Multiple Myeloma Market Size, Share & Industry Analysis, By Drug Class (Immunomodulators, Proteasome Inhibitor, Anti-CD38 Monoclonal Antibody, Alkylating Agents, and Others), By Distribution Channel (Hospital Pharmacies, Retail Pharmacies & Drug Stores, Online Pharmacies), and Regional Forecast, 2019-2032

The global multiple myeloma market size was valued at USD 19.48 billion in 2018 and is projected to reach USD 44.22 billion by 2032, exhibiting a CAGR of 6.0% during the forecast period.

Multiple myeloma (MM), being considered a rare form of cancer, is one of the key types of blood cancer which is accounting for a significant number of cancer cases worldwide. Due to increasing awareness regarding disease symptoms, this is leading to a higher number of diagnoses of the disease in patients. This has led to the launch of several blockbuster and potentially blockbuster drugs, with higher treatment sophistication by major market players. If left untreated in diagnosed patients it may lead to death. There are many clinical trials by market players for the development of new therapeutics are underway, due to the unmet clinical needs and increasing need for positive treatment outcomes.

MARKET TRENDS

Strong Pipeline Candidates to Lead to Market Growth in the Forecast Period

In the multiple myeloma market in increasing R&D activities by key players for the development of novel therapies is one of the major driving factor. Since MM is a key cancer, a number of prominent pharmaceutical companies such as Regeneron have strong pipeline candidates in various stages of clinical trials. This increasing R&D into oncology therapeutics is due to the fact that major breakthroughs in pharmaceuticals leading to the development of blockbuster drugs in oncology is more possible in these cancers due to increasing global prevalence. Some clinical trials have also shown some positive clinical data such as Regeneron’s pipeline candidate of REGN5458 (BCMAXCD3). This is projected to further propel the global multiple myeloma therapeutics market growth during the forecast period.

MARKET DRIVERS

Increasing Prevalence of Multiple Myeloma to Augment Market Growth

One of the critical market drivers of the global market is the increased prevalence of numerous forms of blood cancers which also includes multiple myeloma. MM, despite considered a rarer cancer type, comprise of a significant number of cancer cases globally and there is an increasing need for efficient and advanced therapeutics. Administration of efficient and advanced therapeutics often result in better and positive clinical outcomes for the patients. This is particularly important because recent trends indicate a rising incidence of MM worldwide. According to statistics published by Cancer Network, in 2016, there were about 130,000 cases of this myeloma. Factors as such are anticipated to drive the growth of the global multiple myeloma treatment market during the forecast period. The advances in treatment is due to continued R&D, so there is an increased need for sophisticated therapies for increased positive prognosis.

Increasing Number of Product Launches for Multiple Myeloma to Boost Market Growth

There is an increasing R&D activity in the development of efficient therapeutics for the management of the disease, which has a significant lesser cure rates. But, due to increasing and continued research initiatives by key and prominent market players, a number of new therapeutics have been launched. For instance, in March 2020, the U.S. FDA announced the approval of Sarclisa (isatuximab-irfc), to be used in combination with two other therapeutics. While positive treatment rates are lesser, the disease is highly manageable, which is anticipated to drive the global multiple myeloma market growth. If the prognosis of a disorder is better, the individuals are more likely to opt for treatment which further leads to the growth of the global market revenue.

MARKET RESTRAINT

Increasing Costs Attributed to Multiple Myeloma Treatment Anticipated to Limit Market Growth

Despite increasing prevalence of blood cancers such as multiple myelomas in the global scenario, and higher prevalence of these conditions in developing markets such as Asia, there are certain causes that are limiting the increasing usage of these advanced therapeutics. One of the significant factors limiting the market growth is low treatment rates in developing countries due to the high costs attributable to certain therapies. This leads to a smaller group of patients opting for treatment, and a higher number of the patients are unable to adopt sophisticated therapies due to the high costs associated. For instance, in the 11 agents used in treatment, the treatment costs may range from US$ 5,800 per year for cyclophosphamide to a comparatively high amount of US$ 192,000 per year for Celegene’s Pomalyst. Often, these treatment options are not accessible to the patients in the emerging countries due to lack of awareness and also the lack of appropriate payment plans for these diseases.

SEGMENTATION

By Drug Class Analysis

Immunomodulators Segment is Anticipated to Dominate the Global Market

Based on treatment, the global market is segmented into immunomodulators, proteasome inhibitor, CD38, Alkylating Agents, and others. Immunomodulators is considered to be an emerging therapy in the treatment of a number of cancers such as oral immunomodulators, and is considered to be extremely successful in positive treatment outcomes. Hence, the immunomodulators segment dominated the global market share in 2018, due to the strong revenue position of these drugs. Immunomodulators such as Revlimid by CELGENE CORPORATION (Bristol Myers Squibb Company), have been instrumental in the dominance of this segment in the global market.

