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March 2025
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The global multiple myeloma market size is estimated at USD 27.75 billion in 2024, is projected to grow to USD 29.43 billion in 2025, and is expected to reach approximately USD 49.89 billion by 2034. The market is projected to expand at a compound annual growth rate (CAGR) of 6.04% between 2025 and 2034. The rising prevalence of multiple myeloma attributed to the increased demand for various treatments such as medications, immunotherapy, radiation therapy, stem cell transplants, and plasmapheresis procedures drives the market.
Multiple myeloma cells are irregular plasma cells that accumulate in the bone marrow, leading to the formation of tumors in various bones throughout the body. Normally, plasma cells produce antibodies that help the body combat infections and diseases. However, as the number of myeloma cells increases, they produce an excess of antibodies, which can cause the blood to thicken and prevent the bone marrow from producing enough healthy blood cells. Additionally, these myeloma cells can cause damage to the bones, resulting in weakened bones.
The growing aging population is a major factor driving the multiple myeloma market, as the disease primarily affects older individuals. Additionally, rising rates of physical inactivity, obesity, and diabetes are contributing to the increasing prevalence of multiple myeloma. With advancements in treatment efficiency and safety, multiple myeloma is now managed as a chronic condition, although the high cost of long-term therapy remains a challenge.
The International Agency for Research on Cancer reported approximately 176,404 global cases of multiple myeloma in 2023. Additionally, the American Cancer Society projected approximately 35,730 new cases in the United States. The increasing prevalence of multiple myeloma worldwide is expected to drive market growth.
Artificial intelligence (AI) and machine learning (ML) algorithms have become an indispensable part of the healthcare sector, driving the latest innovations. AI and ML have the potential to significantly impact the multiple myeloma market by improving early diagnosis, personalizing treatment plans, and accelerating drug discovery. These technologies can analyze medical data to detect patterns, recommend the most effective therapies based on a patient’s genetic profile, and speed up clinical trials by optimizing patient recruitment. AI can also monitor patients in real time, enabling timely adjustments to treatments and predicting disease progression to support proactive decision-making. Additionally, by improving treatment efficiency and driving the development of more affordable therapies, AI and ML can help reduce the overall cost of care for multiple myeloma.
A recent study led by Hospital 12 de Octubre-CNIO and California Hospital used AI to predict treatment responses in multiple myeloma patients. This breakthrough enables up to 30% of patients to be removed from maintenance therapies, allowing them to avoid side effects while still effectively managing the disease.
Increasing Prevalence of Multiple Myeloma
The increasing prevalence of multiple myeloma is a key driver of market growth. As the global population ages, the incidence of multiple myeloma, which primarily affects older individuals, continues to rise. Additionally, lifestyle factors such as obesity and physical inactivity are contributing to the growing number of cases. This surge in prevalence is driving the demand for more effective treatments, advanced diagnostic tools, and innovative therapies, thus fueling the growth of the multiple myeloma market. As the need for improved management and care of the disease increases, it is also creating opportunities for the development of new drugs, personalized therapies, and AI-based solutions in the healthcare sector.
Centers for Disease Control and Prevention (CDC) tracks cancer incidence and provides data that helps inform public health strategies to address the growing number of multiple myeloma cases, emphasizing early detection, prevention, and access to treatment. These efforts reflect the government’s commitment to tackling the increasing burden of multiple myeloma on public health systems.
High-cost Treatments for Multiple Myeloma
The high cost of treatment for multiple myeloma acts as a significant restraint in the market, posing a substantial challenge for patients and healthcare systems. Therapies like CAR-T cell treatments can exceed $350,000, while Immunomodulatory drugs such as Revlimid cost around $16,000 to $20,000 per month. Other treatments, such as Velcade and Daratumumab, range from $1,000 to $12,000 per dose, and stem cell transplants can cost between $100,000 and $200,000. Long-term care, including regular visits and testing, further adds to the financial burden. While generic drugs and biosimilars may help reduce costs, many newer therapies remain prohibitively expensive.
The Growing Number of Clinical Trials
The growing number of clinical trials for multiple myeloma presents significant opportunities for advancing treatment options. As of 2023, there are over 1,500 active clinical trials worldwide that are exploring innovative therapies, including immunotherapies, CAR-T cell therapies, and bispecific antibodies. This surge is driven by the need for better treatments, particularly for relapsed and refractory multiple myeloma. Clinical trials not only offer patients access to cutting-edge treatments but also accelerate the development of new therapies through collaboration among pharmaceutical companies, research institutions, and healthcare providers. The increase in trials ensures a continuous pipeline of options, improving survival rates and quality of life for patients. These advancements promise to lead to more personalized, effective treatments, ultimately improving the overall management of multiple myeloma. The rise in trials is a key factor in the future of myeloma care.
