North America Multiple Myeloma Diagnostic Market

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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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.

Opportunities

Strategic initiatives undertaken by market participants
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.

Some of the major players operating in the multiple myeloma diagnostic market are:

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.)
Laboratory Corporation of America Holdings (U.S.)
GenPath (U.S.)

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