Global Multiple Myeloma Market Size to Worth Insights Forecasts to 2033.
- The Global Multiple Myeloma Market Size was Valued at USD 19 Billion in 2023.
- The Market Size is Growing at a CAGR of 5.68% from 2023 to 2033.
- The Worldwide Multiple Myeloma Market Size is Expected to Reach USD 33 Billion by 2033.
- Asia Pacific is Expected to Grow the Fastest during the Forecast period.
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The Global Multiple Myeloma Market Size is Anticipated to Exceed 33 Billion by 2033, Growing at a CAGR of 5.68% From 2023 to 2033.
Multiple myeloma (MM) is a rare type of blood cancer in which the plasma cells are developed in the bone marrow, which produces the tumors in the bones. Multiple myeloma accounts for a significant case geographically. Increased awareness about the multiple myeloma disease leads to a higher number of diagnoses for patients. Multiple myeloma is diagnosed by a blood test, a bone marrow test, a urine test, and an imaging test. This diagnosis process has accelerated drug developments and new launches in the global multiple myeloma market. In some situations, if a patient remains untreated, that may lead to the death of the patient. Various treatments are available on the market for the treatment of multiple myeloma, such as targeted therapy, bone marrow transplants, chemotherapy, corticosteroids, immunotherapy, and others. There are many clinical trials going on for better treatments for multiple myeloma disease. Some of them are not meeting the need for disease treatment. There is a need for a positive treatment outcome for multiple myeloma disease. Furthermore, the increased launches of several awareness programs and campaigns regarding awareness of the multiple myeloma disease are significantly fueling the growth of the global multiple myeloma market.
This research report categorizes the market for the global multiple myeloma market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the global multiple myeloma market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the global multiple myeloma market.
Global Multiple Myeloma Market Report Coverage
|Market Size in 2022:
|USD 19 Billion
|Forecast Period 2023-2033 CAGR:
|2033 Value Projection:
|USD 33 Billion
|Historical Data for:
|No. of Pages:
|Tables, Charts & Figures:
|By Drug, By Distribution, By End User, By Region, and COVID-19 Impact Analysis
|Takeda Pharmaceutical Company Limited, Amgen Inc., Sanofi S.A., Karyopharm Therapeutics Inc., Novartis International AG, AbbVie Inc., Harpoon Therapeutics., Ono Pharmaceutical Co., Ltd., Janssen Pharmaceuticals, Inc., Genentech, Inc., GlaxoSmithKine plc, Bristol-Myers Squibb Company, AstraZeneca, Cipla Inc., Abbott, Merch KGaA, Sun Pharmaceutical Industries Ltd., Others., and
|Pitfalls & Challenges:
|COVID-19 Empact, Challenge, Future, Growth, & Analysis
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The global multiple myeloma market is driven by various factors, including the increased prevalence of multiple myeloma in global regions. Multiple myeloma is a rare type of cancer disease, with significant numbers of cases worldwide that need effective treatment and therapies. The administration of effective drugs helps improve the clinical outcomes for patients. This has become important because recent data shows an increased prevalence of diseases. According to the American Cancer Society, in 2023, there will be 35730 people who are positive for multiple myeloma, and 12590 deaths will be reported in the United States of America. Moreover, an increase in the research and development of drugs for effective management of multiple myeloma is boosting the market. The drug used for the treatment has a lower efficacy and cure rate. But continuous research by the companies has led to the launch of new therapies and drugs for treatment. For instance, in August 2023, the Food and Drug Administration (FDA) approved the drug talquetamab-tgvs (brand name Talvey) for the treatment of refractory multiple myeloma. This drug has a positive treatment rate as compared to the others. If the treatment has more effective management, the patient is more likely to choose the treatment, which leads to the further growth of the global multiple myeloma market.
The increased cost of treatment for multiple myeloma is hampering the growth of the global multiple myeloma market, which leads to a low treatment rate. According to a study by the National Institutes of Health, the cost of treatment for one patient is US$34,610 per month, which is not affordable for lower-income people. In addition, treatment options are also not available in the emerging countries because of a lack of awareness about diseases and suitable payment plans for treatment of diseases.
Market segmentation analysis
The Global Multiple Myeloma Market share is classified into drug, disease, distribution channels
- The immunomodulators segment is expected to hold the largest share of the global multiple myeloma market during the forecast period.