In March 2024, Blackstone and Sanofi formed a strategic risk-sharing alliance. To support the global clinical trials and development of a subcutaneous version of the anti-CD38 antibody Sarclisa, Blackstone Life Sciences agreed to contribute up to EUR 300 million (approximately USD 320.51 million). The goal of this partnership is to enhance the delivery of this medicine to patients with multiple myeloma.
By drug class, the immunomodulators segment held a dominant position in the multiple myeloma market in 2024 due to the proven efficacy of drugs such as Lenalidomide (Revlimid) and Thalidomide, particularly in combination therapies. These drugs are widely used as first-line and maintenance treatments, significantly improving survival rates and prolonging remission. Lenalidomide is backed by extensive clinical data and FDA approvals, making it a trusted treatment option. Additionally, immunomodulators are more cost-effective than newer therapies, such as CAR-T cell treatments, making them accessible to a broader patient population. Their success, combined with other therapies, further solidifies their dominant market position.
According to the American Cancer Society, in 2024, an estimated 35,780 new cases of multiple myeloma are expected in the US, with about 12,540 deaths, and the 5-year relative survival rate is around 61.1%, There is a 0.90% probability that a person will be diagnosed with multiple myeloma by the time they are 85 years old, or around 1 in 111.
By drug class, the proteasome inhibitor segment is predicted to witness significant growth in the market over the forecast period due to several factors. Proteasome inhibitors, such as Bortezomib (Velcade) and Carfilzomib (Kyprolis), are highly effective in treating multiple myeloma by blocking the proteasome, a protein complex essential for cancer cell survival. These drugs are already widely used, particularly in combination therapies, which enhance their effectiveness and make them a key component of treatment regimens for both newly diagnosed and relapsed patients.
Additionally, newer oral proteasome inhibitors, such as Ixazomib (Ninlaro), have made treatment more convenient, improving patient adherence and expanding their use. Ongoing research and the development of next-generation proteasome inhibitors also hold promise for improved efficacy, particularly in patients who have developed resistance to older treatments. The increasing focus on personalized medicine and combination therapies is expected to further drive demand for proteasome inhibitors, contributing to their anticipated market growth.
By distribution, the hospital pharmacies segment dominated the multiple myeloma market in 2024. Treatments for multiple myeloma, such as CAR-T cell therapies, immunotherapies, and proteasome inhibitors, often require specialized administration and monitoring, which hospital settings are equipped to provide. These therapies, particularly for advanced or relapsed cases, require close observation and management of side effects, making hospital pharmacies the primary point of access for such treatments. Additionally, many of the newer, high-cost therapies, such as monoclonal antibodies and CAR-T therapies, are now more readily available in hospital pharmacies. Hospitals also offer personalized care, with expert oncology pharmacists who tailor treatment regimens to meet individual patient needs and closely monitor treatment responses. This combination of specialized care, access to advanced therapies, and clinical expertise contributes to the dominance of hospital pharmacies in the multiple myeloma market.
By distribution, the retail pharmacies segment is estimated to grow at the fastest rate in the market in the coming years. With the increasing availability of oral therapies, such as Lenalidomide (Revlimid) and Ixazomib (Ninlaro), patients can now access treatment more easily through retail pharmacies, thereby improving convenience and adherence to prescribed regimens. The shift towards oral medications, which can be managed at home rather than in hospital settings, is a significant driver for this growth. Additionally, retail pharmacies offer greater accessibility, cost-effectiveness, and convenience for long-term treatment and maintenance therapies. As demand for multiple myeloma medications rises, retail pharmacies are well-positioned to meet this need, especially with the growing availability of generic drugs. Furthermore, retail pharmacies are expanding their role in patient care by offering services such as medication counseling and home delivery, which further enhances their importance in the market.
North America dominated the global multiple myeloma market in 2024. North America boasts an advanced healthcare infrastructure, providing early diagnosis and access to specialized treatments. The region has a large aging population, with the U.S. alone accounting for over 35,000 new multiple myeloma cases annually, contributing to a significant patient base. Additionally, the availability of new, innovative therapies, such as CAR-T cell therapies, monoclonal antibodies, and proteasome inhibitors, which the FDA frequently approves, also plays a significant role. Furthermore, the region serves as a hub for oncology research and clinical trials, resulting in the rapid adoption of novel treatments. High healthcare spending in countries like the United States and Canada enables patients to access expensive therapies while increased awareness and support systems further enhance treatment rates. Together, these factors position North America as the dominant player in the market.
According to an NIH report, multiple myeloma is the second most common hematologic malignancy, with an estimated incidence of 34,470 adults (19,100 men and 15,370 women) in the US in 2024. It is considered a rare cancer in the United States; the lifetime risk of being diagnosed with multiple myeloma is 1 in 132, which equates to a 0.76% chance. The market is also driven by the high incidence and prevalence of multiple myeloma in the United States. According to the National Cancer Institute, there are more than 32,000 new cases diagnosed annually in the U.S., with over 140,000 patients living with the disease. This significant patient population necessitates continued innovation and improvement in treatment strategies.
