinical Trials And Experimental Therapies
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What regions are leading the charge in the multiple myeloma market?
North America was the largest region in the multiple myeloma market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the multiple myeloma market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What companies are at the forefront of innovation in the multiple myeloma market?
Major companies operating in the multiple myeloma market include Pfizer Inc., Johnson & Johnson Private Limited, F. Hoffmann-La Roche Ltd., Merck & Co. Inc., AbbVie Inc., Bayer AG, Novartis AG, Sanofi S.A., Bristol-Myers Squibb Company, AstraZeneca plc, Abbott Laboratories, GlaxoSmithKline PLC, Takeda Pharmaceutical Company Limited, Eli Lilly and Company, Boehringer Ingelheim International GmbH, Amgen Inc., Janssen Global Services LLC, Celgene Corporation, Mylan N.V., Biogen Inc., Cipla Inc., Sun Pharmaceutical Industries Ltd., CRISPR Therapeutics AG, Karyopharm Therapeutics Inc., Fate Therapeutics Inc., Atara Biotherapeutics Inc., Allogene Therapeutics Inc., C4 Therapeutics Inc., Adaptimmune Therapeutics plc, Precision Biosciences Inc.
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What Is Covered In The Multiple Myeloma Global Market Report?
• Market Size Forecast: Examine the multiple myeloma market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the multiple myeloma market for a structured understanding.
• Key Players Overview: Analyze major players in the multiple myeloma market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the multiple myeloma market.
• Segment Contributions: Evaluate how different segments drive overall growth in the multiple myeloma market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the multiple myeloma market.
• Industry Challenges: Identify potential risks and obstacles affecting the multiple myeloma market.
• Competitive Landscape: Review strategic developments in the multiple myeloma market, including expansions, agreements, and new product launches.
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