Based on drug type, the global market is segmented into proteasome inhibitors, CD38, alkylating agents, immunomodulators, and others. Among these, the immunomodulators segment is expected to hold the largest share of the global multiple myeloma market during the forecast period. Immunomodulators are an emerging treatment in various cancer treatments, including multiple myeloma, as they have shown successful treatment outcomes. Drugs such as Revlimid are dominating the drug segment of the global multiple myeloma market.
- The hospital pharmacies segment is expected to grow at the fastest pace in the global multiple myeloma market during the forecast period.
Based on distribution channel type, the global market is segmented into hospital pharmacies, retail pharmacies, and online pharmacies. Among these, the hospital pharmacies segment is expected to grow at the fastest pace in the global multiple myeloma market during the forecast period. Basically, the drug used in the management of the diseases is recommended to be taken in hospital settings. It follows the proper guidelines for treatment for multiple myeloma and the safe administration of the drug. This type of effective treatment allows for positive treatment outcomes.
- The hospital segment is expected to grow at the fastest pace in the global multiple myeloma market during the forecast period.
Based on end-user type, the global market is segmented into hospitals, clinics, and others. Among these, the hospital segment is expected to grow at the fastest pace in the global multiple myeloma market during the forecast period. Due to the highly trained medical staff, quality treatment and service to patients are also increasing, and patient admissions are fueling the growth of the global multiple myeloma market.
Regional Segment Analysis of the Global Multiple Myeloma Market.
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and the Rest of South America)
- The Middle East and Africa (UAE, South Africa, Rest of MEA)
North America is anticipated to hold the largest share of the global multiple myeloma market over the predicted timeframe.
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North America is anticipated to hold the largest share of the global multiple myeloma market over the predicted timeframe. The North American region has a strong prevalence of multiple myeloma disease and increased demand for treatment with a higher number of diagnoses. The Factors such as the largest number of healthcare expansions, increased patient numbers, and new launches of various drugs are responsible for the growth of the North American region. Also, the increased number of approvals for products by regulatory authorities in the North American region is fueling the growth during the forecast period.
Asia-Pacific is expected to grow at the fastest pace in the global multiple myeloma market during the forecast period. The increased number of government funds in the research and development field and the increase in the prevalence of multiple myeloma. For instance, as per the World Health Organization, the Ministry of Health and Family Welfare of India, the Ministry of Health of the People's Republic of China, and the Ministry of Finance of the People's Republic of China are supporting the research field in the Asia-Pacific region with financial support.
The report offers the appropriate analysis of the key organizations/companies involved within the global multiple myeloma along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.
List of Key Companies
- Takeda Pharmaceutical Company Limited
- Amgen Inc.
- Sanofi S.A.
- Karyopharm Therapeutics Inc.
- Novartis International AG
- AbbVie Inc.
- Harpoon Therapeutics.
- Ono Pharmaceutical Co., Ltd.
- Janssen Pharmaceuticals, Inc.
- Genentech, Inc.
- GlaxoSmithKine plc
- Bristol-Myers Squibb Company
- Cipla Inc.
- Merch KGaA
- Sun Pharmaceutical Industries Ltd.
Key Target Audience
- Market Players
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
- In December 2023, Bristol-Myers Squibb Company have received the manufacturing and marketing approval of their product Abecma® for the treatment of multiple myeloma in Japan.
- In December 2021, Amgen has received FDA approval to expand the KYPROLIS® prescribing information in the United States to include the combination of DARZALEX FASPRO® (daratumumab and hyaluronidase-fihj) and dexamethasone for adult patients with relapsed or refractory multiple myeloma who have received one to three lines of therapy.
- In March 2021, The FDA has approved isatuximab-irfc (brand name Sarclisa) in combination with carfilzomib and dexamethasone for the treatment of adult patients with relapsed or refractory multiple myeloma who have received one to three prior lines of therapy.
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the Global Multiple Myeloma Market based on the below-mentioned segments:
Global Multiple Myeloma Market, By Drug
- Proteasome Inhibitor
- Alkylating Agent
Global Multiple Myeloma Market, By Distribution Channel
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacies
Global Multiple Myeloma Market, By End User
- Global Multiple Myeloma Market, By Region
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
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