Multiple Myeloma Market Size

Multiple Myeloma Market Analysis

The multiple myeloma market is expected to witness a CAGR of 6% over the forecast period.

COVID-19 has impacted the growth of the multiple myeloma market. According to an article published in the Blood Cancer Journal, in December 2021, it has been observed that COVID-19 has severely impacted multiple myeloma patients at different levels. In addition, as per the same source, the diagnosis of multiple myeloma was delayed, and their chances of survival were lower during the pandemic period as compared to the pre-pandemic period. Thus, the demand for multiple myeloma treatment was negatively impacted in the early phase of the pandemic. However, the released restrictions and lockdown measures have increased the company's focus on conducting clinical trials for developing advanced drugs for treating multiple myeloma (MM) conditions. For instance, in December 2022, Takeda is conducting Phase I/ Phase II multicenter trials to investigate the safety, tolerability, efficacy, and immunogenicity of Modakafusp Alfa in patients with relapsed/refractory MM. The patients receiving 1.5 milligrams of Modakafusp Alfa every four weeks have shown a partial response or decrease in their cancer by over 50%. Thus, such development and company activities are likely to boost the demand for MM treatment drugs, which is anticipated to increase market growth over the forecast period.

Factors such as the increasing burden of multiple myeloma as well as the increasing focus on research and development to generate novel therapies and drugs for the treatment of multiple myeloma are boosting the market growth.

The increasing burden of multiple myeloma is driving the demand for multiple myeloma treatment. For instance, as per the data published by Cancer Australia, in August 2022, about 2,625 new cases of multiple myeloma (1,540 cases in males and 1,085 cases in females) are expected to be diagnosed in Australia in 2022. Also, as per the same source, a person has a 1 in 111 (or 0.90%) chance of receiving a multiple myeloma diagnosis by the time they are 85 years old (1.1% for men and 0.74% for women). Thus, the expected increase in the number of people suffering from multiple myeloma is expected to accelerate the company's focus on developing effective and safe drugs. This is anticipated to fuel the market growth over the forecast period.

Furthermore, the increasing company focus on research and development activities to develop novel drugs and therapies for multiple myeloma is also expected to propel the market growth. For instance, in March 2022, Sanofi signed a strategic, risk-sharing collaboration with Blackstone. Under the collaboration, Blackstone Life Sciences invests up to EUR 300 million (USD 320.51 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. Also, in September 2021, Dr. Reddy's Laboratories and Natco Pharma launched generic capsules, Lenalidomide capsules, used in the treatment of multiple myeloma and myelodysplastic syndrome patients in the Canadian market.

Therefore, owing to the factors, such as the growing burden of multiple myeloma, increasing company activities, and product launches, the studied market is expected to grow over the forecast period. However, the high cost associated with the treatment of multiple myeloma is expected to restrain the growth of the multiple myeloma market over the forecast period.