Multiple Myeloma Market
Number of pages: 100 | Report Format: PDF | Published date: December 14, 2022
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
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Report Attribute |
Details |
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Market size value in 2023 |
US$ 21.82 billion |
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Revenue forecast in 2032 |
US$ 38.14 billion |
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Growth Rate |
CAGR of 6.4% from 2022 to 2030 |
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Base year for estimation |
2023 |
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Forecast period |
2023-2032 |
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Segments covered |
Drug Class, Therapy, End-User, and Region. |
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Regional scope |
North America, Europe, Asia Pacific, and the Rest of the World (ROW) |
According to the deep-dive market assessment study by Growth Plus Reports, the global multiple myeloma market was valued at US$ 21.82 billion in 2023 and is expected to register a revenue CAGR of 6.4% to reach US$ 38.14 billion by 2032.
Multiple Myeloma Market Fundamentals
Multiple myeloma stems from the growth of malignant tumors formed by highly unstable aberrant cells that travel through the bloodstream, circulatory system, and lymphatic system. It is a prominent global blood cancer characterized by abnormal plasma cell proliferation in the bone marrow. The proliferation of malignant plasma cells leads to plasmacytoma, a tumor that hinders the bone marrow's ability to produce healthy blood cells and immunoglobulins. Consequently, there is a decrease in the development of leukocytes, erythrocytes, and platelets, resulting in a compromised immune system. Symptoms of multiple myeloma encompass gastrointestinal issues, enlarged organs, renal damage, rapid weight loss, bone pain, and fever. Ranking as the third most prevalent blood cancer, it trails behind lymphoma and leukemia in terms of frequency.
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Multiple Myeloma Market Dynamics
The growth of the multiple myeloma market revenue on a global scale is attributed to several key factors. One significant factor is the increasing prevalence of multiple myeloma worldwide. As the third most prevalent form of blood cancer, following lymphoma and leukemia, the rising incidence of this disease contributes directly to the expansion of the market. Improved diagnostic capabilities and increased awareness among healthcare professionals and the general population also play a crucial role in identifying and treating multiple myeloma cases, further propelling market revenue growth. Advancements in medical research and technology have led to the development of novel therapies and treatment options for multiple myeloma. The introduction of targeted therapies, immunomodulatory drugs, and proteasome inhibitors has significantly improved patients' prognosis and overall survival rates, driving the demand for these innovative treatments and fostering market revenue expansion.
Moreover, collaborations between pharmaceutical companies and research institutions to develop new drugs and therapeutic approaches contribute to market revenue growth. The market's trajectory growth in terms of revenue share is also influenced by regulatory support and initiatives to accelerate drug approvals and ensure a more streamlined and efficient drug development process. In essence, a combination of factors, including disease prevalence, technological advancements, demographic trends, and collaborative efforts, collectively contribute to the growth of the global multiple myeloma market revenue share.
The global multiple myeloma market faces challenges such as limited treatment options, high treatment costs, and the prevalence of side effects. Diagnostic difficulties and resistance to treatment add complexities, while limited awareness and education contribute to delayed diagnoses. Regulatory hurdles can impede the timely introduction of new therapies. Additionally, global disparities in healthcare access impact the effective management of multiple myeloma.
Market Ecosystem
The global multiple myeloma market is analyzed from four perspectives: by drug class, therapy, end user, and region.
Multiple Myeloma Market by Drug Class
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Multiple Myeloma Market by Drug Class
Based on drug class, the global multiple myeloma market is segmented into alkylating agents, immunomodulators (REVLIMID and POMALYST), proteasome inhibitors (VELCADE, KYPROLIS, NINLARO), and others (ANTI-CD38 monoclonal antibody, corticosteroids, etc.).
The immunomodulator segment dominates the global market in terms of revenue share. These agents efficiently enhance the immune system, activating T-cells and aiding revenue growth. They also play a crucial role in eliminating tumor cells and preventing metastasis. The lucrative revenue growth is expected in immunomodulatory drugs, fueled by the widespread use of lenalidomide across various treatment settings.