The proteasome inhibitor segment also accounts for a significant share of the global market due to a significant number of product offerings. Some of the important therapeutics in this segment includes Velcade, a key drug. Anti-CD38 Monoclonal Antibody is considered to be important due to its product offering of Darzalex (daratumumab). Alkylating Agents is still considered to be one of the mainstays of treatment despite increased penetration by generic alternatives. The others segment includes other drug classes such as XPO1 inhibitor like selinexor by Karyopharm which recently received accelerated approval in 2019 by the U.S. FDA.

By Distribution Channel Analysis

Higher Administration of Intravenous Therapeutics to Enable Dominance of the Hospital Pharmacies Segment

In terms of distribution channel, the segmentation of the market is retail pharmacies & drug stores, hospital pharmacies, and online pharmacies. One of the key reasons for the dominance of this segment is that the drugs used in treatment can regularly prescribed and administered in hospital settings. This allows the proper adherence to treatment guidelines for multiple myeloma and also the proper and safe administration of life-saving therapeutics, some of which have to be intravenously administered. Such effective treatment often allows for positive treatment outcomes.

Retail pharmacies segment is anticipated to register a comparatively lower CAGR, because despite the presence of Revlimid, the number of oral therapeutics used in the treatment are comparatively lesser, which leads to the limited growth of this segment in the forecast period.  Online pharmacies segment is anticipated to register a stronger CAGR due to the ease and convenience afforded to the patients in terms of the filling up of the prescriptions.

REGIONAL ANALYSIS

The market size in North America in 2018 USD was 11.40 billion. The market in the region in characterized by increased prevalence and demand for treatment, coupled with increasing diagnosis of the disease which is complemented by adoption of advanced therapeutics. These factors, along with higher healthcare expenditure patient population towards new treatment options and the presence of key companies with their pipeline candidates and upcoming launches, are responsible for dominant share of the region in the global market. The market in Europe and Asia Pacific is projected to hold a significant share of the market during the forecast period. The increasing number of regulatory approvals of key products in the region with their longer patent expiry dates, are anticipated to drive the demand for therapeutics in Europe during 2019-2026. New approvals of therapeutics such as DARZALEX (daratumumab) in key countries such as Japan and the presence of a large and huge potential patient population base in the market in the region, together are projected to drive the market growth in Asia Pacific during the forecast period. The other regions of the global market comprise of Latin America and the Middle East & Africa which are currently in the nascent stage of growth. However, improvements in infrastructure including healthcare in these regions and growing awareness and increased adoption of advanced therapeutics is expected to boost the market growth during forecast period.

KEY INDUSTRY PLAYERS

Diverse and Strong Product Portfolio of Key Oncology Market Leaders, to Help these Companies Retain a Leading Position

Competition landscape of global market reflects an increasingly intense competition scene with the presence of key market leaders of oncology with their diversified portfolio of cancer therapeutics. Several major market players such as Takeda Pharmaceutical Company Limited and CELGENE CORPORATION (Bristol Myers Squibb Company) have significant presence in the global market and also hold major shares of the market revenue. But other players such as Amgen with its product of Kyprolis, and Bristol Myers Squibb Company with its product of Empliciti also have prominent shares in the market revenue.

However, certain prominent companies such as Regeneron are making their presence significant in the global market with their pipeline candidates for this type of myeloma. This is projected to have a positive impact on the global market as these companies are expected to increase their market share during the forecast period through increasing approvals from regulatory agencies and increase of market presence.

LIST OF KEY COMPANIES PROFILED:

• Takeda Pharmaceutical Company Limited


• Novartis AG


• Teva Pharmaceutical Industries Ltd.


• Bristol Myers Squibb Company


• Amgen Inc.


• ONO PHARMACEUTICAL CO., LTD. 


• Janssen Pharmaceuticals, Inc.


• Genentech, Inc. (F. Hoffmann-La Roche Ltd)


• CELGENE CORPORATION (Bristol Myers Squibb Company)


• AbbVie Inc.


• Sanofi


• Karyopharm


• Others

KEY INDUSTRY DEVELOPMENTS:

• March 2020 – The U.S. FDA announced the approval of Sarclisa (isatuximab-irfc), to be used in combination with two other therapeutics: dexamethasone and pomalidomide, for the treatment of adult patients diagnosed with this type of myeloma and who have received at least two earlier therapies which includes lenalidomide and a proteasome inhibitor.


• November 2019 – The BiCNU generic called Carmustine for Injection by STI Pharma, used for the treatment of multiple myeloma and other cancers was launched in the United States.


• July 2019 – The U.S. FDA announced the approval of Xpovio (selinexor) tablets in combination with the corticosteroid dexamethasone to be used for the treatment of adult patients diagnosed with relapsed refractory multiple myeloma (RRMM).

REPORT COVERAGE

The global multiple myeloma market report provides a detailed analysis of the market and focuses on key aspects such as prevalence of this type of myeloma - by key countries - 2018, key industry developments, analysis of economic burden of multiple myeloma treatment, pipeline analysis, regulatory scenario - by key regions, new product launches, overview of emerging treatments for this type of myeloma, and reimbursement scenario - by key regions. Besides this, the report offers insights into the market trends and highlights key industry developments. In addition to the aforementioned factors, the report encompasses several factors that have contributed to the growth of the market over the recent years.

Report Scope & Segmentation