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I AgreeAnalysis of Blood Cancer Diagnostics market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
In FY 2021, the blood cancer diagnostics market reached a valuation of US$ 15.05 Billion, and is likely to register a Y-o-Y growth rate of 5.6% in 2022, closing at US$ 15.95 Billion. Furthermore, across the 2022-2032 period of assessment, growth is expected to accelerate at a whopping 6.0% CAGR, reaching US$ 28.57 Billion.
Report Attributes |
Details |
---|---|
Anticipated Base Year Value (2021) |
US$ 15.05 Billion |
Expected Market Value (2022) |
US$ 15.95 Billion |
Projected Forecast Value (2032) |
US$ 28.57 Billion |
Global Growth Rate (2022-2032) |
6.0% CAGR |
Expected Growth Rate of the US Market (2022-2032) |
5.9% CAGR |
Anticipated Growth Rate of China Market (2022-2032) |
5.7% CAGR |
Prominent Blood Cancer Diagnostics Service Providers |
|
Blood cancer diagnostics is a method of identifying different biomarkers, proteins, and some signs from the blood cells through blood test, that lead to the identification of the presence of a cancerous tumor. Efficient diagnostic testing is used to validate or rule out the existence of illness, monitor the progression of the disease, and schedule & review treatment outcomes.
Diagnostic procedures for cancer may include imaging, tumor biopsy, laboratory tests (including tests for tumor markers), endoscopic examination, surgery, or genetic testing.
A new report on the blood cancer diagnostics market by Fact.MR provides in-depth analysis of the growth scope, demand-supply patterns, and new trends for the forecast period of 2022 to 2032.
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According to market research and competitive intelligence provider Fact.MR, the Blood Cancer Diagnostics market experienced noteworthy growth, growing at a value CAGR of 2.3% from 2017 to 2021. Rise in prevalence of cancer over the past decade has completely changed demand for treatments and diagnosis of this disease.
With more people falling prey to the disease and increasing death rates due to inefficient treatment or late diagnosis, demand and expenditure on screening and treatment have seen substantial increase.
Surge in technological innovation and advancements is also expected to fuel the blood cancer diagnostics market growth through 2031. Lymphoma diagnostics, leukemia diagnostics, and myeloma diagnostics are some of the major diagnostic procedures that are expected to be in demand throughout the forecast period.
With increasing focus on healthcare, there has also been substantial influx of finance from government and other institutions, which has made the application of blood cancer diagnostics relatively accessible.
Medical devices for diagnosis of blood cancer and medical instruments for diagnosis of blood cancer are also now available at reasonable prices since refurbished medical devices market has seen a rise. The affordable nature of these instruments has spawned a lot of demand in the emerging economies where spending high amounts isn’t possible.
Increasing Demand of Blood Cancer Diagnostics from Developing Nations to Bolster Market Growth Prospects
Demand for blood cancer diagnostics in independent diagnostic laboratories has seen a major boost. This can be attributed to the increasing demand from the emerging and developing economies where the healthcare system is being developed. The demand of blood cancer diagnostics in hospital associated labs is also following a similar trend across the globe.
As research and development is seeing a major rise, demand for blood cancer diagnostics in cancer research institutes is also expected to see a steady increase over the decade.
Demand for cupping therapy for blood cancer diagnostics and also demand for genetic testing for blood cancer diagnostics are expected to see a major rise as research fuels the credibility and effectiveness of these new diagnostic methods. Advancements in genetic testing are expected to have a significant impact on diagnostic trends.
Rising instances of leukemia and lymphoma have impacted the demand of lymphoma diagnostics and demand for leukemia diagnostics and as these cases develop, some major changes are expected to be witnessed in the overall cancer diagnostics industry.
Rising Prevalence of Leukemia to Propel Market Growth
High incidence rate of blood cancers in US (leukemia-13.0, NHL-19.8, HL-2.7, myeloma-6.7 cases per 100,000 population in 2014) is one of the major factors for the growth of blood cancer treatment market in the US. In addition, advancement in technology, personalized medicine, cost effective treatment procedures are few other factors that are expected to fuel the growth of global blood cancer diagnostics market during the forecast period.
