Multiple Myeloma Market Size Projected USD 49.89 Billion by 2034

The global multiple myeloma market is projected to grow from USD 29.43 billion in 2025 to approximately USD 49.89 billion by 2034, expanding at a compound annual growth rate (CAGR) of 6.04% over the forecast period.

Ottawa, Sept. 03, 2025 (GLOBE NEWSWIRE) -- According to a study by Towards Healthcare, a sister firm of Precedence Research, the global multiple myeloma market was valued at USD 27.75 billion in 2024 and is expected to reach approximately USD 49.89 billion by 2034, growing at a compound annual growth rate (CAGR) of 6.04%.

The growing case of multiple myeloma and accelerated demand for medications, immunotherapy, radiation therapy, stem cell transplants, and plasmapheresis procedures, driving the global market.

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Key Takeaways

North America was dominant in the global multiple myeloma market in 2024.
Asia-Pacific is expected to grow significantly in the studied years.
By drug class, the immunomodulators segment dominated the market in 2024.
By drug class, the proteasome inhibitor segment is expected to grow at a notable CAGR during 2025-2034.
By distribution, the hospital pharmacies segment led the multiple myeloma market in 2024.
By distribution, the retail pharmacies segment is expected to witness significant expansion during the forecast period.

Market Overview & Potential

The type of plasma cell cancer in the bone marrow, which results in bone pain, infections, and other symptoms, is called multiple myeloma. Developing nanomedicine platforms is boosting drug delivery and targeted therapy, with improved treatment efficacy and minimal side effects. Alongside, several developments are currently merging in the multiple myeloma market, particularly the approval of new immunotherapies, like bispecific antibodies and CAR T-cell therapies, which accelerate treatment outcomes for both newly diagnosed and relapsed/refractory patients. Whereas innovative agents are widely introduced in combination with each other and with high-dose therapy and autologous stem cell transplantation to adapt robust and more durable responses.

What are the Key Drivers in the Developing Market?

The multiple myeloma market is propelled by the increasing focus on early disease detection, with sophisticated diagnostic tools, especially minimally invasive methods like liquid biopsies. On the other hand, the evolving approaches in novel treatments, including monoclonal antibodies, proteasome inhibitors, immunomodulatory drugs (IMiDs), CAR T-cell therapies, and bispecific antibodies, offer more effective, targeted treatments. Moreover, accelerating demand for precision medicine and cancer awareness from cancer organizations and global health bodies fosters more accessible and affordable therapies.

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What are the Trends in the Multiple Myeloma Market?

The widespread expansion of R&D investments and the adoption of combination and personalized therapies are driving the huge development of the market.

In July 2025, AbbVie, a biotechnology company, and IGI Therapeutics made an exclusive licensing agreement for ISB 2001, a trispecific antibody currently in Phase 1 clinical trials for relapsed/refractory multiple myeloma.
In May 2025, CellCentric secured $120 million investment to advance inobrodib for treating multiple myeloma.
In March 2025, J&J, Legend invested $150M in a Belgium cell therapy facility as a new Carvykti for multiple myeloma therapy.

What is the Arising Challenge in the Market?

The emergence of certain limitations in the overall multiple myeloma market expansion, such as the requirement of expensive treatments, like targeted agents, immunotherapies, and stem cell/bone marrow transplants, limits patient access in different regions. Alongside the difficulty of this disease and its heterogeneity involved in the development of resistance to treatments among patients, resulting in relapse or refractory disease, makes it complex to evolve effective drugs.

Regional Analysis

Why did North America Dominate the Market in 2024?

In 2024, North America captured a major revenue share of the multiple myeloma market. A crucial driver of this region is a rise in the aging population, where most of the cases are diagnosed in people over 60. Whereas in the US, it has greater healthcare expenses, which ultimately enable increased adoption of newer and expensive therapies. Eventually, this region provides advantages from access to advanced, novel therapies, likewise immunomodulators and proteasome inhibitors.

For this market,

In August 2025, All4Cure & Exigent Research entered into a new partnership to advance multiple myeloma cancer care & boost clinical trials.

How did the Asia Pacific Notably Grow in the Market in 2024?

During 2025-2034, the Asia Pacific is anticipated to witness rapid growth in the multiple myeloma market. Primarily, the contribution of wider investments in research and development is resulting in the development of new treatment options and ultimately escalates demand for personalized medicine. In different ASAP countries, like China, India, and South Korea’s governments are fostering significant funding in cancer research, and the evolution of nationwide cancer care programs, which accelerates opportunities for pharmaceutical companies and improves overall cancer care services.