The market's second-largest revenue share is attributed to the proteasome inhibitors segment, driven by their increasing utilization in multiple myeloma treatment. Bortezomib, a pioneering proteasome inhibitor, has notably enhanced survival rates for multiple myeloma patients. Employed in frontline therapy as part of a combination regimen, the standard twice-weekly schedule may be substituted with a weekly infusion, contributing to the segment's revenue. The growing popularity and heightened sales of these drugs are fostering market revenue growth to some degree.
Multiple Myeloma Market by Therapy
Based on therapy, the global multiple myeloma market is segmented into chemotherapy, immunotherapy, targeted therapy, and others (stem cell transplant, radiotherapy, etc.).
Chemotherapy dominates the market with the largest revenue share, and the segment's growth can be attributed to its popularity among medical professionals. Chemotherapy employs drugs that circulate throughout the body to kill cancer cells that may have spread to various body areas, preventing metastasis. Furthermore, growing product launches due to rising R&D activities further encourage the revenue growth of this segment. The immunotherapy segment is expected to contribute substantially to revenue growth in the global multiple myeloma market. Immunotherapy makes cancer treatment more convenient and compatible by improving the immune system's capacity to identify, target, and eradicate tumor cells.
Multiple Myeloma Market by End User
Based on end users, the global multiple myeloma market is segmented into hospitals, cancer research centers, and specialty clinics.
The hospital segment will likely play a significant role as hospitals are primary healthcare institutions involved in diagnosing, treating, and managing multiple myeloma. This involvement may encompass various aspects such as patient care, diagnostic services, administration of treatments, including chemotherapy, and follow-up care. Collaboration between hospitals, research institutions, and pharmaceutical companies also contributes to advancements in multiple myeloma treatment.
Multiple Myeloma Market by Region
Based on the region, the multiple myeloma market is segmented into North America, Europe, Asia Pacific, Latin America, & the Middle East & Africa.
North America accounts for the largest revenue share in the global market, which is attributed to various factors such as large healthcare spending, growth in R&D activities, and the presence of major market players. In January 2022, Bristol-Myers Squibb announced Japan's approval of Abecma (idecabtagene vicleucel), a CAR T cell therapy targeting BCMA, for treating adults with relapsed or refractory multiple myeloma. The market is expected to grow with the rising prevalence of multiple myeloma. The American Cancer Society estimates there will be about 35,730 new cases in the U.S. by 2023, further boosting market expansion. Additionally, rising blood cancer cases, a growing geriatric population, and increased demand for efficient & novel therapies also contribute to the market revenue growth of this region. Additionally, the growing adoption of unhealthy lifestyles and the rising need for biological medicines is also expected to accelerate the market's revenue growth.
Strategic Developments Multiple Myeloma Market
Multiple Myeloma Market Competitive Landscape
The competitive landscape in the multiple myeloma market is becoming increasingly dynamic and diverse. With the rising prevalence of cancer and the growing demand for more effective solutions, numerous companies are entering the market with innovative multiple myelomas. These companies strive to gain a competitive edge by offering advanced designs, improved surgical techniques, and enhanced patient outcomes.
Some of the prominent players accounting for the largest revenue share in the global multiple myeloma market are,
Multiple myeloma is a type of cancer originating in plasma cells, a white blood cell responsible for producing antibodies (immunoglobulins) to help the body fight infections.
Novartis AG, Amgen Inc., and Pfizer Inc. are the prominent market players operating in the global multiple myeloma market.
The global multiple myeloma market is expected to register a revenue CAGR of 6.4% during the forecast period from 2024 to 2032.
North America accounted for the majority of market revenue share in 2023. This is due to the many top players in the region and a large patient pool.
Restraining factors in the global multiple myeloma market include the high cost and limited treatment options.
*Insights on financial performance are subject to the availability of information in the public domain