Moreover, increasing involvement of key and prominent companies in the R&D is leading to strong pipeline candidates, which is another factor that is anticipated to boost the growth of the blood cancer diagnostics market over the analysis period.
Many biopharmaceutical market players like Spectrum Pharmaceuticals and Amgen, are showing increasing interest for the development of new products. This increasing interest into treatment products is due to increasing number of individuals are suffering from blood cancer.
For instance, Kura Oncology is conducting a clinical trial for a pipeline candidate called tipifarnib for the disease indication of peripheral T-cell lymphoma and currently, the clinical trial is in Phase II, and received the fast-track designation from the FDA in March 2020. This factor is anticipated to further drive the growth of the blood cancer diagnostics market during forecast period.
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Rising Risk of High Radiation Exposure to Hinder Prospects
Rising capital investments and low benefit-cost ratio for biomarkers, rising helium shortage and rising risk of high radiation exposure likely to limit the use of CT scanners are among the major factors obstructing market growth, while rising stringent regulatory guidelines will further challenge the growth of the blood cancer diagnostics market during the forecast period.
Rise in the Use of Rebuilt Diagnostic Imaging to Impede the Market Growth
Due to high costs and budgetary constraints, many hospitals in developing nations are unable to invest in diagnostic imaging equipment. However, due to the high demand for diagnostic imaging procedures in these countries, the hospitals that can’t afford to purchase new and advanced imaging systems prefer to use rebuilt imaging systems. Thus, this factor is huge challenge for the cancer diagnostics market growth during the forecast period.
Attributes |
Blood Cancer Diagnostics Market |
CAGR (2022-2032) |
6.0% |
Market Value (2032) |
US$ 28.57 Billion |
Growth Factor |
Increasing demand for cupping therapy (CT) test and genetic testing for blood cancer diagnostics is a major factor that is expected to accelerate the growth of the blood cancer diagnostics market. |
Opportunity |
Favorable reimbursement policies implemented to improve healthcare infrastructure will create growth opportunities for blood cancer diagnostics market in emerging economies. |
Attributes |
Breast Cancer Market |
CAGR (2022-2032) |
7.0% |
Market Value (2032) |
US$ 8.78 Billion |
Growth Factor |
Increasing prevalence of cancer and rising government initiatives to increase the screening and diagnostic rate. This in turn is expected to fuel the growth of the breast cancer market during the forecast period. |
Opportunity |
Growing demand for technologically advanced products that can enable better accuracy, speed, and cost-effectiveness is likely to be the dominant growth factor over the forecast period. |
Attributes |
Oral Cancer Treatment Market |
CAGR (2022-2032) |
4.8% |
Market Value (2032) |
US$ 2.98 Billion |
Growth Factor |
Increase in demand for targeted mode of therapies, and surge in the R&D activities for the development of novel drugs and therapies are the major factors that are anticipated to boost the growth of the oral cancer treatment market over the analysis period. |
Opportunity |
Factors such as high unmet need of treatment and increased expenditure for the development of healthcare infrastructure are the major factors fostering the growth of oral cancer treatment market. |
Increasing Technological Advancements in the US to Broaden Growth Prospects
As per Fact.MR, the U.S Blood Cancer Diagnostics Market is slated to flourish at a CAGR of 5.9% until 2032. Demand for blood cancer diagnostics in the U.S is anticipated to see a major boost, attributed to rapid technological advancements in the nation and increasing cases of cancer patients. Sales of CTC tests for blood cancer diagnostics are expected to increase, however, demand of CBC tests for blood cancer diagnostics in the US is expected to see a relatively slow growth.
The US is at the forefront of the market growth and is also an important revenue contributor in the global arena. The rising prevalence of leukemia, lymphoma, and multiple myeloma are stimulating the growth of the region.
According to the American Cancer Society estimates, in 2019, there were around 1,000 deaths (410 women and 590 men) from Hodgkin’s lymphoma in the United States. Hodgkin lymphoma affects both children and adults. It is the most commonly diagnosed cancer in teens aged 15 to 19 years. Furthermore, favorable initiatives and academic and research organizations are working on hemato-oncology tests.
