Global Multiple Myeloma Market 2023-2030

Global Multiple Myeloma Market 2023-2030

Global Multiple Myeloma Market Size, Share & Trends Analysis Report by Drug Class (Immunomodulators, Proteasome Inhibitors, Anti-CD38 Monoclonal Antibody, Alkylating Agents, and Others), by Type (Hyperdiploid, and Non-Hyperdiploid or Hypodiploid), and by Distribution Channel (Hospital Pharmacies, Retail Pharmacies & Drug Stores, and Online Pharmacies) Forecast Period (2023-2030)

The global multiple myeloma market is anticipated to grow at a considerable CAGR of 4.8% during the forecast period. The growth of the market is attributed to factors such as the increasing prevalence of multiple myeloma and advancements in diagnostic and treatment technologies. For instance, according to the University of California, in 2020, nearly 176,404 or 95% new cases of multiple myeloma were reported globally. Moreover, according to the Canadian Cancer Society, the number of new myeloma cases diagnosed in 2022 was 4,000, among them 2,400 males and 1,550 females, and nearly 11 people are diagnosed with myeloma each day. However, due to the introduction of newly developed targeted therapies and transplantation techniques, the rate of multiple myeloma get reduced. For instance, in February 2023, investigators at Memorial Sloan Kettering Cancer Center (MSK) published results from a clinical trial that found people with recurrent multiple myeloma get benefited from receiving chimeric antigen receptor (CAR) T therapy earlier in the course of their disease. With this therapy there was a nearly sevenfold increase in complete remission rates, and no cancer was detected in the body after the treatment.

Segmental Outlook

The global multiple myeloma market is segmented based on its drug class, type, and distribution channel. Based on the drug class, the market is sub-segmented into immunomodulators, proteasome inhibitor, anti-CD38 monoclonal antibody, alkylating agents, and others. Based on its type, the market is bifurcated into hyperdiploid (HMM) and non-hyperdiploid or hypodiploid. Further, based on the distribution channel, the market is segmented into hospital pharmacies, retail pharmacies & drug stores, and online pharmacies. Among the distribution channel, the hospital sub-segment is projected to exhibit the highest growth, owing to the availability of trained medical staff in hospitals that provide better services to patients along with an increase in patient admission in hospitals.

Hyperdiploid (HMM) Sub-Segment Expected to Hold a Major Market Share in the Global Multiple Myeloma Market

Among the type segment, the hyperdiploid (HMM) sub-segment is anticipated to register significant growth for the forecast period. The growth of the HMM sub-segment is attributed to factors such as increasing R&D activities and rising demand for personalized medicine. For instance, in 2021, Janssen Biotech, Inc. announced the US FDA approval for DARZALEX FASPRO (daratumumab and hyaluronidase-fihj) for the treatment of patients with newly diagnosed or relapsed/refractory multiple myeloma.

Regional Outlooks

The global multiple myeloma market is further segmented based on geography, including North America (the US and Canada), Europe (Italy, Spain, Germany, France, and Others), Asia-Pacific (India, China, Japan, South Korea, and Others), and the Rest of the World (the Middle East & Africa and Latin America). The market can be analyzed for a particular region or country level as per the requirement. Among these, North America is anticipated to grow at a significant CAGR over the forecast period. The growth is attributed to a rise in number of government funding organizations for R&D of cancer and increase in prevalence of multiple myeloma.

Global Multiple Myeloma Market Growth, by Region 2023-2030

Source: OMR Analysis

The North America Region Anticipated to Dominate the Multiple Myeloma Market

The growth of the market in the region is driven by the presence of key players such as Novartis AG, Bristol Myers Squibb, Amgen Inc., AbbVie, and others, coupled with an increase in the number of product launches, and new product approvals for multiple myeloma drugs. For instance, in January 2022, Bristol-Myers Squibb announced that Japan’s Ministry of Health, Labor and Welfare approved Abecma (idecabtagene vicleucel), a B-cell maturation antigen (BCMA)-directed chimeric antigen receptor (CAR) T cell immunotherapy, for the treatment of adult patients with relapsed or refractory (R/R) multiple myeloma. Moreover, in December 2021, Amgen announced that the US Food and Drug Administration (FDA) approved the expansion of the KYPROLIS (carfilzomib) US prescribing information to include its use in combination with DARZALEX FASPRO® (daratumumab and hyaluronidase-fihj) and dexamethasone for the treatment of adult patients with relapsed or refractory multiple myeloma who have received one to three lines of therapy.

Market Players Outlook

The major companies serving the global multiple myeloma market include Abbott Laboratories, Amgen Inc., GlaxoSmithKline plc, Merck & Co., Novartis AG, and others. The market players are considerably contributing to the market growth by the adoption of various strategies, including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in June 2021, AbbVie acquired the TeneoOne and its key immunotherapeutic asset for treating multiple myeloma named TNB-383B. TNB-383B is a bispecific antibody that targets both BCMA and CD3 and is designed to direct the body's own immune system to target and kill BCMA-expressing tumor cells. Through this partnership, both companies aim to develop and commercialize TNB-383B, a bispecific antibody that targets both BCMA and CD3 and is designed to direct the body's immune system to target and kill BCMA-expressing tumor cells.

The Report Covers

Market value data analysis of 2022 and forecast to 2030.

Annualized market revenues ($ million) for each market segment.

Country-wise analysis of major geographical regions.

Key companies operating in the global multiple myeloma market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.

Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

Analysis of market-entry and market expansion strategies.

Competitive strategies by identifying ‘who-stands-where’ in the market.