The global multiple myeloma therapeutics market size was valued at USD 20.87 billion in 2023 and is projected to reach USD 30.30 billion by 2030, expanding at a CAGR of 5.5% from 2024 to 2030. This growth is driven by continuous research and development activities by leading pharmaceutical companies, increasing regulatory approvals, and the launch of new therapies and treatment options.
Rising awareness of disease symptoms and advancements in diagnostic capabilities have led to a higher number of patients being diagnosed with multiple myeloma. According to the World Health Organization, nearly 35 million new cancer cases are projected by 2050. While multiple myeloma is categorized as a rare cancer, it represents a significant number of global cases. Increasing awareness and improved diagnostics are fueling the demand for advanced and innovative therapies. Novel therapies in the pipeline and ongoing R&D initiatives from pharmaceutical companies are expected to play a crucial role in shaping the market’s future growth.
Pharmaceutical companies are heavily investing in the development of new drugs and treatments aimed at addressing unmet medical needs and enhancing patient outcomes. Innovative therapies with improved efficacy and disease management are being introduced. For instance, in February 2022, the U.S. FDA approved CARVYKTI (ciltacabtagene autoleucel) for treating adults with refractory or relapsed multiple myeloma after other lines of therapy.
Key Market Trends & Insights
- North America dominated the multiple myeloma therapeutics market with a 46% revenue share in 2023.
- The U.S. held 83.3% of the regional share in 2023, reflecting strong market growth.
- By drug type, chemotherapy and other drugs accounted for 43.3% of revenue in 2023 due to proven effectiveness and widespread adoption.
- Active multiple myeloma was the leading segment with 71.2% share in 2023.
- Hospitals represented the largest end-use segment, holding 53.8% share in 2023.
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Market Size & Forecast
- 2023 Market Size: USD 20.87 Billion
- 2030 Projected Market Size: USD 30.30 Billion
- CAGR (2024–2030): 5.5%
- North America: Largest market in 2023
- Asia Pacific: Fastest growing market
Key Multiple Myeloma Therapeutics Company Insights
Several leading companies are actively shaping the market through strategic initiatives such as mergers, acquisitions, and collaborations. Bristol-Myers Squibb, for example, is advancing treatment options through therapies like Revlimid (an oral immunomodulatory drug), Empliciti (a monoclonal antibody targeting myeloma cells), and CAR T cell therapies such as Abecma and Breyanzi.
Key Companies in the Multiple Myeloma Therapeutics Market:
- Johnson & Johnson Services, Inc.
- Novartis AG
- Amgen Inc.
- Sanofi
- Bristol-Myers Squibb Company
- Takeda Pharmaceutical Company Limited
- Merck & Co.
- AbbVie Inc.
- Glenmark Pharmaceuticals Ltd.
- Daiichi Sankyo Company, Limited
- bluebird bio, Inc.
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Conclusion
The multiple myeloma therapeutics market is poised for steady growth as increasing awareness, improved diagnostic capabilities, and ongoing innovations in treatment fuel demand worldwide. With major pharmaceutical companies investing heavily in advanced drug development and novel therapies, the industry is expected to see a significant transformation. North America continues to lead in terms of market share, while Asia Pacific is emerging as the fastest-growing region, presenting lucrative opportunities for future expansion.
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