Fact.MR has recently updated its analysis of the global blood cancer diagnostics market, and reveals that rising number of affected people and increasing spending on the healthcare sector are the two prime factors driving demand for blood cancer diagnostics. As per the detailed study, the worldwide cancer diagnostics market is anticipated to rise at a healthy CAGR of 6% over the next ten years.
|Global Market CAGR||6% (2021-2031)|
|North America Revenue Share||40%|
|Liquid Biopsy Segment CAGR||9%|
Demand Analysis of Blood Cancer Diagnostics from 2016 to 2020 Vs Market Forecasts for 2021 to 2031
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, leukaemia 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.
Overall, demand for blood cancer diagnostics is expected to see a healthy rise at a CAGR of around 6% over the decade.
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What Tests are Done for Blood Cancer Diagnostics?
Apart from the major diagnostic methods, there are some other methods that are also used to diagnose blood cancer. Some of them are:
- Circulating Tumor Cell Test for Blood Diagnostics
- Cupping Therapy for Blood Cancer Diagnostics
- Genetic Testing for Blood Cancer Diagnostics
- Flow Cytometry for Blood Cancer Diagnostics
What is the Demand Outlook for Blood Cancer Diagnostics?
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 leukaemia diagnostics and as these cases develop we are expected to see some major changes in the overall cancer diagnostics industry.
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Which Regions Should Blood Cancer Diagnostic Providers Watch Out For?
This research details the global blood cancer diagnostics industry landscape across regions such as North America, Latin America, Europe, APAC, and MEA.
The North American region is expected to account for as much as 2/5 of the global blood cancer diagnostics market share in terms of revenue. High demand can be attributed to technological developments in the region and increasing application and demand for cancer diagnostics. Europe is expected to follow a similar trend.
Demand from the APAC region is expected to increase as more emerging and developing economies develop their healthcare systems. APAC could be dubbed as the region to witness the fastest CAGR. The MEA region is expected to see relatively slower adoption of blood cancer diagnostics.
How is the U.S. Blood Cancer Diagnostics Market Performing?
Demand for blood cancer diagnostics in the U.S. is anticipated to see a major boost owing 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 U.S. is expected to see a relatively slow growth.
What is the Outlook for the U.K. Blood Cancer Diagnostics Market?
With over 40,000 people being diagnosed with blood cancer every year, demand for blood cancer diagnostics is anticipated see substantial rise in the U.K.
Initiatives by the NHS (National Health Service) have been helping cancer patients all over the nation, and they have identified blood cancer as the 5th most common form of cancer. Apart from increasing focus on diagnostics and treatment, the NHS is also focusing on providing moral support to blood and other cancer patients to keep their mental health in a good shape.
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Why is Demand of Liquid Biopsy for Blood Cancer Diagnostics High?
It has been observed that the liquid biopsy diagnostic method is preferred and has been gaining popularity over the past years. Demand for liquid biopsy is anticipated to rise at an impressive CAGR of around 9% over the decade.
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.
Proficiency of liquid biopsy in overcoming challenges related to intra- and inter-tumor heterogeneity makes it a popular alternative.
Leading players in the blood cancer diagnostics market are focussing on developing new products and diagnostic methods to optimize the process of diagnosis and testing.
Latest innovations in blood cancer diagnostics are allowing market players to craft unique and standard solutions that would be compliant with healthcare standards across the globe.
- In July 2021, Biofidelity Ltd., a renowned name in cancer diagnostics, announced the opening of its U.S. headquarters in North Carolina. The site will be home to the company’s breakthrough ASPYRE technology, which helps laboratories, oncologists, and pharmaceutical companies to perform tests.
- NHS England will be running a pilot trial with Galleri test developed by GRAIL a medtech company based in the U.S. The test utilizes a machine learning algorithm that can detect more than fifty types of cancers before the emergence of their clinical symptoms.
- In May 2021, Burning Rock Biotech Limited announced the launch of the first blood-based pan-cancer study in China, which is based on a multi-omics approach. The study is dubbed as PRESCIENT (Pan-canceR Early-Stage deteCtion by lIquid Biopsy tEchNique projecT).
