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Market Size in USD Billion
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USD 3,732.64 Million |
| USD 5,390.01 Million | |
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North America Multiple Myeloma Diagnostic Market, By Product Types (Multiple Myeloma Suppression and Multiple Myeloma Treatment), Type (Devices and Consumables and Reagents), Disease (Smouldering (Indolent) Multiple Myeloma, Active (Symptomatic) Multiple Myeloma, Solitary Plasmacytoma of the Bone, Extramedullary Plasmacytoma, Light Chain Myeloma, Non-Secretory Myeloma, Rare Types of Multiple Myeloma), Test Type (Blood Tests, Urine Tests, Bone Marrow Tests and Genome Sequencing in Multiple Myeloma), End User (Hospitals, Speciality Clinics, Homecare, Academic and Research Institutes, Others), Distribution Channel (Direct Tender, Retail Sales) – Industry Trends and Forecast to 2030.
The main factors driving the market growth of the multiple myeloma diagnostics market are technological advancement and rising clinical studies for the management of multiple myeloma. Furthermore, rising disposable income is expected to drive the growth of the multiple myeloma diagnostic market. Government funds and initiatives for effective research and development are assisting in the discovery of new drugs for better treatment of multiple myeloma for the multiple myeloma diagnostic market.
Data Bridge Market Research analyses that the multiple myeloma diagnostic market which was USD 3732.64 million in 2022, is expected to reach USD 5390.01 million by 2030, at a CAGR of 4.7% during the forecast period 2023 to 2030. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.
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Report Metric
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Details
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Forecast Period
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2023 to 2030
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Base Year
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2022
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Historic Years
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2021 (Customizable to 2015 - 2020)
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Quantitative Units
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Revenue in USD Million, Volumes in Units, Pricing in USD
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Segments Covered
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Product Types (Multiple Myeloma Suppression and Multiple Myeloma Treatment), Type (Devices and Consumables and Reagents), Disease (Smouldering (Indolent) Multiple Myeloma, Active (Symptomatic) Multiple Myeloma, Solitary Plasmacytoma of the Bone, Extramedullary Plasmacytoma, Light Chain Myeloma, Non-Secretory Myeloma, Rare Types of Multiple Myeloma), Test Type (Blood Tests, Urine Tests, Bone Marrow Tests and Genome Sequencing in Multiple Myeloma), End User (Hospitals, Speciality Clinics, Homecare, Academic and Research Institutes, Others), Distribution Channel (Direct Tender, Retail Sales)
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Countries Covered
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U.S., Canada and Mexico in North America
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Market Players Covered
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NeoGenomics Laboratories (U.S.), Helena Laboratories Corporation (U.S.), Bracco Diagnostic Inc. (Italy), Cytognos S.L. (Spain), ZYTOVISION GmbH (Germany), Adaptive Biotechnologies (U.S.), BioVendor Group (U.S.), TriVitron Healthcare (U.S.), Eurofins Scientific (Luxembourg), Quest Diagnostic Incorporated (U.S.), BD (U.S.), Invivoscribe, Inc. (U.S.), SkylineDx (Netherlands), Siemens Healthcare GmbH (Germany), Thermo Fisher Scientific Inc. (U.S.) and Laboratory Corporation of America Holdings (U.S.), GenPath (U.S.)
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Market Opportunities
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Market Definition
Multiple myeloma is a type of plasma cell cancer. Normal plasma cells are recognized as an important component of the immune system. The immune system is made up of various types of cells that work together to fight infections and other diseases. The main types of white blood cells in the immune system are lymphocytes (lymph cells) such as T-cells and B-cells. Multiple myeloma develops when these plasma cells become cancerous in nature and grow abnormally. Plasma cells produce immunoglobulin, monoclonal protein (M-protein), M-spike, or paraprotein, which is an abnormal protein or antibody. Multiple myeloma diagnosis operations aid in the pre-diagnosis of disease occurrence, and thus the cancer.
Drivers
The rising prevalence of multiple myeloma is driving up demand for treatment. According to GLOBOCAN 2020 statistics, the estimated number of new cases of multiple myeloma and immunoproliferative diseases in 2020 was around 176,000, and the number is expected to reach 290,000 by 2040. Furthermore, Cancer Australia estimates that 2,423 new cases of multiple myeloma will be diagnosed in Australia in 2021. (1,387 males and 1,036 females). According to the same source, a person has a 1 in 117 chance of being diagnosed with multiple myeloma by age 85 in 2021. (1 in 103 and 1 in 136 for females). As a result, the statistics show that the rising demand for multiple myeloma diagnostic.
