Multiple Myeloma Therapeutics Market size was over USD 27.2 billion in 2024 and is estimated to reach USD 58.5 billion by the end of 2037, expanding at a CAGR of 6.6% during the forecast timeline, i.e., 2025-2037. In 2025, the industry size of multiple myeloma therapeutics is estimated at USD 29 billion. The rising incidence rate of plasma cell cancers is driving the need for effective myeloma treatment and therapeutics. The global number of MM accounted to be 160,000 in 2020, according to the NLM article, published in May 2020. The 2022 World Cancer Research Fund International report states, that 187,952 new incidences of multiple myeloma were registered worldwide in the same year. These statistics indicate the need for immediate actions to prevent future increments.
Significant funding from both private and public authorities is influencing the multiple myeloma therapeutic market to dive into extensive R&D. In November 2023, the Multiple Myeloma Research Foundation (MMRF) made a strategic investment of USD 21 million for three research projects. Each MAC program will receive an individual USD 7 million grant to accelerate the testing and clinical trials of advanced therapeutics. Such funding is inspiring pharma companies and service providers to facilitate the highest quality treatment plans for patients. Personalized therapeutic plans are now being tailored to address age-specific properties of cancer cells. Advanced treatment approaches are gaining traction toward generating additional market revenue for investors.
Growth Drivers
Challenges
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Base Year |
2024 |
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Forecast Year |
2025-2037 |
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CAGR |
6.6% |
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Base Year Market Size (2024) |
USD 27.2 billion |
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Forecast Year Market Size (2037) |
USD 58.5 billion |
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Regional Scope |
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Treatment Type (Chemotherapy, Targeted Therapy, Immunomodulating Agents, Stem Cell Transplantation, Radiation Therapy)
Targeted therapy segment is projected to account for multiple myeloma therapeutics market share of more than 33.6% by the end of 2037. The disease-specific pathways of these drugs are designed to increase the rate of survival for cancer patients. This further implies in broadened usage of targeted therapies in various treatment processes. The improved outcomes for multiple myeloma are inspiring manufacturers to invest in R&D to expand available options. In June 2024, Mission Bio launched a multi-omics solution, Tapestri to provide precise insights for R&D in multiple myeloma therapeutics. This product suite will help to classify cell types in the process of identifying immunotherapeutic targets including BCMA.
Route of Administration (Oral, Parenteral)
Based on the route of administration, the oral segment is estimated to capture a significant share of the multiple myeloma therapeutics market. The growth is propelled by patient adherence and convenient usage of oral supplements. These therapies are being increased in efficacy by combining them with other treatments. For instance, in October 2024, Jhonson & Jhonson received extensive approval for DARZALEX SC formulation for 1st stage myeloma patients. The quadruplet therapy can be used with a combination of bortezomib, lenalidomide, and dexamethasone. The new oral therapy is examined by the PERSEUS study, ensuring a 58% reduction in disease progression or mortality. Such innovative ways of taking supplements are creating the scope to develop more personalized regiments.
Our in-depth analysis of the global market includes the following segments:
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Treatment Type |
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Route of Administration |
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Disease Type |
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End use |
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North America Market Analysis
North America multiple myeloma therapeutics market is predicted to hold revenue share of more than 47.8% by 2037. Ongoing drug discoveries and advancements in healthcare are driving significant growth in this region. The rising incidences of multiple myeloma are increasing awareness about early detection and treatment of these cancers. This further inflates the demand for effective treatments and a robust pipeline of new therapies. In May 2024, Kite and Arcellx collaboratively announced the phase 3 clinical trial of anitocabtagene autoleucel, iMMagine-3. This program will help test the efficacy of anti-cel in generalized use in patients opposing the standard of care (SOC). Innovative strategies including the application of immunotherapy and high-dose therapy are consolidating the position of this region.
The U.S. is solidifying its position as one of the biggest consumers of the market. The rising incidences are increasing the demand for therapeutics and revolutionary treatment plans. According to a report published by the American Cancer Society, in August 2024, around 35,780 people are estimated to be diagnosed with MM. The report further states, that 12, 540 deaths are to be occurred due to multiple myeloma. These numbers showcase the need for advanced and efficient therapeutic solutions to prevent and reduce the incidence rate.
Canada is also fostering the potential to present lucrative growth in the market in upcoming years. The supportive regulatory frameworks in this country facilitate quicker approvals for new drug discoveries. In February 2024, Health Canada approved ELREXFIO to engage in treating adult patients. Pfizer states that the drug will evolve the treatment process for multiple myeloma patients with at least three prior lines of therapy. This further influences service providers to develop new strategies and action plans to control the increasing number of MM cases.
APAC Market Statistics
The Asia Pacific multiple myeloma therapeutics market is also presenting greater investment opportunities. The aging population garners the possibility of holding the biggest number of future MM patients. According to the MJA report published in August 2024, Australia has the highest rate of incidence and mortality rates of MM in the world. The report further states, that 2625 people were diagnosed and 1100 people died due to multiple myeloma in 2022. Thus, the requirement for early detection and prevention is also increasing to support the process of reducing the risk. The introduction of novel therapies and combined treatment plans is accelerating the adoption of new methods. The partnership between local and international companies is fostering the scope of R&D in this sector.
India is growing to lead the market with its emphasized pharmaceutical industry. The frequent occurrence of investment and development of drugs are propelling opportunities to capture the international landscape. The concerning numbers of MM incidences are dragging the focus to developing cost-effective treatments. For instance, in April 2024, the president of India launched the world’s most affordable CAR-T Cell therapy, NexCAR19. This innovative solution is the country’s first homegrown anti-cancer therapy to be approved by the U.S. to treat multiple myeloma.
China market has strong potential for the development of new therapies. The government is supporting the market growth through continuous approvals for cancer medicines. For instance, in March 2024, China approved the NDA of BCMA CAR-T Therapy Zevorcabtagene Autoleucel. This drug is to be used for multiple myeloma patients with progress in 3 prior lines of therapy. The country is focusing on reducing the heightening cost of healthcare, particularly cancer treatments. Local manufacturers are addressing the aim of developing biosimilar antigens to make treatments and therapies affordable.
The multiple myeloma therapeutics market is majorly driven by new developments and advanced applications. The industry leaders are now focusing on integrating technologies to expand their portfolio, making MM treatment accessible for patients. This is further creating an opportunity for drug manufacturers to streamline their products. Public and governing authorities are collaborating to realize the concept. For instance, in October 2024, the International Myeloma Foundation collaborated with SparkCures to build a platform to match clinical trials. The platform, myeloma.org. will connect myeloma patients with care partners to discover clinical trials, based on the patient’s health-related information. Such key players in the market include:
Author Credits: Radhika Pawar
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