Multiple Myeloma Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Multiple Myeloma Market is Segmented by Drug Class (Immunomodulators, Proteasome Inhibitors, Monoclonal Antibodies, Histone Deacetylase (HDAC) Inhibitors and Other Drug Class), Distribution Channel (Hospital Pharmacies, Retail Pharmacies and Other Distribution Channel) and Geography (North America, Europe, Asia-Pacific, Middle-East and Africa, and South America). The report offers the value (in USD million) for the above segments.

Market Snapshot

Multiple Myeloma Market Size
Study Period: 2019-2027
Base Year: 2021
Fastest Growing Market: Asia-Pacific
Largest Market: North America
CAGR: 6 %

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Market Overview

The multiple myeloma market is expected to witness a CAGR of nearly 6% over the forecast period, 2022-2027.

The COVID-19 pandemic is an unprecedented health concern and has significantly impacted the multiple myeloma market. As per a December 2021 published study titled, “Impact of COVID-19 in patients with multiple myeloma based on a global data network”, the results revealed that COVID-19 has severely impacted multiple myeloma patients at different levels. The results also revealed that the diagnosis of multiple myeloma patients was delayed, and survival of multiple myeloma patients was reduced in 2020 compared to 2019. Thus, the demand for multiple myeloma treatment was negatively impacted in the early phase of the pandemic. However, several organizations have stated the significance of the treatment of multiple myeloma patients amid the pandemic. For instance, as per a January 2021 update by the American Society of Hematology, multiple myeloma patients with the active disease need treatment to avoid morbidity and mortality, despite COVID-19. As per the same source, treatment can be done individually to limit further exposure to COVID-19. Thus, such developments are expected to benefit the market growth in the coming period.

The major factors proliferating the market growth are the increasing burden of multiple myeloma as well as the increasing focus on the research and development to generate novel therapies and drugs for the treatment of multiple myeloma.

The increasing burden of multiple myeloma is driving the demand for multiple myeloma treatment. For instance, as per the statistics by GLOBOCAN 2020, the estimated number of new cases for multiple myeloma and immunoproliferative diseases in 2020 was about 176,000, and the number is expected to reach 290,000 by the year 2040. Additionally, as per Cancer Australia, in 2021, it was estimated that 2,423 new cases of multiple myeloma would be diagnosed in Australia (1,387 males and 1,036 females). As per the same source, in 2021, it was estimated that a person has a 1 in 117 risks of being diagnosed with multiple myeloma by the age of 85 (1 in 103 and 1 in 136 for females). Thus, the statistics further indicate the rising demand for multiple myeloma treatment, thereby bolstering the market growth. Moreover, the increasing number of research and development to develop novel treatments for multiple myeloma is boosting the market growth. For instance, in March 2022, Sanofi and Blackstone reported a strategic, risk-sharing collaboration under which funds managed by Blackstone Life Sciences will contribute up to EUR 300 million to accelerate the pivotal global studies and the clinical development program for the subcutaneous formulation and delivery of the anti-CD38 antibody Sarclisa, to treat patients with multiple myeloma. Such developments will contribute to the market growth in the coming period as well. However, the high cost associated with the treatment of multiple myeloma is a major factor restraining the market growth.

Scope of the Report

As per the scope of the report, multiple myeloma is referred to as cancer that forms in a type of white blood cell called a plasma cell. It is also known as Kahler's disease. The treatment of multiple myeloma involves different kinds of therapies and drugs. The market is segmented by Drug Class (Immunomodulators, Proteasome Inhibitors, Monoclonal Antibodies, Histone deacetylase (HDAC) inhibitors, and Other Drug classes), Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and Other Distribution Channels), and Geography (North America, Europe, Asia-Pacific, Middle-East and Africa, and South America). The report offers the value (in USD million) for the above segments.

