Multiple Myeloma Market is Expected to Grow at High CAGR during the forecast period 2024-2031

The SNS Insider report estimates the Multiple Myeloma Market size at USD 24.01 billion in 2023, with a projected CAGR of 10.6% to reach USD 59.45 billion by 2032. 

The Multiple Myeloma Market, valued at USD 24.01 billion in 2023, is projected to grow significantly, reaching USD 59.45 billion by 2032. This growth reflects a robust compound annual growth rate (CAGR) of 10.6% anticipated between 2024 and 2032. Multiple myeloma, a type of blood cancer affecting plasma cells, continues to drive demand for innovative therapies and treatment options globally. Advances in targeted therapies, immunotherapies, and supportive care have enhanced patient outcomes and expanded the market landscape.

North America currently leads the market, driven by high prevalence rates of multiple myeloma, early adoption of novel treatments, and substantial investments in healthcare research and development. Meanwhile, Asia-Pacific is expected to witness significant growth during the forecast period, fueled by improving healthcare infrastructure, rising healthcare expenditure, and increasing awareness about multiple myeloma diagnosis and treatment options. As pharmaceutical companies continue to invest in research and development initiatives aimed at addressing unmet medical needs, the multiple myeloma market is poised for continued expansion and therapeutic innovation.

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Key market players profiled in the report include:

•         Takeda Pharmaceutical Company Limited
•         Teva Pharmaceutical Industries Ltd.
•         Novartis AG
•         Amgen Inc.
•         Bristol Myers Squibb Company
•         Janssen Pharmaceuticals Inc.
•         ONO PHARMACEUTICAL CO. LTD.
•         CELGENE CORPORATION
•         Genentech Inc.
•         Abbie Inc

Key Segments Covered in Multiple Myeloma Market:

By Type

•         Chemotherapy
•         Monoclonal Antibody
•         Protease Inhibitors
•         Others

By Disease Type

•         Smoldering Multiple Myeloma
•         Active Multiple Myeloma

By End User

•         Clinics
•         Hospitals
•         Others

Segment Analysis

By End User, Hospitals dominated the segment of the multiple myeloma market with highest market share in 2023, the suitability of its drugs for regular, in-hospital administration. This controlled environment ensures patients strictly adhere to treatment protocols and receive critical therapies, some requiring intravenous delivery, with the utmost safety and efficacy. This optimized treatment approach frequently translates into successful patient outcomes.

Recent Developments

December 2022, Kite with Arcellx this collaboration aims to develop and bring to market a new T-cell therapy called CART-ddBCMA for patients with relapsed or refractory multiple myeloma.

October 2022, the FDA granted approval for teclistamab-cqyv, developed by Janssen Biotech.

Regional Analysis

North America dominated the multiple myeloma market with highest market share in 2023. This dominance is due to the rise in number of multiple myeloma cases in North America. For Instance, United States alone has more than 35,000 new diagnoses in 2023. This increase in the patient population increases the demand for the effective treatment options, which further rises the demand for the medications and therapies. The rise in awareness about the Myeloma in the patient population rises the growth of the market in this region. The North America have the presence of major pharmaceutical companies. These players are encouraging the innovation, and constantly developing and launching new novel drugs. North America, has developed healthcare infrastructure and high insurance coverage rates compared to other regions, it directly impacts patient access to the lifesaving medications, and rises the market growth.

The Asia Pacific is the growing region of the multiple myeloma market due to large population and increase in the investment by the developing countries like, India and Chaina. The government highly investing in the healthcare infrastructure and promote the growth of the sector.

Key Takeaways

•         The report highlights a significant rise in multiple myeloma diagnoses, placing a burden on healthcare systems. This fuels the demand for innovative treatments, prompting pharmaceutical companies to invest heavily in R&D.
•         The report clarifies that the development of new and effective therapies is another key driver. These advancements make the disease more manageable, encouraging more patients to seek treatment and propelling market growth.
•         The report acknowledges the correlation between improved patient outcomes and increased investment. As targeted therapies, immunotherapies, and precision medicine emerge, further research and drug development are incentivized.
•         The report clarifies North America's dominant market share, driven by a high number of diagnoses like the over 35,000 new cases in the US alone in 2023. This large patient population fuels the demand for effective treatment options.
•         The report acknowledges the positive impact of increased patient awareness about multiple myeloma. This awareness fuels market growth, particularly in regions like North America.
•         The report identifies the Asia Pacific region as a growing market due to its large population and increasing investments in healthcare infrastructure by developing countries like India and China.

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Table of Content

Chapter 1 Introduction    

Chapter 2 Research Methodology

Chapter 3 Multiple Myeloma Market Dynamics

Chapter 4 Impact Analysis (COVID-19, Ukraine- Russia war, Ongoing Recession on Major Economies)

Chapter 5 Value Chain Analysis

Chapter 6 Porter’s 5 forces model

Chapter 7 PEST Analysis

Chapter 8 Multiple Myeloma Market Segmentation, By Type

Chapter 9 Multiple Myeloma Market Segmentation, By Disease Type

Chapter 10 Multiple Myeloma Market Segmentation, By End User

Chapter 11 Multiple Myeloma Market - Regional Analysis

Chapter 12 Company profile

Chapter 13 Competitive Landscape

Chapter 14 Use Case and Best Practices

Chapter 15 Conclusion

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