For instance,

In April 2025, Shilpa Medicare entered into a partnership with Amneal Pharma to launch the multiple myeloma treatment Boruzu.
In January 2025, AbbVie and Simcere Zaiming partnered with a company worth over $1bn to develop an investigational drug candidate for multiple myeloma.

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Segmental Insights

By drug class analysis

Which Drug Class Led the Multiple Myeloma Market in 2024?

In 2024, the immunomodulators segment accounted for the largest share of the market. Across the globe, the widespread application of thalidomide, lenalidomide, and pomalidomide is expanding major outcomes for multiple myeloma patients. These kinds of immunomodulators are widely administered in conjunction with other treatments in synergistic ways, which gives rise to more effective regimens with manageable toxicities. The segment is further propelled by their broader range of applications in the treatment of relapsed and refractory multiple myeloma (RRMM), where other treatments have limitations, establishing a robust and ongoing demand.

On the other hand, the proteasome inhibitor segment is predicted to expand notably in the coming era. This drug class encompasses significant benefits over the other drugs, as it can enhance survival rates in multiple myeloma patients and is now a reference part of treatment regimens, especially in combination therapies. However, the ongoing advancements in optimizing pharmacological properties, efficacy, and decreased side effects (e.g., ixazomib, carfilzomib) have transformed the market and highlighted unmet needs. Another vital benefit of these drugs is that their oral administration, like ixazomib, facilitates convenience and higher accessibility for patients, ultimately expanding the overall market approaches.

By distribution analysis

Why did the Hospital Pharmacies Segment Dominate the Market in 2024?

The hospital pharmacies segment was dominant in the multiple myeloma market in 2024. Highly developed hospitals are serving as the foremost points for cancer diagnosis, staging, treatment initiation, and ongoing management, which makes hospital pharmacies a central distribution point for expensive and high-risk oncology drugs. Moreover, hospital pharmacists are offering crucial service within a controlled setting, ensuring patients understand their therapeutic regimens and can handle side effects.

Whereas the retail pharmacies segment is estimated to expand significantly during 2025-2034. Inclusion of diverse targeted therapies, particularly monoclonal antibodies, immunotherapies, and proteasome inhibitors, which necessitate specialized handling and storage, where retail pharmacies are well-equipped to manage. As well as the rising aim at patient-centric care, education, support, and medication adherence for handling complex, high-priced treatments, is highly fueling pharmacists to play a more active role in patient care.

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Recent Developments in the Multiple Myeloma Market

In July 2025, Antengene announced that the China National Medical Products Administration (NMPA) had approved XPOVIO^® (selinexor) in combination with bortezomib and dexamethasone (XVd) for the treatment of adult patients with multiple myeloma (MM).
In July 2025, Sanofi SA unveiled that its drug Sarclisa had received approval in the European Union for the treatment of transplant-eligible newly diagnosed multiple myeloma.
In May 2025, Arcellx, a biotechnology company, announced new positive data for its iMMagine-1 study in patients with relapsed and/or refractory multiple myeloma.
In February 2025, Boryung launched Korea’s 1st generic pomalidomide for multiple myeloma.

Multiple Myeloma Market Key Players

Bristol Myers Squibb Company
Janssen Pharmaceuticals
Sanofi SA
Novartis
Amgen Inc
Takeda Pharmaceutical
AbbVie
AstraZeneca
Pfizer
Johnson and Johnson

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Segments Covered in The Report

By Drug Class

Immunomodulators
Proteasome Inhibitor
Anti-CD38 Monoclonal Antibody
Alkylating Agents
Others

By Distribution

Hospital Pharmacies
Retail Pharmacies & Drug Stores
Online Pharmacies

By Region

North America
- U.S.
- Canada
Asia Pacific
- China
- Japan
- India
- South Korea
- Thailand
Europe
- Germany
- UK
- France
- Italy
- Spain
- Sweden
- Denmark
- Norway
Latin America
- Brazil
- Mexico
- Argentina
Middle East and Africa (MEA)
- South Africa
- UAE
- Saudi Arabia
- Kuwait

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Towards Healthcare is a leading global provider of technological solutions, clinical research services, and advanced analytics, with a strong emphasis on life science research. Dedicated to advancing innovation in the life sciences sector, we build strategic partnerships that generate actionable insights and transformative breakthroughs. As a global strategy consulting firm, we empower life science leaders to gain a competitive edge, drive research excellence, and accelerate sustainable growth.

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