By Drug Class
Immunomodulators
Proteasome Inhibitors
Monocolonal Antibodies
Histone deacetylase (HDAC) inhibitors
Other Drug Class
By Distribution Channel
Hospital Pharmacies
Retail Pharmacies
Other Distribution Channels
Geography
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
France
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
Rest of Asia-Pacific
Middle-East and Africa
GCC
South Africa
Rest of Middle-East and Africa
South America
Brazil
Argentina
Rest of South America

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Key Market Trends

Immunomodulators Segment is Expected to Hold a Major Market Share in the Multiple Myeloma Market

By drug class, the immunomodulators segment is expected to hold a significant share in the market. Immunomodulators are called a group of drugs that target pathways that treat many myelomas and a few other cancers. These drugs work in many ways that include action on the immune system directly by lowering and increasing certain proteins.

The major factors fueling the market growth are the strategic initiatives undertaken by the market players, growing research and development, the growing burden of multiple myeloma, and the proven efficacy of immunomodulators. For instance, in February 2022, the United States Food and Drug Administration (USFDA) granted approval to the Janssen Pharmaceutical Companies of Johnson & Johnson’s first cell therapy Carvykti (ciltacabtagene autoleucel), for the treatment of relapsed or refractory multiple myeloma in adults. Carvykti is a B-cell maturation antigen (BCMA)-directed, genetically modified autologous T-cell immunotherapy. The product is indicated for usage following four or more previous lines of therapy, including an immunomodulatory agent.

Moreover, several immunomodulators are already approved and available in the market, such as Pomalyst (pomalidomide), Revlimid (lenalidomide), and Thalomid (thalidomide). In March 2022, Teva Pharmaceuticals launched the first generic version of Revlimid (lenalidomide capsules), in 5mg, 10mg, 15mg, and 25mg strengths, in the United States. Thus, due to the above-mentioned factors, the market is expected to witness significant growth over the forecast period.

Multiple Myeloma Market Share

North America is Expected to Hold a Significant Share in the Market and Expected to do Same in the Forecast Period

Within North America, the United States has held the major share of the market. The major factors propelling the market growth in the country are the increasing burden of multiple myeloma, growth in research and development activities as well as the presence of strong and established market players. For instance, as per a January 2021 update by the American Cancer Society, multiple myeloma is a relatively uncommon cancer, and in the United States, the lifetime risk of getting multiple myeloma is 1 in 132 (0.76%). The American Cancer Society’s estimates for multiple myeloma in the country report that about 34,920 new cases were diagnosed, including 19,320 in men and 15,600 in women. Such statistics indicate the high demand for multiple myeloma treatment, thereby contributing to the market growth.

In addition, the market players are undertaking several strategic initiatives in order to enhance their product portfolio and customer base. For instance, in December 2020, Karyopharm Therapeutics Inc. reported that the United States Food and Drug Administration (FDA) had approved XPOVIO (selinexor), in combination with bortezomib and dexamethasone for the treatment of elderly patients with multiple myeloma.

Moreover, the launch of awareness programs is also contributing to the market growth. For instance, as per a February 2022 update, with the International Myeloma Foundation (IMF) at the forefront, Myeloma Action Month is held every year for the whole month of March to encourage individuals and groups to take actions that positively impact the myeloma community in the United States. This year, the IMT invited participants to Myeloma Action Month to take action against the disease. Such developments are expected to fuel the demand for multiple myeloma treatment, thereby boosting the market growth. Thus, due to the above-mentioned developments, the market is expected to witness significant growth over the forecast period.

Multiple Myeloma Market Report

Competitive Landscape

The multiple myeloma market is competitive with the presence of several global and international market players. The key players are adopting different growth strategies to enhance their market presence, such as partnerships, agreements, collaborations, new product launches, geographical expansions, mergers, and acquisitions. Some of the key players in the market are Karyopharm Therapeutic Inc., Sanofi S.A., Amgen Inc., Takeda Pharmaceutical Company, and Bristol-Myers Squibb Company, among other players.

