The global monoclonal gammopathy of undetermined significance (MGUS) management market is expected to garner a market value of USD 27 million in 2023 and is expected to accumulate a market value of USD 53.11 million by registering a CAGR of 7% in the forecast period 2023 to 2033. The market for Monoclonal Gammopathy of Undetermined Significance (MGUS) Management registered a CAGR of 4% in the historical period 2018 to 2022.
The monoclonal gammopathy of undetermined significance (MGUS) management market is a segment of the healthcare industry that deals with the effective management of the condition. The market offers a range of products and services for its effective management and treatment such as immunomodulatory drugs and proteasome inhibitors, Chemotherapy, and Stem cell transplant.
| Report Attribute | Details |
|---|---|
| Expected Market Value (2023) | USD 27 million |
| Anticipated Forecast Value (2033) | USD 53.11 million |
| Projected Growth Rate (2023 to 2033) | 7% CAGR |
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According to market research and competitive intelligence provider, Future Market Insights- the market for Monoclonal Gammopathy of Undetermined Significance (MGUS) Management reflected a value CAGR of 4% during the historical period, 2018 to 2022.
The market for Monoclonal Gammopathy of Undetermined Significance (MGUS) Management is gaining prominence as it is considered a precancerous condition that progresses to a more serious blood cancer like multiple myeloma, but this progression is not always the case. Furthermore, the increasing incidence of blood cancers and the need for improved diagnosis and treatment options, is expected to drive demand for these treatments.
In its new study, Future Market Insights (FMI) offers insights about key factors driving demand for Monoclonal Gammopathy of Undetermined Significance (MGUS) Management. In the years to come, increasing focus by government organizations and private agencies like WHO and pharmaceutical companies to create awareness of Monoclonal Gammopathy of Undetermined Significance (MGUS) Managements is fuelling the market growth. Thus, the market for Monoclonal Gammopathy of Undetermined Significance (MGUS) Management is expected to register a CAGR of 7% in the forecast period 2023 to 2033.
Growing advancements in diagnostic and treatment options of MGUS to push the market growth
The global market for monoclonal gammopathy of undetermined significance (MGUS) management is primarily driven by the incidence of blood cancers, including multiple myeloma, the development of new and effective treatment options, advancements in treatment technologies and development of new diagnostic technologies and the availability of more effective treatments.
According to American Cancer Society estimates in January 2022, about 60,650 new cases of leukemia and 24,000 deaths from leukemia and there were around 11,450 deaths due to acute myeloid leukemia in the United States in the year 2022. Aging population is another factor contributing to the growth of the Monoclonal Gammopathy of Undetermined Significance (MGUS) Management market. As people get older, their risk of developing conditions increases, which is expected to drive demand for these treatments. The prevalence of Monoclonal Gammopathy of Undetermined Significance (MGUS) Management (HE) has increased in recent years, driven by a combination of demographic, technological, and awareness factors.
For instance, in December 2020, the Leukemia and Lymphoma Society (LLS) initiated a collaboration to form alliances with leading cancer institutions and foundations to co-fund nearly USD 17 million in research grants, to progress the research in finding effective treatment options for patients with leukemia, lymphoma, myeloma, and other blood cancers.
Expensive Cost of Treatment to restrict Market Growth
The market is projected to get significantly affected by challenging factors such as limited availability and high cost of advanced Monoclonal Gammopathy of Undetermined Significance (MGUS) Management options.
Expensive treatments and related costs such as hospitalization, intensive care, or specialized diagnostic tests, are expected to hinder the market growth. Furthermore, poor healthcare infrastructure, especially in developing countries, can limit access to Monoclonal Gammopathy of Undetermined Significance (MGUS) Management and the availability of diagnostic and therapeutic options.
Improvement in healthcare spending propelling growth of the market in Asia Pacific
The Asia Pacific is expected to exhibit a significant growth rate of all regions over the forecast period, with a share of 20% during the forecast period. The growth is owed to increased awareness, significant increases in healthcare spending, and a rising frequency of the Monoclonal Gammopathy of Undetermined Significance (MGUS) Management Market in the region. Asia Pacific is an emerging market due to the increase in point of care approach to health & care. Increasing number of hospitals in India and China makes a promising market for the market worldwide.
Increasing Prevalence of Skin Conditions Shaping Landscape for Monoclonal Gammopathy of Undetermined Significance (MGUS) Management in North America
North America is anticipated to acquire a market share of about 40% in the forecast period. This growth is attributable to the rising prevalence of the condition in the region along with the high healthcare expenditure and a large geriatric population. The United States of America holds the highest share in the North American market, followed by Canada.
Presence of a large number of pharmaceutical companies, which are investing heavily in the development of new, targeted treatments for the condition, high level of healthcare expenditure and a growing aging population are some of the factors responsible for the growth of the market in the region.
Hospitals to take the lead and drive market growth
According to the FMI analysis, Hospital pharmacy accounts for the largest market share. The requirement for several hospital stays and visits during the monoclonal gammopathy of undetermined significance (MGUS) management treatment facilitates the growth of this segment.
The majority of the serious venous diseases involving blood clotting are treated in hospitals, and with the availability of trained medical personnel, it is simpler to control an individual's health more correctly.
Key start-ups in the monoclonal gammopathy of undetermined significance (MGUS) management market include-
Key players in the market include pharmaceutical companies such as Janssen Biotech, Inc., Pfizer, Inc., Amgen, Inc., Roche Holding AG, Celgene Corporation (Acquired by Bristol-Myers Squibb), Novartis AG, Merck & Co., Inc., Sanofi S.A, Takeda Pharmaceutical Company Limited and Gilead Sciences, Inc. along with healthcare providers and technology companies among other global players.
| Report Attribute | Details |
|---|---|
| Market Value in 2023 | USD 27 million |
| Market Value in 2033 | USD 53.11 million |
| Growth Rate | CAGR of 7% from 2023 to 2033 |
| Base Year for Estimation | 2022 |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Revenue in USD Million and CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered | Drug Class, Diagnosis, Distribution Channel, End User, Region |
| Regions Covered |
North America; Latin America; Europe; East Asia; South Asia; Oceania; Middle East & Africa |
| Key Countries Profiled | United States, Canada, Brazil, Mexico, Germany, United Kingdom, France, Spain, Italy, Malaysia, India, Singapore, Thailand, China, Japan, South Korea, Australia, New Zealand, GCC Countries, South Africa, Israel |
| Key Companies Profiled | PhaseBio Pharmaceuticals Inc.; Pfizer Inc.; Amgen Inc.,; Array Biopharma Inc.; AstraZeneca; Sanofi-Aventis US LLC; F. Hoffmann-La Roche Ltd; Merck & Co. Inc.; Siemens Healthcare Private Limited; HYCOR Biomedical, Inc.; Omega Diagnostics Group PLC |
| Customization | Available Upon Request |
The market is estimated to secure a revenue of USD 27 million by 2023.
The market is expected to reach a value of USD 53.11 million by the end of 2033.
The market is predicted to progress at a CAGR of 7% through 2033.
Growing advancements in diagnostic and treatment options of MGUS.
Improvement in healthcare spending propelling market growth in Asia Pacific, with a share of 20% through 2033.
Monoclonal Gammopathy of Undetermined Significance (MGUS) Management Market
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