Canada is projected to be the fastest-growing market in North America, driven by several key factors. The aging population is driving an increase in the incidence of the disease. At the same time, the country’s robust public healthcare system ensures access to advanced treatments like immunotherapies, proteasome inhibitors, and CAR-T cell therapies. Additionally, ongoing clinical research and increased public awareness are improving early detection and treatment outcomes. Government funding for cancer care also plays a key role in expanding access to innovative therapies, contributing to market growth.
Bristol Myers Squibb's ABECMA (idecabtagene vicleucel; ide-cel) received conditional approval from Health Canada in May 2021, making it the first and only BCMA-directed CAR T-cell immunotherapy for the treatment of multiple myeloma in adults. Patients with this type of cancer now have a revolutionary therapy option thanks to ABECMA's clearance.
Asia-Pacific is anticipated to grow at a significant rate in the market during the forecast period. The aging population in countries such as China, India, and Japan is contributing to a higher incidence of the disease. Improved healthcare infrastructure is increasing access to advanced treatments such as CAR-T cell therapies and immunotherapies. Additionally, rising government and private sector investments in cancer care, along with increased awareness and early detection, are further driving demand for treatments, positioning the APAC region as a rapidly expanding market for multiple myeloma.
Government bodies, such as the Ministry of Finance of China and the Indian Council of Medical Research, are funding cancer research, driving market growth in the Asia-Pacific region. According to the International Agency for Research on Cancer, there were 63,439 new multiple myeloma cases in the region in 2023, underscoring the increasing disease burden and fueling the demand for better treatments.
Multiple myeloma is the second most common blood cancer in China, following leukemia. A study published in the Journal of Hematology & Oncology in 2024 revealed that the incidence of multiple myeloma in China is rising by approximately 6.7% annually. This increase in cases is expected to drive growth in the country's multiple myeloma therapeutics market. The disease is most prevalent among middle-aged and elderly individuals, particularly those aged 60 to 70, with around 98% of cases diagnosed after the age of 40. Additionally, 60% of those diagnosed are male.
Multiple myeloma is one of the fastest-growing cancers in India, with a significant increase in cases. Research by the Indian Council of Medical Research indicates that the incidence of multiple myeloma in India is around 2 to 3 cases per 100,000 people, with higher prevalence observed in the southern and western regions of the country. The market for multiple myeloma therapies in India is expected to experience substantial growth in the coming years, driven by the rising incidence of cases, increased awareness, enhanced screening programs, and the availability of advanced treatment options.
Europe is expected to experience considerable growth in the upcoming period due to several factors. The region’s aging population is driving demand for treatments, as multiple myeloma is more common in older adults. Advanced healthcare systems in Europe ensure access to cutting-edge therapies, such as CAR-T cell treatments and proteasome inhibitors, thereby improving patient outcomes. Ongoing research and clinical trials continue to bring new therapies to market while government and private investments enhance treatment accessibility. Increased awareness, early diagnosis, and strong healthcare reimbursement systems further support the market’s growth in the region.
The German market is growing due to several key factors. The country’s aging population is leading to a higher incidence of the disease, as multiple myeloma predominantly affects older adults. The German government’s investment in healthcare and cancer research, combined with robust reimbursement policies, ensures that innovative therapies are readily accessible. Furthermore, Germany's focus on research and clinical trials is helping to introduce new treatments to the market, driving further growth in the market.
Germany's Federal Ministry of Education and Research (BMBF) invests in various cancer research programs, including studies on multiple myeloma, aiming to enhance early detection methods and discover more effective treatment options. Through such investments, the government is driving both innovations in cancer care and broader access to state-of-the-art therapies for patients with multiple myeloma.
The France market is growing due to several factors. The country’s aging population is leading to a higher incidence of multiple myeloma, as the disease predominantly affects older adults. The French government invests heavily in cancer research, with initiatives like the French National Cancer Institute (INCa), which focuses on accelerating the development of new therapies. Multiple myeloma represents about 1 to 2 percent of all cancers and 10 to 12 percent of all blood cancers in France, with approximately 5,400 new cases diagnosed annually. The average age at diagnosis is nearly 70, with around one-third of patients being over 75 and about 20 percent being over 80 years old.
On July 30, 2024, for patients who qualify for autologous stem cell transplantation, the FDA authorized an injectable version of daratumumab (Darzalex Faspro) in conjunction with bortezomib (Velcade), lenalidomide (Revlimid), and dexamethasone. On September 20, 2024, isatuximab (Sarclisa), when used in conjunction with the same three medications, received yet another important approval for patients who are not eligible for stem cell transplantation. According to Elizabeth Hill, M.D., a multiple myeloma expert at NCI's Center for Cancer Research who was not involved in either research, these FDA approvals are fantastic news for patients with multiple myeloma who may now benefit from these more effective first therapies.
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