Increasing Healthcare Expenditure across Geographies Expected to Fuel Demand for Blood Cancer Diagnostics: Fact.MR Survey Findings
Published : 13 Oct 2021 Industry: Healthcare
Analysts at Fact.MR, a market research and competitive intelligence provider, have released an updated version of the blood cancer diagnostics market research report. The analysis predicts demand for blood cancer diagnostics to increase at a healthy CAGR of 6% over the decade.
Increasing exposure of the human body to carcinogenic elements is majorly fueling instances of cancer among the population. However, lack of awareness on the disease’s symptoms, diagnosis, and treatment is a major hurdle that is disrupting efforts to reduce deaths caused due to blood cancer. High healthcare costs are also a major restraining factor limiting adoption of blood cancer diagnostics.
Choosing the right type of diagnosis is also a major issue among patients due to the complexities of screening and variations in results as well. Diagnostic providers and product manufacturers are focusing and investing in research methods that would be comprehensive to the general population in order to promote testing and create awareness.
Spending on healthcare has exponentially increased all over the globe, and now, even emerging nations and developing economies are bolstering their healthcare systems, which will bode well for market growth over the coming years.
Key Takeaways from Market Study
- Global market for blood cancer diagnostics to rise at a healthy CAGR of nearly 6% through 2031.
- Increasing healthcare expenditure, rising prevalence of cancer, technological advancements, and affordable diagnostic equipment and devices are some of the major factors guiding industry evolution.
- North America is expected to hold around 40% of the global market share in terms of revenue.
- Liquid biopsy for blood cancer diagnostics is expected to increase in demand at a stellar CAGR of around 9%.
- Demand for blood cancer diagnostics is predicted increase substantially in emerging economies owing to rise in the popularity of refurbished and affordable medical devices and instruments.
“Adoption of unhealthy and improper lifestyle has increased the occurrence of various types of diseases such as cancer, which, in turn, has driven demand for better and more efficient diagnostic solutions,” says a Fact.MR analyst.
Some of the key providers of blood cancer diagnostics, such as Laboratory Corporation of America Holdings, Luminex Corporation, Myriad Genetics Inc., NanoString Technologies Inc, NeoGenomics Laboratories Inc., Siemens AG, Quest Diagnostics Incorporated, Qiagen N.V., Agilent Technologies, Biotheranostics Inc, Almac Group Limited., etc., have been profiled in this market study.
- In 2018, Livo.ai, a startup based in India, implemented the use of AI in providing fast and accurate blood reports. Livo A700, an AI-powered robotic microscope speeds the process up by identifying and classifying the blood cells so that pathologists can perform faster morphology analysis.
- On October 7, 2021, Meridian Bioscience Inc., a leading name in the diagnostics industry, announced the launch of Air-Dryable™ Direct RNA/DNA qPCR Blood Mix, which allows professionals to directly screen blood samples and aids in sensitive and rapid detection of infections and other blood-related data.
More Valuable Insights Available
This global blood cancer diagnostics survey provides a detailed assessment while providing with the data for historic period (2016-2020) and also predictive insights for the forecast period of 2021-2031.
The report defines the blood cancer diagnostics market in terms of segments to make it comprehensive and effective. The segmentation is on the basis of test (CBC tests, CTC tests, blood protein testing, liquid biopsy, bone marrow biopsy, and others) and end user (hospital-associated labs, independent diagnostic laboratories, cancer research institutes, and others), and across six major regions of the world (North America, Latin America, Europe, Japan, APEJ, and MEA).
Fact.MR’s Domain Knowledge in Healthcare
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned Industrial team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over a thousand reports and 1 million-plus data points, the team has analyzed healthcare industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.
For more information, refer to our market research report or contact the PR author.
Shambhu Nath Jha
Sr. Consultant – Healthcare