The Multiple Myeloma Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Multiple Myeloma Global Market Report 2024, The multiple myeloma market size has grown strongly in recent years. It will grow from $23.84 billion in 2023 to $25.9 billion in 2024 at a compound annual growth rate (CAGR) of 8.7%. The growth in the historic period can be attributed to diagnostic improvements, introduction of stem cell transplantation, access to high-quality medical care, precision medicine approaches, patient-centric care models.
The multiple myeloma market size is expected to see strong growth in the next few years. It will grow to $34.8 billion in 2028 at a compound annual growth rate (CAGR) of 7.7%. The growth in the forecast period can be attributed to health technology integration, adoption of telemedicine services, personalized vaccine therapies, digital health platforms for patient education. Major trends in the forecast period include advancements in targeted therapies, novel drug development, immunotherapy advancements, novel biomarker development, integration of artificial intelligence.
The increasing prevalence of multiple myeloma is expected to propel the growth of the multiple myeloma market going forward. Multiple myeloma is a cancer that appears in a type of white blood cell called a plasma cell. The increase in multiple myeloma is due to age, genetics, obesity, radiation exposure, and other conditions. Multiple myeloma treatment slows its spread and makes symptoms go away. For instance, according to the American Cancer Society, a US-based voluntary health organization, the number of new cases of multiple myeloma increased to 35,730 in 2023 from 34,470 in 2022. Therefore, the increasing prevalence of multiple myeloma is driving the growth of the multiple myeloma market
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The multiple myeloma market covered in this report is segmented –
1) By Treatment: Medications, Radiation Therapy, Stem Cell Transplant, Other Treatments
2) By Diagnosis: Blood Tests, Bone Marrow Biopsy, Urine Tests, Imaging Tests
3) By Disease Type: Active Multiple Myeloma, Smoldering Multiple Myeloma
4) By Distribution Channel: Hospital Pharmacy, Retail Pharmacy, Online Pharmacy, Other Channels
Product innovation is a key trend gaining popularity in the multiple myeloma market. Major companies operating in the multiple myeloma market are developing innovative products to sustain their position in the market. For instance, in October 2022, Janssen Pharmaceutical Companies of Johnson & Johnson, a Belgium-based pharmaceutical company, received approval for TECVAYLI (teclistamab-cqyv), the first bispecific T-cell engager antibody from the US Food and Drug Administration (FDA). The drug is indicated for treating adult patients with multiple myeloma who have had at least four prior lines of therapy, including proteasome inhibitors, immunomodulatory drugs, and monoclonal antibodies against CD38. It acts by targeting the B-cell maturation antigen (BCMA), which is expressed on the surface of some healthy B-lineage cells and the CD3 receptor expressed on the surface of T-cells and multiple myeloma cells.
The multiple myeloma market report table of contents includes:
1. Executive Summary
2. Multiple Myeloma Drugs Market Characteristics
3. Multiple Myeloma Drugs Market Trends And Strategies
4. Multiple Myeloma Drugs Market – Macro Economic Scenario
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32. Global Multiple Myeloma Drugs Market Competitive Benchmarking
33. Global Multiple Myeloma Drugs Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Multiple Myeloma Drugs Market
35. Multiple Myeloma Drugs Market Future Outlook and Potential Analysis
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