Press release
Multiple Myeloma Industry Outlook 2025-2029: Market Set to Cross $38.39 Billion Milestone
Multiple Myeloma
How Large Will the Multiple Myeloma Market Size By 2025?
The market for multiple myeloma has seen robust growth in the recent past. The market is projected to increase from a worth of $26.07 billion in 2024 to an estimated value of $28.15 billion in 2025, experiencing an 8.0% compound annual growth rate (CAGR). Factors such as enhanced diagnostics, implementation of stem cell transplantation, the availability of premium medical care, strategies based on precision medicine, and emphasis on patient-oriented care models have driven the growth rate in the historical period.
How Big Is the Multiple Myeloma Market Size Expected to Grow by 2029?
Predicted significant expansion is on the horizon for the multiple myeloma market, with projections placing it at $38.39 billion in 2029, showcasing a Compound Annual Growth Rate (CAGR) of 8.1%. The anticipated growth in the coming years can be linked to the rise in utilization of health technologies, the embracement of telemedicine services, customized vaccine treatments, and digital health forums for patient learning. Key trends predicted during the growth period encompass progress in targeted therapies, development of innovative drugs, advancements in immunotherapy, development of new biomarkers, and the incorporation of artificial intelligence.
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Which Key Market Drivers Powering Multiple Myeloma Market Expansion and Growth?
The rising occurrence of multiple myeloma, a cancer that originates in plasma cells, a type of white blood cell, is anticipated to spur the expansion of the multiple myeloma market. Factors such as age, genetic predisposition, obesity, exposure to radiation, and other conditions contribute to the increase in multiple myeloma. The intent of multiple myeloma treatment is to hinder its progression and alleviate symptoms. For example, data from the American Cancer Society, a volunteer health organization based in the U.S., showed an increment in the number of new multiple myeloma cases, with the figures rising from 34,470 in 2022 to 35,730 in 2023. Consequently, the escalating prevalence of multiple myeloma is fueling the growth of the multiple myeloma market.
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Which Fast-Growing Trends Are Poised to Disrupt the Multiple Myeloma Market?
The growing trend of product innovation is strongly apparent within the multiple myeloma market. Several prominent companies in this sector are crafting novel products in a bid to maintain their market standing. For example, in October 2022, Belgium's Janssen Pharmaceutical Companies of Johnson & Johnson won approval from the US Food and Drug Administration (FDA) for TECVAYLI (teclistamab-cqyv), hailed as the first bispecific T-cell engager antibody. This drug is designated to treat adult patients already treated with at least four different therapy lines including, proteasome inhibitors, immunomodulatory drugs, and monoclonal antibodies against CD38. Its functional mechanism involves targeting the B-cell maturation antigen (BCMA) present on the surface of certain healthy B-lineage cells and the CD3 receptor found on T-cells and multiple myeloma cells' surfaces.
What Are the Emerging Segments in the Multiple Myeloma Market?
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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Who Are the Global Leaders 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.
Which are the Top Profitable Regional Markets for the Multiple Myeloma Industry?
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.
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