Greater Funding Available for R&D in China to Boost the Market Growth
According to Fact.MR’s projections, deployment of Blood Cancer Diagnostics across China is forecast to expand at an impressive 5.7% value CAGR from 2022 to 2032. Presence of numerous biotechnology, as well as medical device companies in China is one of the prime factors driving the blood cancer diagnostics market in the country. China is expected to continue its lead throughout the forecast period, owing to factors such as greater funding available for research and development projects and high adoption of advanced technologies.
The country is expected to exhibit the second highest growth in the near future due to presence of a large patient pool, availability of skilled technicians at a comparatively lower price, and a defined regulatory framework favoring expedited product approvals. Furthermore, the booming medical tourism industry in China is expected to boost demand for oncological screening.
In addition, favorable government policies supporting the growth of the manufacturing industry, coupled with lower manufacturing costs in China, are expected to attract the attention of global players to set up their production plants in the country.
Country | CAGR |
U.S |
5.9% |
U.K |
5.5% |
China |
5.7% |
Japan |
5.7% |
South Korea |
4.5% |
High Demand for Liquid Biopsy to Enhance Growth Prospects
By test, demand for liquid biopsy segment is likely to accelerate the fastest, documenting a value CAGR worth 5.8% from 2022 to 2032, according to Fact.MR. It has been observed that the liquid biopsy diagnostic method is preferred and has been gaining popularity over the past years.
The demand of bone marrow biopsy for blood cancer diagnostics and blood protein testing for blood cancer diagnostics is relatively less in comparison with liquid biopsy. In addition, the proficiency of liquid biopsy in overcoming challenges related to intra- and inter-tumor heterogeneity makes it a popular alternative.
Hospital Associated Labs Segment to Dominate the Blood Cancer Diagnostics Market
According to projections published by Fact.MR, by end-users, the hospital associated labs segment is forecast to register a 5.9% value CAGR across the 2022-2032. This is attributed to the factors such as increasing number of patients visiting hospitals, rising number of in-house diagnostic procedures performed in hospitals, and growing awareness regarding early diagnosis is are the major driving factor for this market.
Moreover, the segment’s significant growth witnessed is due to the various diagnostic tests provided, the rise in the incidence rate of blood cancers, availability of specialized laboratory settings, and the presence of healthcare professionals to conduct diagnostic tests, and monitor the disease.
Blood Cancer Diagnostics Market players such as Adaptive Biotechnologies, Genoptix, Abingdon Health, SkylineDX, Vivia Biotech, Plexision, Entopsis, Freenome, Pathway Genomics, and Tzar Labs, among others, are adopting various marketing strategies such as new product launches, geographical expansion, merger and acquisitions, partnerships and collaboration to identify the interest of potential buyers and create a larger customer base. For instance,
Prominent players in the Blood Cancer Diagnostics Industry are taking advantage of the rapidly increasing demand for the Blood Cancer Diagnostics in various applications. To further their outreach, players are relying on collaborations, partnerships and acquisitions with existing small, medium and large-scale vendors. Some prominent market developments are as follows:
Attribute |
Details |
Forecast Period |
2022-2032 |
Historical Data Available for |
2017-2021 |
Market Analysis |
Units for Volume and US$ Mn for Value |
Key Regions Covered |
|
Key Countries Covered |
|
Key Market Segments Covered |
|
Key Companies Profiled |
|
Pricing |
Available upon Request |
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By 2032, the Blood Cancer Diagnostics landscape is slated to reach a valuation of US$ 28.57 Billion.
As of 2022, Fact.MR expects the Blood Cancer Diagnostics industry to be valued at US$ 15.95 Billion.
According to Fact.MR, a CAGR of 2.3% was recorded for the Blood Cancer Diagnostics market from 2017-2021.
From 2022 to 2032, the Blood Cancer Diagnostics industry is poised to flourish at a 6.0% CAGR.
As of 2021, the Blood Cancer Diagnostics market was valued at US$ 15.05 Billion.
Liquid Biopsy Segment is expected to grow the fastest, at a CAGR of 5.8%.
By End-User, the Hospital Associated Labs Segment is expected to dominate the market, documenting a 5.9% value CAGR.
As per Fact.MR’s projections, the market for Blood Cancer Diagnostics in the US will likely expand at a 5.9% CAGR.
China is poised to yield a CAGR of 5.7% Billion with respect to Blood Cancer Diagnostics in 2032.