The increasing number of R&D projects to develop novel treatments for multiple myeloma is driving market growth. For instance, in March 2022, Sanofi and Blackstone announced a strategic, risk-sharing collaboration in which funds managed by Blackstone Life Sciences will contribute up to EUR 300 million to accelerate pivotal global studies and the clinical development programme for the subcutaneous formulation and delivery of the anti-CD38 antibody Sarclisa, which is being developed to treat patients with multiple myeloma. Similarly, in 2021, Dr Reddy's Laboratories and Natco Pharma launched generic capsules in the Canadian market for the treatment of multiple myeloma and myelodysplastic syndrome patients. Such developments will also contribute to market growth.
Opportunities
The major factors driving market growth are strategic initiatives undertaken by market participants, increasing R&D, the growing burden of multiple myeloma, and the proven efficacy of immunomodulators. For instance, the United States Food and Drug Administration (USFDA) granted Janssen Pharmaceutical Companies approval in February 2022 for Johnson & Johnson's first cell therapy Carvykti (ciltacabtagene autoleucel) for the treatment of relapsed or refractory multiple myeloma in adults. Carvykti is a genetically modified autologous T-cell immunotherapy that targets B-cell maturation antigen (BCMA). The product is intended to be used after four or more prior lines of therapy, including immunomodulatory agents. Thus, due to the above-mentioned factors, the market is expected to witness significant growth during the forecast period.
Restraints/Challenges
The treatment process of the multiple myeloma is very complex, creating a challenge for the multiple myeloma diagnostic market during the forecast period.
The lack of awareness and death of expertise on the hazardous treatment of multiple myeloma is a limiting factor for the multiple myeloma diagnostic market.
This multiple myeloma diagnostic market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the multiple myeloma diagnostic market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Recent Developments
The multiple myeloma diagnostic market is segmented on the basis of product types, disease, test type, type, end user and distribution channel. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Product Types
Type
Disease
Test Type
End User
Distribution Channel
The multiple myeloma diagnostic market is analyzed and market size insights and trends are provided by country, product types, disease, test type, type, end user and distribution channel as referenced above.
The countries covered in the multiple myeloma diagnostic market report are U.S., Canada and Mexico in North America.
U.S. dominates the multiple myeloma diagnostic market because of the favourable reimbursement policies in the region and will expected to show lucrative growth during the forecast period of 2023-2030.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Healthcare Infrastructure Growth Installed base and New Technology Penetration
The multiple myeloma diagnostic market also provides you with detailed market analysis for every country growth in healthcare expenditure for capital equipment, installed base of different kind of products for multiple myeloma diagnostic market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the multiple myeloma diagnostic market. The data is available for historic period 2011-2021.
The multiple myeloma diagnostic market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to multiple myeloma diagnostic market.
Some of the major players operating in the multiple myeloma diagnostic market are:
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Data collection and base year analysis are done using data collection modules with large sample sizes. The stage includes obtaining market information or related data through various sources and strategies. It includes examining and planning all the data acquired from the past in advance. It likewise envelops the examination of information inconsistencies seen across different information sources. The market data is analysed and estimated using market statistical and coherent models. Also, market share analysis and key trend analysis are the major success factors in the market report. To know more, please request an analyst call or drop down your inquiry.
The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market and primary (industry expert) validation. Data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Patent Analysis, Pricing Analysis, Company Market Share Analysis, Standards of Measurement, Global versus Regional and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.
Data Bridge Market Research is a leader in advanced formative research. We take pride in servicing our existing and new customers with data and analysis that match and suits their goal. The report can be customized to include price trend analysis of target brands understanding the market for additional countries (ask for the list of countries), clinical trial results data, literature review, refurbished market and product base analysis. Market analysis of target competitors can be analyzed from technology-based analysis to market portfolio strategies. We can add as many competitors that you require data about in the format and data style you are looking for. Our team of analysts can also provide you data in crude raw excel files pivot tables (Fact book) or can assist you in creating presentations from the data sets available in the report.