What are the major factors driving the growth of the Multiple Myeloma Treatment Drugs market?

In the year 2025, the industry size of multiple myeloma is assessed at USD 32.36 billion. Read More

Which region will provide more business opportunities for growth of Multiple Myeloma Treatment Drugs market in future?

The major players in the market include Bristol-Myers Squibb Company, Amgen Inc., Johnson & Johnson, Novartis AG, Sanofi, Janssen Pharmaceuticals Inc., Genentech, Inc., AbbVie Inc., Karyopharm. Read More

Multiple Myeloma Market Trends

Growth Drivers

Growing Incidences of Multiple Myeloma – The increasing number of cases of blood cancer, including multiple myeloma are driving the market growth. Multiple myeloma, is considered to be a rare cancer form but, covers a noteworthy number of cancer cases globally and there is a growing demand for effective and advanced therapeutics. The lifetime risk of developing multiple myeloma in the US is 1 in 132. About 35,730 new instances of multiple myeloma will be diagnosed in the United States in 2023, according to the American Cancer Society.
Growing Number of Product Unveilings – Growing R&D activities in the development of various cancer therapeutics drugs are driving the market growth. The key players are endlessly developing and investing in the production of these drugs. Also, positive rates associated with new drugs are propelling the growth of the market. The sector creates more than 60,000 generic medications across 60 distinct therapeutic areas. In the fiscal year 2022–2023, India's pharmaceutical exports brought in USD 25.3 billion.
Increase in the Initiatives taken by the Government – The initiatives taken by the government and non-profit organizations are expected to boost the market growth for multiple myeloma. For instance, The Lazarex Cancer Foundation, a non-profit organization devoted to enhancing patient access to clinical trials, and the Multiple Myeloma Research Foundation established a partnership in February 2023 to encourage more equal access to cancer studies for patients with multiple myeloma.

Challenges

High Cost Associated with the Treatment – The treatment for multiple myeloma is expensive from medications and immunotherapy to radiation therapy and plasmapheresis. Also, stem cell transplantation is highly expensive, these factors make it inaccessible for many people. The factor related to the costs of the treatment is likely to hinder the market growth.
Side Effects of Therapies
Decline in the Number of Patients

Multiple Myeloma Market: Key Insights

The global multiple myeloma treatment drugs market is segmented into five major regions, namely, North America, Latin America, Europe, Asia Pacific and the Middle East & Africa. The market in the North America is projected to grab the largest market share in 2021 and is expected to continue this trend over the forecast period on the back of increasing adoption of various types of cancer medication and continued advancements in the healthcare sector. Along with these, rising patient-pool is leading to an increase in demand for these treatment drugs, which is also anticipated to contribute to the growth of the market in the region. Similarly, the market in the Asia Pacific is estimated to acquire a notable share during the forecast period and can be attributed to the increasing prevalence of this disease in Asian countries, namely, Thailand, Taiwan and Korea. Government’s openness to adopt new therapies is also expected to drive the market growth in this region. Europe is also anticipated to witness significant market growth as a result of favorable regulatory changes regarding approval of new cancer medication in the recent years.

The global multiple myeloma treatment drugs market is further classified on the basis of region as follows:

North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
Latin America (Brazil, Mexico, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
Europe (U.K., Germany, France, Italy, Spain, Netherlands & Luxembourg, NORDIC, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
Asia-Pacific (China, India, Japan, South Korea, Indonesia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis
Middle East and Africa (GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis

Base Year	2024
Forecast Year	2025-2037
CAGR	14.8%
Base Year Market Size (2024)	USD 28.89 billion
Forecast Year Market Size (2037)	USD 178.71 billion
Regional Scope	North America (U.S., and Canada) Latin America (Mexico, Argentina, Rest of Latin America) Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific) Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe) Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)

Why is the demand for multiple myeloma growing?

The multiple myeloma market size was over USD 28.89 billion in 2024 and is poised to reach USD 178.71 billion by the end of 2037, growing at around 14.8% CAGR during the forecast period i.e., between 2025-2037. Growing incidences of multiple myeloma, growing number of product unveilings and increase in the initiatives taken by the government will drive the market growth.

Multiple Myeloma Market Trends