Multiple Myeloma Market Size, Share, Opportunities, And Trends By Type (Smouldering, Multiple Myeloma, Active Multiple Myeloma), By Treatment (Medications, Bortezomib, Ixaomib, Carfilzomib), By Diagnosis (Blood Tests, Bone Marrow Biopsy, Urine Tests, Imaging Tests), By End-User (Hospitals & Clinics, Homecare, Others), And By Geography - Forecasts From 2023 To 2028

The multiple myeloma market is estimated to grow at a CAGR of 4.01% during the forecast period.

Multiple myeloma is the cancer formed in white blood cells which are also known as plasma cells. Cancerous plasma cells are accumulated in the bone marrow and these crowd the healthy blood cells causing multiple myeloma. The increasing burden of multiple myeloma disease along with the aging population and growing patient awareness about the symptoms and treatment are the major growth driver of the multiple myeloma market.

Increasing Prevalence of Multiple Myeloma

The growing prevalence of multiple myeloma is leading to an increased need for multiple myeloma treatments thereby boosting the market expansion. For instance, 159,985 new cases of multiple myeloma are diagnosed around the globe annually as per the International Myeloma Foundation and it is the second most common blood cancer in the world. According to Cancer Research UK, the United Kingdom experiences approximately 3,100 deaths related to myeloma every year, resulting in over 8 deaths daily. Additionally, myeloma ranks as the 17th most prevalent cause of cancer-related deaths in the UK, accounting for 2% of all cancer-related fatalities.

Aging Population

Multiple myeloma is more common in older adults, and as the global population continues to age, the incidence of multiple myeloma market is expected to bolster in the coming years. This demographic trend drives the demand for multiple myeloma treatments and related healthcare services. For instance, 61% of all myeloma fatalities in the UK occur in persons aged 75 years and older each year as per the Cancer Research UK. Moreover, between 2020 and 2050, the number of people aged 80 years or older is projected to triple and reach 426 million as per the WHO reports.

Growing Patient Awareness and Early Diagnosis

Increased awareness of multiple myeloma symptoms through various programs among both patients and healthcare professionals has led to earlier detection and diagnosis thereby propelling the multiple myeloma market. For instance, the AACR Runners for Research aims to raise $600,000 during Philadelphia Marathon Weekend this year. The provided funds will offer direct assistance to the AACR's mission of cancer prevention and cure, supporting multiple endeavors such as research, education, communication, collaboration, science policy and advocacy, as well as funding for cancer research. Moreover, every year, the San Fernando Valley Support Group joins the International Myeloma Foundation's mission of enhancing the well-being of multiple myeloma patients. Through their support, the IMF offers vital information and education, aids support groups, conducts research, and advocates for patients globally.

Increasing Research and Supportive Care

Ongoing research efforts have led to a better understanding of the disease's biology and molecular pathways. This has resulted in the development of targeted therapies and immunotherapies which are accelerating the multiple myeloma market. For instance, a clinical fellow in hematology and medical oncology at Columbia University was awarded the AACR-Bristol Myers Squibb Cancer Disparities Research Fellowship in 2022 to investigate the prevalence and risk factors of MGUS, a precursor to multiple myeloma that affects black people in sub-Saharan Africa. Moreover, enhancements in supportive care measures including the management of pain, infections, and other complications associated with multiple myeloma are also enhancing the overall quality of life for patients.

Opportunities in the Market

The multiple myeloma market presents several opportunities for growth and development. The approval of novel drugs by regulatory authorities expands the treatment options available to patients and provides an opportunity for market expansion and players. For example, the FDA granted accelerated approval to teclistamab-cqyv (Tecvayli, Janssen Biotech, Inc.) in October 2022. It is the first bispecific B-cell maturation antigen (BCMA)-directed CD3 T-cell engager. It is intended for adult patients with relapsed or refractory multiple myeloma who have undergone at least four prior lines of therapy. Moreover, advancements in genomic profiling and understanding of disease biology have opened up opportunities for personalized medicine in multiple myeloma.

Restraints in the Market

The multiple myeloma market has experienced growth and development however some restraints or challenges can impact its expansion. For example, multiple myeloma can develop resistance to certain treatments over time like many cancers. For instance, the survival rate of patients diagnosed with multiple myeloma is just 29% in the UK. This poses a significant challenge in managing the disease and may necessitate the development of new treatment approaches. Moreover, multiple myeloma is a complex disease with various subtypes and genetic characteristics, making it challenging to develop universally effective treatments. Further, some multiple myeloma treatments can cause significant side effects such as impacting patients' quality of life.

North America is Expected to Grow Considerably

North America is expected to hold a significant share of the multiple myeloma market during the forecast period. The factors attributed to such a share are the increasing prevalence of myeloma cancer cases, government support for research and clinical trial, the presence of a strong healthcare system, and increasing awareness about multiple myeloma. For instance, in 2023, the American Cancer Society predicts approximately 35,730 individuals will receive a new diagnosis of multiple myeloma, and it is expected that around 12,590 deaths will be attributed to this disease in the United States.

Major Market Players

• Bristol-Myers Squibb (BMS) is a global biopharmaceutical company that focuses on the discovery, development, and commercialization of innovative medicines and therapies to address various medical conditions. It revealed the first findings from its multiple myeloma portfolio across targets and molecular techniques, as well as the presentation of fresh research in December 2022.
• Novartis is a leading global pharmaceutical company headquartered in Switzerland. The company's diverse portfolio includes innovative prescription drugs, generic medications, vaccines, and consumer health products. It offers multiple myeloma drug Farydak which received EU approval in September 2015.

Key Market Developments

• In January 2023, GPCR Therapeutics started its phase 2 trial in the US for GPC-100 and propranolol with and without G-CSF to mobilise stem cells in multiple myeloma patients receiving an autologous stem cell transplant.
• In March 2022, Blackstone and Sanofi have entered into a strategic partnership, sharing the risks involved. Blackstone Life Sciences has provided up to EUR 300 million (approximately USD 320.51 million) to accelerate the clinical development program and pivotal global studies for the subcutaneous formulation and delivery of the anti-CD38 antibody Sarclisa.
•  In September 2021, Lenalidomide capsules, a generic medication used to treat patients with multiple myeloma and myelodysplastic syndrome was introduced to the Canadian market by Dr. Reddy's Laboratories and Natco Pharma.

Multiple Myeloma Market Scope:

Segmentation:

• By Type
  • Smouldering Multiple Myeloma
  • Active Multiple Myeloma
• By Treatment
  • Medications
  • Bortezomib
  • Ixaomib
  • Carfilzomib
• By Diagnosis
  • Blood Tests
  • Bone Marrow Biopsy
  • Urine Tests
  • Imaging Tests
• By End-User
  • Hospitals & Clinics
  • Homecare
  • Others
• By Geography
  • North America
    • United States
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • United Kingdom
    • Germany
    • France
    • Spain
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • UAE
    • Israel
    • Others
  • Asia Pacific
    • Japan
    • China
    • India
    • South Korea
    • Indonesia
    • Thailand
    • Others