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Blood Cancer Diagnostics Industry Report Scope
|Historical Data Available for||2016-2020|
|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|
Key Segments Covered in Blood Cancer Diagnostics Industry Survey
- CBC Tests for Blood Cancer Diagnostics
- CTC Tests for Blood Cancer Diagnostics
- Blood Protein Testing for Blood Cancer Diagnostics
- Liquid Biopsy for Blood Cancer Diagnostics
- Bone Marrow Biopsy for Blood Cancer Diagnostics
By End User
- Blood Cancer Diagnostics In Hospital Associated Labs
- Blood Cancer Diagnostics In Independent Diagnostic Laboratories
- Blood Cancer Diagnostics In Cancer Research Institutes
Blood Cancer Diagnostics Market - Scope of Report
A recent study by Fact.MR on the blood cancer diagnostics market offers a 10-year forecast for 2021 to 2031. The study analyzes crucial trends that are currently determining the growth of the market. This report explicates on vital dynamics, such as the drivers, restraints, and opportunities for key market players along with key stakeholders as well as emerging players associated with the development of Blood cancer Diagnostics.
The study also provides the dynamics that are responsible for influencing the future status of the market over the forecast period. A detailed assessment of value chain analysis, business execution, cost structure analysis, and supply chain analysis across regional markets has been covered in the report.
A list of prominent companies manufacturing blood cancer diagnostic products, along with their product portfolios, key strategies, and SWOT analysis, enhances the reliability of this comprehensive research study.
The study offers comprehensive analysis on diverse features, including revenue growth, product enhancements, and revenue generation from blood cancer diagnostics across the globe.
A comprehensive estimate on the market has been provided through an optimistic scenario as well as a conservative scenario, taking into account revenue through blood cancer diagnostics during the forecast period.
Analysis on Market Size Evaluation
The market has been analyzed for each market segment in terms of volume (units), and value (US$ Mn).
Market estimates at global and regional levels for blood cancer diagnostics are available in terms of “US$ Mn”. A Y-o-Y growth contrast on prominent market segments, along with market attractiveness evaluation, has been incorporated in the report. Furthermore, absolute dollar opportunity analysis of all the segments adds prominence to the report. Absolute dollar opportunity plays a crucial role in assessing the level of opportunity that a company can look to achieve, along with identifying potential resources, considering the revenue perspective in the global blood cancer diagnostics market.
Inspected Assessment on Regional Segments
Key sections have been elaborated in the report, which have helped deliver projections on regional markets. These chapters include market forces analysis, which is expected to have a momentous influence on the growth of the blood cancer diagnostics industry during the forecast period.
Country-specific valuation on revenue for blood cancer diagnostics has been offered for each regional market, along with market scope estimates and forecasts, and impact analysis of the dynamics of prominence in regions and countries. For all regional markets, Y-o-Y growth estimates have also been incorporated in the report.
Detailed breakup in terms of value for key countries has also been included in the report.
In-depth Analysis on Competition
The report sheds light on leading providers of blood cancer diagnostics, along with their detailed profiles. Essential and up-to-date data related to market performers who are principally engaged in blood cancer diagnostics has been brought with the help of a detailed dashboard view. Market share analysis and comparison of prominent players provided in the report permits report readers to take preemptive steps in advancing their businesses.
Company profiles have been included in the report, which include essentials such as product portfolios and key strategies, along with all-inclusive SWOT analysis on each player. Company presence is mapped and presented through a matrix for all the prominent players, thus providing readers with actionable insights, which helps in thoughtfully presenting the market status, and predicting the competition level in the blood cancer diagnostics market.
- FAQs -
Over the decade, demand for blood cancer diagnostics is anticipated to increase at a healthy CAGR of around 6%.
Increasing instances of cancer among the general population and rising healthcare expenditure are major trends driving this market.
The research predicts the APAC market to exhibit the highest CAGR over the next ten years.
Growing preference for liquid biopsy due to its benefits related to intra- and inter-tumor heterogeneity is fueling its demand.
Prime players like Abbott Laboratories, Roche Holding A.G., Thermo Fisher Scientific Inc., Laboratory Corporation of America Holdings, Luminex Corporation, and Myriad Genetics Inc. are major market players.
North America is anticipated to account for nearly 40% of the global market share in terms of revenue.
Demand for liquid biopsy is anticipated to surge at a CAGR of around 9% over the next ten years.
Very less awareness on blood cancer diagnostics and complex diagnostic tests & procedures are some of the factors that are expected to restrain market growth to some extent.
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Is the market research conducted by Fact.MR?
Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.
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