Multiple Myeloma Global Market Report 2025

Multiple myeloma is a form of cancer originating in a type of white blood cell known as a plasma cell. In this condition, cancerous plasma cells accumulate in the bone marrow, displacing healthy blood cells. The cancer cells produce abnormal proteins that can lead to complications rather than contributing to the production of beneficial antibodies.

The primary treatments for multiple myeloma encompass various approaches such as medications, radiation therapy, stem cell transplant, and others. Medications, in this context, refer to dosage forms containing both potentially inert substances and one or more active chemicals aimed at managing the disease. To diagnose active multiple myeloma and smoldering multiple myeloma, healthcare professionals employ blood tests, bone marrow biopsy, urine tests, and imaging tests. Treatment modalities can be administered through different channels, including hospital pharmacies, retail pharmacies, online pharmacies, and other distribution channels.

Note that the outlook for this market is being affected by rapid changes in trade relations and tariffs globally. The report will be updated prior to delivery to reflect the latest status, including revised forecasts and quantified impact analysis. The report's Recommendations and Conclusions sections will be updated to give strategies for entities dealing with the fast-moving international environment.

The sharp rise in U.S. tariffs and the resulting trade tensions in spring 2025 are having a significant impact on the healthcare sector, especially in the supply of essential medical devices, diagnostic equipment, and pharmaceuticals. Hospitals and healthcare providers are grappling with higher costs for imported surgical tools, imaging systems, and consumables like syringes and catheters, many of which have limited domestic substitutes. These escalating expenses are putting pressure on healthcare budgets, prompting some providers to delay equipment upgrades or pass increased costs on to patients. Furthermore, tariffs on raw materials and components are disrupting the manufacturing of vital drugs and devices, leading to supply chain delays. In response, the industry is adopting diversified sourcing strategies, expanding local production where feasible, and pushing for tariff exemptions on critical medical products.

The multiple myeloma research report is one of a series of new reports from The Business Research Company that provides multiple myeloma market statistics, including the multiple myeloma industry's global market size, regional shares, competitors with multiple myeloma market share, detailed multiple myeloma market segments, market trends and opportunities, and any further data you may need to thrive in the multiple myeloma industry. This multiple myeloma market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The multiple myeloma market size has grown strongly in recent years. It will grow from $26.07 billion in 2024 to $28.05 billion in 2025 at a compound annual growth rate (CAGR) of 7.6%. The growth in the historic period can be attributed to diagnostic improvements, the introduction of stem cell transplantation, access to high-quality medical care, precision medicine approaches, and patient-centric care models.

The multiple myeloma market size is expected to see strong growth in the next few years. It will grow to $38.16 billion in 2029 at a compound annual growth rate (CAGR) of 8.0%. The growth in the forecast period can be attributed to health technology integration, adoption of telemedicine services, personalized vaccine therapies, and 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, and integration of artificial intelligence.

The forecast of 8.0% growth over the next five years reflects a slight reduction of 0.1% from the previous projection. This reduction is primarily due to the impact of tariffs between the US and other countries. Tariff barriers are expected to hamper the U.S. by increasing the cost of CAR-T cell therapies and proteasome inhibitors sourced from Switzerland and Germany, thereby delaying life-saving treatments and elevating oncology care expenditures. The effect will also be felt more widely due to reciprocal tariffs and the negative effect on the global economy and trade due to increased trade tensions and restrictions.

The anticipated growth in the multiple myeloma market is expected to be driven by the increasing prevalence of this form of cancer. Multiple myeloma, which originates in plasma cells, is influenced by factors such as age, genetics, obesity, and radiation exposure. The rise in the number of cases is evident, as reported by the American Cancer Society, with new cases increasing from 34,470 in 2022 to 35,730 in 2023. This escalation in prevalence underscores the imperative for advancements in multiple myeloma treatments, thereby contributing to the growth of the market.

The growth in healthcare expenditures is poised to propel the multiple myeloma market forward. Healthcare expenditures, representing the total monetary outlay on healthcare goods and services within a defined period, play a significant role in the treatment and management of multiple myeloma. These expenditures cover various aspects, including therapies, medications, hospitalization, and supportive care. As indicated by the Canadian Institute for Health Information (CIHI) in November 2022, the forecasted rise in total health spending in Canada from $328 billion in 2021 to $331 billion in 2022 reflects the increasing financial commitment to healthcare. This upward trend in healthcare expenditures is expected to drive advancements in multiple myeloma treatment options and contribute to the overall growth of the market.

Product innovation stands out as a prominent trend in the multiple myeloma market, with major companies actively engaged in developing innovative therapies to maintain their competitive positions. In October 2022, Janssen Pharmaceutical Companies of Johnson & Johnson achieved FDA approval for TECVAYLI (teclistamab-cqyv), the first bispecific T-cell engager antibody. This drug is intended for the treatment of adult patients with multiple myeloma who have undergone at least four prior lines of therapy, including various drugs. TECVAYLI targets the B-cell maturation antigen (BCMA) expressed on certain B-lineage cells, as well as the CD3 receptor found on T-cells and multiple myeloma cells.

