New blockbuster drugs will push multiple myeloma market to $22.4 billion by 2023; Report

The global treatment market for multiple myeloma will rise in value from $8.9 billion in 2014 to an estimated $22.4 billion by 2023, representing an impressive compound annual growth rate (CAGR) of 11.2%, new research indicates.

According to research and consulting firm GlobalData’s latest report, this increase, which will occur across the eight major markets of the USA, France, Germany, Italy, Spain, UK, Japan, and urban China, will be boosted by increasing therapeutic options, including the introduction of two monoclonal antibodies (MAbs) with blockbuster potential, namely Empliciti (elotuzumab), from US pharma majors Bristol-Myers Squibb (NYSE: BMY) and AbbVie (NYSE: ABBV), and daratumumab, from Denmark-based biotech firm Genmab A/S (OMX: GEN) and Johnson & Johnson (NYSE: JNJ) Janssen unit during the forecast period.

Dan Roberts, GlobalData’s senior analyst covering oncology and hematology, says the patent expiries of a number of key treatments will pave the way for the new MAbs to have a major impact on the multiple myeloma therapeutics space by 2023.