Recent Developments

In February 2022, Sandoz launched generic oncology medicine lenalidomide, indicated for several haemato-oncology conditions as recommended by the latest European Society for Medical Oncology (ESMO) guidelines. The medicine will become available to patients in 19 countries across Europe.

In September 2021, Dr Reddy's Laboratories and Natco Pharma launched generic capsules used in the treatment of multiple myeloma and myelodysplastic syndrome patients in the Canadian market.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Market Drivers

      1. 4.2.1 Growing Burden of Multiple Myeloma Worldwide

      2. 4.2.2 Increasing Focus on Research and Development To Generate Novel Therapies and Drugs for Multiple Myeloma

    3. 4.3 Market Restraints

      1. 4.3.1 High Cost Pertaining to Multiple Myeloma Treatment

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Threat of New Entrants

      2. 4.4.2 Bargaining Power of Buyers/Consumers

      3. 4.4.3 Bargaining Power of Suppliers

      4. 4.4.4 Threat of Substitute Products

      5. 4.4.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION (Market Size by Value - USD million)

    1. 5.1 By Drug Class

      1. 5.1.1 Immunomodulators

      2. 5.1.2 Proteasome Inhibitors

      3. 5.1.3 Monocolonal Antibodies

      4. 5.1.4 Histone deacetylase (HDAC) inhibitors

      5. 5.1.5 Other Drug Class

    2. 5.2 By Distribution Channel

      1. 5.2.1 Hospital Pharmacies

      2. 5.2.2 Retail Pharmacies

      3. 5.2.3 Other Distribution Channels

    3. 5.3 Geography

      1. 5.3.1 North America

        1. 5.3.1.1 United States

        2. 5.3.1.2 Canada

        3. 5.3.1.3 Mexico

      2. 5.3.2 Europe

        1. 5.3.2.1 Germany

        2. 5.3.2.2 United Kingdom

        3. 5.3.2.3 France

        4. 5.3.2.4 Italy

        5. 5.3.2.5 Spain

        6. 5.3.2.6 Rest of Europe

      3. 5.3.3 Asia-Pacific

        1. 5.3.3.1 China

        2. 5.3.3.2 Japan

        3. 5.3.3.3 India

        4. 5.3.3.4 Australia

        5. 5.3.3.5 South Korea

        6. 5.3.3.6 Rest of Asia-Pacific

      4. 5.3.4 Middle-East and Africa

        1. 5.3.4.1 GCC

        2. 5.3.4.2 South Africa

        3. 5.3.4.3 Rest of Middle-East and Africa

      5. 5.3.5 South America

        1. 5.3.5.1 Brazil

        2. 5.3.5.2 Argentina

        3. 5.3.5.3 Rest of South America

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Company Profiles

      1. 6.1.1 Bristol-Myers Squibb Company

      2. 6.1.2 Takeda Pharmaceutical Company Limited

      3. 6.1.3 Amgen Inc.

      4. 6.1.4 Sanofi S.A.

      5. 6.1.5 Karyopharm Therapeutics Inc.

      6. 6.1.6 Ono Pharmaceutical Co., Ltd.

      7. 6.1.7 Novartis International AG

      8. 6.1.8 Teva Pharmaceutical Industries Ltd.

      9. 6.1.9 Janssen Pharmaceuticals

      10. 6.1.10 AbbVie Inc.

      11. 6.1.11 GlaxoSmithKline plc

      12. 6.1.12 Harpoon Therapeutics

    2. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

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Frequently Asked Questions

The Global Multiple Myeloma Market market is studied from 2019 - 2027.

The Global Multiple Myeloma Market is growing at a CAGR of 6% over the next 5 years.

Asia-Pacific is growing at the highest CAGR over 2021- 2026.

North America holds highest share in 2021.

Bristol-Myers Squibb Company, Takeda Pharmaceutical Company Limited, Amgen Inc., Sanofi S.A., Karyopharm Therapeutics Inc. are the major companies operating in Global Multiple Myeloma Market.

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