Multiple Myeloma Therapeutics Market Market Share

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.