Multiple Myeloma Market Outlook, Trends And Future Opportunities (2024-2031)

Multiple Myeloma Market is Forecasted to Hit US$ 26.1 Bn By 2031 | CAGR 5.8%

  • Date: 26 Mar, 2024
  • Author(s): Sagar Karlekar

Global Multiple Myeloma Market is expected to reach US$ 26.1 Bn in 2031 with a growth rate of 5.8%. Multiple myeloma is a type of blood cancer originating from plasma cells. The rising prevalence of multiple myeloma globally is spurring growth in the market. Key players are actively focusing on drug development and approvals to address the high unmet need.

Multiple myeloma is a type of blood cancer that starts in the plasma cells in the bone marrow. It causes cancerous plasma cells to accumulate in the bone marrow, crowding out healthy blood cells. Some key information on multiple myeloma:

  • It is treated with medications like chemotherapy, immunotherapy, and stem cell transplants. Newer targeted therapies are also being developed.
  • Around 32,000 new cases are diagnosed every year in the US. It accounts for around 1% of all cancers.
  • Survival has improved dramatically in the last decade due to new treatment options. The 5-year survival rate is now over 50%.

The market is driven by the rising aging population and launch of novel therapies. For instance, in February 2022, Bristol Myers Squibb received the FDA approval for its new BCMA-directed CAR T-cell therapy Abecma for relapsed/refractory multiple myeloma. Such product launches are contributing to market growth. Furthermore, pharmaceutical companies are increasingly collaborating and acquiring promising drug candidates to expand their multiple myeloma portfolios. This is creating new avenues for market expansion.

The multiple myeloma market exhibits significant growth opportunities owing to the high unmet need for curative and effective therapies. The current treatment options do not successfully cure the disease, indicating scope for drug developers. Companies are exploring new modalities such as antibody-drug conjugates, bispecific antibodies, epigenetic inhibitors and combination regimens to improve patient outcomes. Approval and launch of such pipeline candidates will boost market growth during the forecast period. Moreover, positive reimbursement policies are improving patient access to these costly therapies, especially in developed regions.


  1. Launch of novel therapies such as monoclonal antibodies, CAR T-cell therapies, and combination regimens for improved efficacy
  2. Rising R&D investments by big pharma companies to develop first-in-class multiple myeloma drugs with novel mechanisms of action


  1. Use of real-world data and big data analytics to enable precision medicine and targeted multiple myeloma treatment
  2. Shift towards oral administration for improved patient compliance in multiple myeloma treatment


Strategic collaborations between pharmaceutical and biotechnology companies to expand multiple myeloma drug pipelines and accelerate development

Key Regional Insights:

  • North America accounted for the largest share of 48.5% of the global multiple myeloma market in 2023. Key players like Bristol Myers Squibb, Takeda, Janssen and Amgen with multiple myeloma drugs have a strong presence in the region. Favorable reimbursement policies and easy patient access to advanced therapies also drive the North American market.
  • Europe was the second largest market for multiple myeloma with a 26.1% market share in 2023. Sanofi, GSK and Roche are leading European pharma companies undertaking significant R&D in multiple myeloma drugs such as isatuximab and polatuzumab. Rising prevalence and better availability of approved MM therapies in EU countries propel growth.
  • Prominent companies operating in the global multiple myeloma market include Bristol Myers Squibb, Takeda, Janssen, Amgen, Novartis, AbbVie, GlaxoSmithKline, Merck, Roche and Johnson & Johnson. These players are expanding their multiple myeloma portfolios through strategic collaborations, acquisitions, and new drug development.

Key Report Insights:

  • Major market driver: Aging population and increasing prevalence of multiple myeloma globally (Incidence expected to rise at 2.1% CAGR from 2022-2030)
  • Companies are investing heavily in R&D for novel MM therapies. For example, GSK's Blenrep, Bristol Myers' Abecma, J&J's Darzalex Faspro.
  • Advances in diagnostic techniques like next-generation sequencing allow for better screening and monitoring.
  • Trend of combination therapies gaining traction for improved efficacy.

Market Segmentation:

  • By Drug Class
    • Immunomodulatory drugs (IMiDs)
    • Proteasome inhibitors
    • Monoclonal antibodies
    • Histone deacetylase inhibitors
    • Immunotherapies
  • By Route of Administration
    • Oral
    • Injectable
    • Intravenous
  • By Distribution Channel
    • Hospital Pharmacies
    • Retail Pharmacies
    • Online Pharmacies
    • By Line of Treatment
    • Frontline
    • Second-line
    • Third-line and beyond
  • By Region
    • North America
      • U.S.
      • Canada
    • Europe
      • Germany
      • U.K.
      • Spain
      • France
      • Italy
      • Russia
      • Rest of Europe
    • Asia Pacific
      • China
      • India
      • Japan
      • Australia
      • South Korea
      • ASEAN
      • Rest of Asia Pacific
    • Latin America
      • Brazil
      • Argentina
      • Mexico
      • Rest of Latin America
    • Middle East & Africa
      • GCC Countries
      • Israel
      • South Africa
      • North Africa
      • Central Africa
      • Rest of the Middle East


"The multiple myeloma market refers to the pharmaceutical industry landscape related to the development, manufacturing, and commercialization of drugs used for treating multiple myeloma. It comprises drug classes like immunomodulators, proteasome inhibitors, monoclonal antibodies, and other novel therapies in the pipeline indicated for multiple myeloma treatment. The market size represents the total revenues generated from multiple myeloma drug sales globally. Key growth drivers include the rising prevalence of multiple myeloma, an aging population, investments in R&D, and product launches."

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