Dublin, Sept. 04, 2024 (GLOBE NEWSWIRE) -- The "Multiple Myeloma Market Report, Forecast by Drugs Types, Disease Types, End User, Countries and Company Analysis, 2024-2032" report has been added to ResearchAndMarkets.com's offering.
The Multiple Myeloma market size was valued globally at US$ 20.44 billion in 2023 and is expected to reach to US$ 37.90 billion by the year 2032, with a CAGR of 7.10% during 2024-2032
The main growth drivers include an increasing incidence rate, growth in the label and market penetration of current therapies in previous lines, high utilization of novel therapies, chiefly CAR-T cell therapies and anti-BCMA, robust emerging pipeline, and anticipated increases in R&D investment. 
The multiple myeloma market is on the right uptrend owing to increase in better treatment and continued drug research. New and novel treatment regimens such as immunomodulating agents, proteasome inhibitors, and monoclonal antibodies have enhanced patient prognosis and made more patients live longer. The new drugs that have been approved include the CAR T-cell therapy and bispecific antibodies that have a more precise targeting of the cancer cells, a ray of hope for patients with relapsed or refractory multiple myeloma.
Also, preclinical research on registration of combination therapies, as well as the development of individualized therapy, is increasing. The steady stream of new drugs and increased clinical trials has attracted a lot of pharmaceutical interest which has accelerated market growth for multiple myeloma, thus providing improved treatment options for patients of the disease.
Growing Prevalence of Multiple Myeloma
Increased prevalence of multiple myeloma especially amongst the elder population is one of the main growths inducing factors to the market. Multiple myeloma prevails in people over 60 and, given the general tendency of global life expectancy, the prognosis for such patients will also grow. Furthermore, the disease is rife in other groups of people, say the blacks and patients with hereditary factors.
Technological advancement in diagnosing tools and enhanced sensitization present more patients to the doctor at an early stage hence early treatment. These factors include, but are not limited to, the higher incidence rates and longer span of survival as a result of better treatment regimens that is translating to a greater population of patients, thus increased call for more effective therapies and supportive care measures thus driving the market forward.
Expanding Healthcare Infrastructure and Access
The investment and progress in the healthcare facilities with special reference to emerging nations are considerably influencing the multiple myeloma market growth. Improved diagnostics, dedicated specialties and, new therapies make it possible to control the disease in many countries around the world. New policies, healthcare reforms and advancement in cancers including enhanced investments in treatments are augmenting the accessibility of superior care.
Moreover, the increase in health insurance coverage and reimbursement increases the chances of patients to afford expensive treatments. Reflecting on the current and future availability of clinical trials as well as advanced treatment centres in both developed and developing countries it can be concluded that in this manner more patient can utilise modern effective treatments for their diseases and thereby increase market demand, and as a result, the growth in global markets.
United States Multiple Myeloma Market Overview
Currently, USA is expected to have moderately large market contribution and is expected to grow in the next few years in the multiple myeloma market. This is because multiple myeloma patient population is rising, the number of activities done by the companies to develop better effective treatment drugs continuing to rise, there is continuous increase in healthcare expenditure and leading players are present in this region.
The increasing prevalence of multiple myeloma is a critical factor driving market growth. For example, according to 2022 statistics published by ACS, 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 high number of multiple myeloma cases increases the demand for effective drugs to treat the disease, which is expected to drive market growth shortly.
Furthermore, initiatives to launch awareness programs and campaigns to increase public awareness regarding multiple myeloma also contribute to market growth. For instance, in February 2022, Myeloma Action Month was organized with the International Myeloma Foundation (IMF) every March to inspire people and organizations to adopt initiatives to improve the myeloma community in the United States. This year, the IMF invited participants to act against the disease during Myeloma Action Month.
One of the major growth factors is the rise in the incidence rate of multiple myeloma. According to the figures of American Cancer Society ACS, multiple myeloma is very common cancer and the chances of an individual developing multiple myeloma at some point in life in the United States is 1 in 132 (0. 76%).
Thus, the fact that multiple myeloma is a relatively frequent disease in the population promotes the growth of demand for effective drugs in the near future. In addition to increased R&D for new treatment of multiple myeloma, efforts to start programs and campaigns to increase public awareness about multiple myeloma also leads to market growth.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 200 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value (USD) in 2023 | $20.44 Billion |
| Forecasted Market Value (USD) by 2032 | $37.9 Billion |
| Compound Annual Growth Rate | 7.1% |
| Regions Covered | Global |
Company Analysis: Overview, Recent Developments, Products Portfolio, Revenues
- Novartis AG
- Abbvie Inc
- Sanofi
- Johnson and Johnson
- Baxter International Inc.
- Pfizer Inc.
- Takeda Pharmaceutical Company Ltd
- Bristol-Myers Squibb Company
Key Topics Covered:
1. Introduction
2. Research Methodology
3. Executive Summary
4. Market Dynamics
4.1 Growth Drivers
4.2 Challenges
5. Global Multiple Myeloma Market
6. Market Share Analysis
6.1 By Drugs Types
6.2 By Disease Types
6.3 By End User
6.4 By Country
7. Drugs Types
7.1 Chemotherapy
7.2 Protease Inhibitors
7.3 Monoclonal Antibody
7.4 Others
8. Disease Types
8.1 Active multiple myeloma
8.2 Smoldering multiple myeloma
9. End User
9.1 Hospitals
9.2 Clinics
9.3 Others
10. Countries
10.1 North America
10.1.1 United States
10.1.2 Canada
10.2 Europe
10.2.1 France
10.2.2 Germany
10.2.3 Italy
10.2.4 Spain
10.2.5 United Kingdom
10.2.6 Belgium
10.2.7 Netherlands
10.2.8 Turkey
10.3 Asia Pacific
10.3.1 China
10.3.2 Japan
10.3.3 India
10.3.4 Australia
10.3.5 South Korea
10.3.6 Thailand
10.3.7 Malaysia
10.3.8 Indonesia
10.3.9 New Zealand
10.4 Latin America
10.4.1 Brazil
10.4.2 Mexico
10.4.3 Argentina
10.5 Middle East & Africa
10.5.1 South Africa
10.5.2 Saudi Arabia
10.5.3 United Arab Emirates
11. Porter's Five Forces Analysis
11.1 Bargaining Power of Buyers
11.2 Bargaining Power of Suppliers
11.3 Degree of Competition
11.4 Threat of New Entrants
11.5 Threat of Substitutes
12. SWOT Analysis
12.1 Strength
12.2 Weakness
12.3 Opportunity
12.4 Threats
For more information about this report visit https://www.researchandmarkets.com/r/alssb
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