Global Multiple Myeloma Market - 2023-2030

Global Multiple Myeloma Market - 2023-2030

The Global Multiple Myeloma Market reached US$ 20.2 billion in 2022 and is projected to witness lucrative growth by reaching up to US$ 31.3 billion by 2030. The Global Multiple Myeloma Market is expected to exhibit a CAGR of 5.8% during the forecast period 2023-2030.

The increasing cases of multiple myeloma, increase in the prevalence of risk factors, growing awareness, funding initiatives, increasing search activities, favorable reimbursement policies, and market developments such as product launches, product authorizations, alliances, acquisitions, coalitions, and expansion among others are expected to boost the global Multiple Myeloma market growth in the forecast period. The key market players in this market include Sanofi S.A., Takeda Pharmaceutical Company, Bristol-Myers Squibb Company, and GlaxoSmithKline among others.

Market Dynamics

Increasing Product Approvals Drive The Growth Of The Multiple Myeloma Market.

Increasing product approvals will drive the global multiple myeloma market growth in the forecast period. For instance, on October 25, 2022, the Food and Drug Administration granted accelerated clearance to teclistamab (Tecvayli) to treat some individuals with multiple myeloma. The authorization, founded on the outcomes of the MajesTEC-1 trial, is for adults with multiple myeloma that has come around after a minimum of four initial lines of therapy.

The Increasing Efforts To Spread Awareness Are Expected To Present The Global Multiple Myeloma Market With Growth Opportunities.

The increasing awareness initiatives are expected to present the global multiple myeloma market with lucrative growth opportunities in the upcoming years. For instnace, in February 2023, the Multiple Myeloma Research Foundation (MMRF) and the Lazarex Cancer Foundation, a non-profit association concentrated on enhancing individuals' access to cancer clinical investigations, formed a collaboration to sustain additional unbiased access to clinical trials for multiple myeloma cancer individuals.

The High Cost of Treatment Is Estimated To Hamper The Global Multiple Myeloma Market During The Forecast Period.

The high cost of treatment is estimated to hamper the global multiple myeloma market growth in the forecast period. For instance, in one analysis, the entire expense of a multi-medication therapy for individuals with multiple myeloma before insurance varied from around $74,000 to as high as $256,000.

COVID-19 Impact Analysis.

The financial health of companies across all industries has been impacted by the COVID-19 pandemic and lockdown in numerous nations worldwide. Therefore, for the period of the COVID-19 public health emergency, the U.S. Food and Drug Administration (FDA) issued guidelines that include general considerations to aid sponsors and researchers, ensuring the safety of trial participants, adhering to good clinical practice (GCP), and minimizing risks to trial integrity.

Russia-Ukraine War Impact Analysis.

The Russia-Ukraine brawl is considered to carry a moderate mark on the global multiple myeloma market as the low prevalence and dearth of critical market players in this region. Yet, persisting to countenance raids from Russian troops, Ukrainian infirmaries are pushed by increasing numerals of deaths and specified medical aids.

There are deficiencies across all kinds of drugs. Again, the consequence of the import and export of basic materials are predicted to have a small influence on the global multiple myeloma market growth in the forecast period.

Segment Analysis

The Global Multiple Myeloma Market is segmented based on treatment type, end-user, and region.

Owing To The Increasing Research Investments, The Immunotherapy Segment Is Estimated To Hold About 28% Of The Global Market Share By 2030.

Owing to the increasing research investments in the immunotherapy treatment type, the segment is estimated to dominate the global market, holding about 28.6% of the total market share. For instance, in March 2022, the Myeloma Investment Fund (MIF), the Multiple Myeloma Research Foundation’s (MMRF) venture philanthropy subsidiary, invested in Triumvira Immunologics (Triumvira), an Austin, TX-based clinical-stage biotech developing novel, targeted autologous and allogeneic T cell immunotherapies that co-opt the natural biology of T cells to treat solid tumors and blood cancers.

Geographical Analysis

Europe Estimated to Hold 26.6% of the Market Share Owing to the Growing Multiple Myeloma Prevalence in this Region.

Owing to the increasing product authorizations in Europe, the region is estimated to hold the second-largest global market share, accounting for around 29%. For instance, in July 2022, EMA instructed a conditional marketing authorization in the European Union (EU) for Tecvayli (teclistamab) for the therapy of grown-up individuals with relapsed and refractory multiple myeloma, who have obtained at a minimum of three previous treatments, including an immunomodulatory agent, a proteasome inhibitor and an anti-CD38 antibody, and whose cancer has declined from obtaining the latest therapy.

Also, in September 2022, the European Commission authorized Pepaxti (melphalan sulfenamide, also called melflufen), a drug by Oncopeptides to be employed in blend with dexamethasone, pushing it obtainable to adults with hard-to-treat multiple myeloma in Europe.

Competitive Landscape

The major global players in the multiple myeloma market include Takeda Pharmaceutical Company Limited, Amgen Inc., Sanofi S.A., Novartis International AG, Teva Pharmaceutical Industries Ltd., GlaxoSmithKline plc, Johnson and Johnson, Inc. (Janssen Pharmaceuticals), Bristol-Myers Squibb Company, Karyopharm Therapeutics Inc., and Ono Pharmaceutical Co., Ltd., among others.

Why Purchase the Report?
• To visualize the Global Multiple Myeloma Market segmentation based on treatment type, end-user, and region and understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous multiple myeloma market-level data points with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as Excel consisting of key products of all the major players.

The Global Multiple Myeloma Market Report Would Provide Approximately 53 Tables, 54 Figures And 195 Pages.

Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies