Global Multiple Myeloma Market – Industry Trends and Forecast to 2029

Market Analysis and Size

In recent years, the multiple myeloma market is anticipated to grow rapidly. As per the Globocan 2020 information sheet, there were an expected 19,292,789 new cancer cases, with about 9,958,133 cancer-related deaths. Furthermore, the International Agency for Research on Cancer (IARC) predicts that by 2040, the worldwide incidence of cancer will have increased to 27.5 million new cases and 16.3 million deaths. Multiple myeloma is rare of form of cancer and one of the critical type of blood cancer which mainly affects the plasma cells. Due to rising awareness about disease symptoms, the number of diagnosis is surging in patients. This resulted in the launch of various potentially blockbuster drugs and major market players' higher treatment sophistications.

Data Bridge Market Research analyses that the multiple myeloma market was valued at USD 23.53 billion in 2021 and is expected to reach USD 38.94 billion by 2029, registering a CAGR of 6.50% during the forecast period of 2022 to 2029. The market report curated by the Data Bridge Market Research team includes in-depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.

Market Definition

Multiple myeloma is a type of cancer that develops from malignant plasma cells. Highly unstable aberrant cells migrate through the bloodstream, circulatory, and lymphatic systems to produce malignant tumors. Plasma cells become malignant and increase rapidly, resulting in a tumor known as plasmacytoma, which inhibits the bone marrow from creating healthy blood cells and immunoglobulins. Because myeloma cells develop and multiply, fewer leukocyte, erythrocyte, and platelet cells are formed, resulting in a weakened immune system. Multiple myeloma symptoms include gastrointestinal issues, enlarged organs, renal damage, rapid weight loss, bone pain, and fever. Multiple myeloma is the third most common, following lymphoma and leukaemia as the most frequent blood cancers.

Report Scope and Market Segmentation

Multiple Myeloma Market Dynamics

Drivers

• Introduction of monoclonal antibodies with safety profile to fight myeloma cells

The expansion of the multiple myeloma market is fueled by the increasing use of microRNA treatments, the rise of nanomedicine platforms, and the constant introduction of effective and safe therapeutics. With the addition of monoclonal antibodies and histone deacetylase (HDAC) inhibitors to the present therapies array, the medicines market is likely to gain traction. Because of the established clinical profile, clinicians favor biologic therapy with monoclonal antibodies such as darzalex and empliciti.

• Increasing prevalence of hematological cancer

The rising prevalence of hematological cancer is estimated to enhance the multiple myeloma market's growth rate. Multiple myeloma is a form of hematological cancer triggered by certain genetic defects. The disease is treated with medications that modify the immune system and improve the efficacy of chemotherapies, radiation therapies, stem cell transplants, and platelet transfusions.  

• Increasing investment for healthcare infrastructure

Another significant factor influencing the growth rate of multiple myeloma market is the rising healthcare expenditure which helps in improving its infrastructure.

Furthermore, rising geriatric population and increasing number of obese population will expand the multiple myeloma market.

Opportunities

• Increase in the number of research and development activities    

The multiple myeloma market's growth is fueled by an increase in the number of research and development activities. This will provide beneficial opportunities for the multiple myeloma market growth. Along with this, rising drug approvals and launches will further propel the market's growth rate. The introduction of monoclonal antibodies (mAbs) (including Empliciti and Darzalex) will act as major opportunity for market's growth, as they will not only provide a new therapeutic option for multiple myeloma patients, but they will also extend the time between relapses, extending the duration of Revlimid and Velcade therapies. Ninlaro and Kyprolis, two second-generation proteasome inhibitors, will also be available to these patients, expanding their therapy options. This will impact the industry and market, which is now controlled by Revlimid, an immunomodulator, and Velcade, a proteasome inhibitor.

Moreover, rising investment for the development of advanced technologies and increase in the number of emerging markets will further provide beneficial opportunities for the multiple myeloma market growth during the forecast period.

Restraints/Challenges

On the other hand, low treatment rates in developing countries because of the high cost associated with the treatment of multiple myeloma will obstruct the market's growth rate. The dearth of skilled professionals and lack of healthcare infrastructure in developing economies will challenge the multiple myeloma market. Additionally, a decline in clinical visits due to COVID-19 outbreak and lack of awareness among people will act as restrain and further impede the growth rate of market during the forecast period of 2022-2029.

This multiple myeloma market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the multiple myeloma market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Patient Epidemiology Analysis

In the United States, multiple myeloma accounts for about 1.8 percent of all new cancer cases. It primarily affects the elderly, with a median age at diagnosis of around 70 years. In the next 20 years, the number of cases diagnosed is nearly double. It is more common among African-Americans, with a male-to-female ratio of 3 to 2.

Multiple myeloma market also provides you with detailed market analysis for patient analysis, prognosis and cures. Prevalence, incidence, mortality, and adherence rates are some of the data variables that are available in the report. Direct or indirect impact analyses of epidemiology to market growth are analyzed to create a more robust and cohort multivariate statistical model for forecasting the market in the growth period.

