Multiple Myeloma Market Size, Share, Growth Analysis, By Drug Class(Proteasome Inhibitors, Immunomodulatory Drugs, Monoclonal Antibodies, and Steroids), By Therapy(Immunotherapy, Chemotherapy, Radiation Therapy, and Stem Cell Transplant), By Distribution channel(Hospital, Retail, and Online Pharmacies), By Region - Industry Forecast 2024-2031

Global Multiple Myeloma Market size was valued at USD 21.98 billion in 2022 and is poised to grow from USD 25.30 billion in 2023 to USD 77.93 billion by 2031, growing at a CAGR of 15.1% in the forecast period (2024-2031).

Multiple myeloma treatment providers should focus on increasing awareness regarding the condition to maximize their business scope going forward. Investing in the research and development of novel multiple myeloma treatments with minimal side effects is also expected to be a key strategy for all market players. Collaborations, mergers, product approvals, new product launches, and acquisitions are slated to be key strategies used by multiple myeloma companies to expand their market presence.  'Bristol-Myers Squibb Company (US) ', 'Amgen Inc. (US) ', 'Johnson & Johnson (Janssen Pharmaceuticals) (US) ', 'Novartis AG (Switzerland) ', 'Sanofi (France) ', 'Takeda Pharmaceutical Company Limited (Japan) ', 'Pfizer Inc. (US) ', 'Celgene Corporation (Bristol-Myers Squibb Company) (US) ', 'AbbVie Inc. (US) ', 'Genentech, Inc. (F. Hoffmann-La Roche Ltd) (US) ', 'Karyopharm Therapeutics (US) ', 'Teva Pharmaceutical Industries Ltd. (Israel) ', 'ONO Pharmaceutical Co., Ltd. (Japan) ', 'Merck & Co., Inc. (US) ', 'Eli Lilly and Company (US) ', 'GlaxoSmithKline plc (UK) ', 'Bayer AG (Germany) ', 'Takeda Oncology (Millennium Pharmaceuticals) (Japan) ', 'Oncopeptides AB (Sweden) ', 'Bluebird Bio, Inc. (US)'

The senescent population around the world is increasing at a rapid pace and this is slated to be a key factor contributing to high demand for multiple myeloma treatment in the future. Studies show that older adults are more susceptible to multiple myeloma, which in turn is projected to drive the global multiple myeloma market growth over the coming years.  

Use of Personalized Medicine: Multiple myeloma treatment companies can focus on the personalized medicine trend as awareness and preference for the same rises among patients around the world. A personalized medicine approach can help multiple myeloma patients improve their chances of successful treatment with less side effects and improved quality of life in the long run.  

North America is estimated to secure the top spot when it comes to the multiple myeloma market. Surging incidence of multiple myeloma, high investments in oncology R&D, and growing geriatric population are some key factors that are estimated to aid the dominance of North America in the future. The United States is projected to spearhead the demand for multiple myeloma treatment followed by Canada going forward. High patient awareness regarding symptoms of multiple myeloma, availability of novel treatment therapies and drugs, and shorter approval times for novel therapies are also estimated to aid the dominance of North America in the long run.