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 steady growth can be attributed to the ongoing progress in research and development initiatives by leading pharmaceutical companies, along with rising regulatory approvals for new treatment drugs and therapies. Continuous product launches and the introduction of advanced treatment approaches are further strengthening the market outlook. Additionally, as awareness of multiple myeloma symptoms increases and diagnostic methods become more advanced and accessible, more patients are being accurately diagnosed at earlier stages. This improvement in screening and detection is contributing significantly to the growing demand for multiple myeloma therapeutics worldwide.

According to the World Health Organization, 35 million new cancer cases are expected by 2050, reflecting the rising global burden of cancer. Although multiple myeloma is categorized as a rare cancer, it still represents a considerable portion of hematologic cancer cases globally. Enhanced awareness and improved diagnostic capabilities have increased patient identification, leading to a greater need for effective treatment options. This rising patient pool has further fueled the demand for novel therapies and personalized treatment solutions. Many pharmaceutical companies continue to advance their product pipelines with promising drug candidates, supported by ongoing clinical studies and innovation in cancer treatment modalities. These developments, combined with continuous R&D investments, are major drivers propelling the market forward.

Pharmaceutical companies are increasingly focusing on launching new drugs and treatment approaches with the goal of addressing unmet clinical needs and improving patient outcomes. Innovative therapies with higher efficiency, improved safety profiles, and better disease management benefits are entering the market. A key example is from February 2022, when the U.S. FDA approved CARVYKTI (ciltacabtagene autoleucel) for adult patients with relapsed or refractory multiple myeloma who have previously undergone multiple lines of treatment. Such approvals highlight how breakthrough therapies are expanding therapeutic choices, offering hope for patients with limited treatment options.

Key Market Trends & Insights:

• Regional Outlook: North America held a 46% revenue share in 2023, making it the leading regional market. The high prevalence of multiple myeloma and strong healthcare infrastructure contribute to this dominance. Within the region, the U.S. accounted for 83.3% of the North American market in 2023, supported by advanced medical facilities and high treatment adoption rates.
• Asia Pacific Growth: The Asia Pacific market is expected to record the fastest CAGR of 6.5% during the forecast period, driven by an aging population, improving healthcare systems, expanding diagnosis capabilities, and rising cancer awareness across developing countries.
• Drug Segment: The chemotherapy and other drugs segment dominated with 43.3% revenue share in 2023, and it is anticipated to maintain its lead in the coming years owing to broad usage in frontline and combination treatment. The radiation therapy segment is projected to grow at the fastest CAGR of 6.3% from 2024 to 2030, as radiotherapy remains an essential treatment method to destroy cancer cells using targeted radiation.
• Disease Type: Active multiple myeloma accounted for 71.2% of the market share in 2023, as symptomatic patients primarily receive therapeutic intervention. Meanwhile, Smoldering Multiple Myeloma (SMM) is projected to grow at a CAGR of 6.1%, driven by increasing awareness, early-stage identification, and rising monitoring practices for high-risk patients before disease progression.
• End Use: Hospitals held the largest share of 53.8% in 2023, given they are the primary centers for diagnosis, treatment administration, and patient monitoring. The clinics segment is expected to grow at a CAGR of 6.0%, supported by better accessibility, reduced waiting times, and convenient availability of treatment services in urban medical centers.

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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 Companies & Market Share Insights:

Leading players operating in the multiple myeloma therapeutics market include Sanofi, Takeda Pharmaceutical Company Limited, Merck & Co., and AbbVie Inc. These companies are actively pursuing strategic initiatives such as partnerships, collaborations, and mergers & acquisitions to strengthen their product portfolios and broaden market reach. Bristol-Myers Squibb Company is notably advancing treatment options for multiple myeloma through its diverse therapeutic offerings. The company provides Revlimid, an oral immunomodulatory drug used to inhibit cancer cell growth and boost immune activity, Empliciti, a monoclonal antibody aimed at targeting myeloma cells, and CAR T-cell therapies like Abecma and Breyanzi, designed for patients with advanced or relapsed disease stages.

Key Players

• 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 global multiple myeloma therapeutics market is poised for steady growth, supported by increasing disease awareness, improved diagnostic capabilities, and rising demand for effective treatment options. Continuous research and development efforts, along with frequent product launches and regulatory approvals, are enabling the introduction of more advanced therapies. The growing prevalence of cancer and the expansion of innovative drugs such as CAR T-cell therapies are enhancing treatment outcomes and broadening patient access to care. Regional markets, especially North America and the rapidly emerging Asia Pacific region, are expected to play significant roles in market expansion. With key pharmaceutical companies investing in novel drug development and strategic collaborations, the market is expected to witness sustained progress in the coming years, offering improved hope for patients affected by multiple myeloma.