COVID-19 Impact on Multiple Myeloma Market

Since the emergence in December 2019, the COVID-19 virus has spread to nearly every country on the planet, prompting the World Health Organization (WHO) to declare it a public health emergency. The COVID-19 outbreak had touched every element of cancer care and research, as screening and oncology care services were categorized as low-priority services in various nations throughout the world. Furthermore, various local and national-level limitations on the movement of persons and goods imposed by public and private authorities severely disrupted the pharmaceutical products and ingredients supply chain, hampering the market's growth. Also, due to the pandemic, the temporary closure of numerous academic institutes and difficulty in delivering post-sales services had resulted in a reduced supply of cancer products to end-users.

Recent Development

• In April 2021, U.S. Food and Drug Administration (FDA) had announced the approval of BCMA-targeted CAR T-Cell Therapy for the treatment of multiple myeloma. The current approval is based in part on the findings of small research that found that idecabtagene vicleucel (ide-cel) reduced tumor size in 72 percent of patients. These effects persisted on average 11 months.
• 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. AbbVie and TeneoOne announced a strategic partnership in February 2019 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. Based on an interim review of an ongoing Phase I research, AbbVie exercised its acquisition right.

Global Multiple Myeloma Market Scope

The multiple myeloma market is segmented on the basis of type, treatment, diagnosis, symptoms, dosage forms, route of administration, end-users and distribution channel. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Type

• Smouldering Multiple Myeloma
• Active Multiple Myeloma

Treatment

• Medications
  • Proteasome Inhibitors
• Bortezomib
• Ixazomib
• Carfilzomib
  • Histone Deacetylase (HDAC) Inhibitors

Chemotherapy Drugs

• Bendamustine
• Etoposide
• Doxorubicin
• Liposomal Doxorubicin
• Cyclophosphamide
• Melphalan
• Vincristine

Immunotherapy Drugs

• Lenalidomide
• Thalidomide
• Pomalidomide

Corticosteroids

• Dexamethasone
• Prednisone

Monoclonal antibodies

• Daratumumab
• Isatuximab
• Elotuzumab

• Radiation Therapy
• Stem Cell Transplant
• Others

Diagnosis

• Blood Tests
• Bone Marrow Biopsy
• Urine Tests
• Imaging Tests
  • X-ray
  • Magnetic resonance imaging (MRI)
  • Positron Emission Tomography (PET)

Symptoms

• Bone Pain
• Weight Loss
• Constipation
• Fatigue
• Frequent Infections
• Loss of Appetite
• Confusion
• Numbness in Legs
• Nausea
• Excessive Thirst
• Others

Dosage Forms

• Capsule
• Tablets
• Injections
• Others

Route of Administration

• Oral
• Parenteral
  • Intravenous
  • Others
• Others

End-Users

• Hospitals
• Specialty Clinics
• Homecare
• Others

Distribution Channel

• Hospital Pharmacy
• Retail Pharmacy
• Online Pharmacy
• Others

Multiple Myeloma Market Regional Analysis/Insights

The Multiple myeloma market is analysed and market size insights and trends are provided by country, type, treatment, diagnosis, symptoms, dosage forms, route of administration, end-users and distribution channel as referenced above.

The countries covered in the Multiple myeloma market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America

North America dominates the multiple myeloma market because of the growing prevalence of blood cancer and the rising geriatric population. Additionally, the growing demand for biologic therapies and people's unhealthy lifestyle will further propel the market's growth rate in this region.

Asia-Pacific are expected to grow during the forecast period of 2022 to 2029 due to increasing penetration of novel cancer drugs and rising healthcare expenditure in this region. Also, growing number of obese population will further cushion the market's growth rate in this region.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Multiple Myeloma Market Share Analysis

The Multiple myeloma market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to multiple myeloma market.

Some of the major players operating in the multiple myeloma market are:

• F. Hoffmann-La Roche Ltd. (Switzerland)
• Mylan N.V. (US)
• Teva Pharmaceutical Industries Ltd. (Ireland)
• Sanofi (France)
• Pfizer Inc. (US)
• GlaxoSmithKline plc (UK)
• Novartis AG (Switzerland)
• Bayer AG (Germany)
• Eli Lilly and Company (US)
• Merck & Co., Inc. (US)
• Allergan (Ireland)
• AstraZeneca (UK)
• AbbVie Inc. (US)
• Johnson & Johnson Private Limited (US)
• Cipla Inc. (US)  
• Abbott (US)
• Merck KGaA (Germany)
• LEO Pharma A/S (Denmark)
• Bausch Health Companies Inc. (Canada)
• Sun Pharmaceutical Industries Ltd. (India)
• Aurobindo Pharma (India)
• Lupin (India)
• Hikma Pharmaceuticals PLC (UK)
• Fresenius Kabi AG (Germany)
• Amneal Pharmaceuticals LLC. (US)

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