Major players in the multiple myeloma market are also focusing on the development of novel therapies such as CAR T-cell therapy (Chimeric Antigen Receptor T-cell therapy) to gain a competitive advantage. In December 2023, Bristol Myers Squibb received approval for Abecma, the first CAR T-cell therapy for earlier use in patients with relapsed or refractory multiple myeloma who have undergone at least two prior therapies. Abecma, a B-cell maturation antigen (BCMA)-directed CAR T-cell immunotherapy, demonstrated significant improvements in median progression-free survival (mPFS) and overall response rate (ORR) based on the interim analysis of the KarMMa-3 Phase 3 study.

In February 2024, AstraZeneca Plc, a UK-based pharmaceutical company, acquired Gracell Biotechnologies Inc. for an undisclosed amount. This acquisition highlights AstraZeneca's strategic effort to bolster its presence in immuno-oncology and cellular therapies by leveraging Gracell's cutting-edge platform and expertise. Gracell Biotechnologies Inc., a China-based company, specializes in the clinical development of FasTCAR-T GC012F for the treatment of multiple myeloma.

Major companies operating in the multiple myeloma market include Pfizer Inc., Johnson & Johnson Private Limited, F. Hoffmann-La Roche Ltd., Merck & Co. Inc., AbbVie Inc., Bayer AG, Novartis AG, Sanofi S.A., Bristol-Myers Squibb Company, AstraZeneca plc, Abbott Laboratories, GlaxoSmithKline PLC, Takeda Pharmaceutical Company Limited, Eli Lilly and Company, Boehringer Ingelheim International GmbH, Amgen Inc., Janssen Global Services LLC, Celgene Corporation, Mylan N.V., Biogen Inc., Cipla Inc., Sun Pharmaceutical Industries Ltd., CRISPR Therapeutics AG, Karyopharm Therapeutics Inc., Fate Therapeutics Inc., Atara Biotherapeutics Inc., Allogene Therapeutics Inc., C4 Therapeutics Inc., Adaptimmune Therapeutics plc, Precision Biosciences Inc.

North America was the largest region in the multiple myeloma market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the multiple myeloma market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the multiple myeloma market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The multiple myeloma market consists of revenues earned by entities by providing services such as treatment planning, supportive care, and diagnostic testing such as computerized tomography (CT scans), magnetic resonance imaging (MRI), and positron emission tomography (PET) scans. The market value includes the value of related goods sold by the service provider or included within the service offering. The multiple myeloma market also includes sales of thalidomide, bortezomib, and daratumumab which are used in providing multiple myeloma services. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Multiple Myeloma Global Market Report 2025 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on multiple myeloma market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

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Where is the largest and fastest growing market for multiple myeloma ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward, including technological disruption, regulatory shifts, and changing consumer preferences? The multiple myeloma market global report from the Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

• The market characteristics section of the report defines and explains the market.
• The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
• The forecasts are made after considering the major factors currently impacting the market. These include:

The forecasts are made after considering the major factors currently impacting the market. These include the technological advancements such as AI and automation, Russia-Ukraine war, trade tariffs (government-imposed import/export duties), elevated inflation and interest rates.

• Market segmentations break down the market into sub markets.
• The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth.
• The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
• The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.

Scope

• Markets Covered: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
• Subsegments:
• 1) By Medications: Immunomodulatory Drugs (IMiDs); Proteasome Inhibitors; Monoclonal Antibodies; Corticosteroids; Chemotherapy Agents
• 2) By Radiation Therapy: External Beam Radiation Therapy (EBRT); Radioisotope Therapy
• 3) By Stem Cell Transplant: Autologous Stem Cell Transplant (ASCT); Allogeneic Stem Cell Transplant
• 4) By Other Treatments: Supportive Care; Clinical Trials And Experimental Therapies
• Companies Mentioned: Pfizer Inc.; Johnson & Johnson Private Limited; F. Hoffmann-La Roche Ltd.; Merck & Co. Inc.; AbbVie Inc.; Bayer AG; Novartis AG; Sanofi S.A.; Bristol-Myers Squibb Company; AstraZeneca plc; Abbott Laboratories; GlaxoSmithKline PLC; Takeda Pharmaceutical Company Limited; Eli Lilly and Company; Boehringer Ingelheim International GmbH; Amgen Inc.; Janssen Global Services LLC; Celgene Corporation; Mylan N.V.; Biogen Inc.; Cipla Inc.; Sun Pharmaceutical Industries Ltd.; CRISPR Therapeutics AG; Karyopharm Therapeutics Inc.; Fate Therapeutics Inc.; Atara Biotherapeutics Inc.; Allogene Therapeutics Inc.; C4 Therapeutics Inc.; Adaptimmune Therapeutics plc; Precision Biosciences Inc.
• Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain.
• Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
• Time Series: Five years historic and ten years forecast.
• Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
• Data Segmentations: country and regional historic and forecast data, market share of competitors, market segments.
• Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
• Delivery Format: PDF, Word and Excel Data Dashboard.