Blood Cancer Diagnostics Market

Blood Cancer Diagnostics Market Outlook (2022-2032)

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	Abbott Laboratories Roche Holding A.G. Thermo Fisher Scientific Inc. Laboratory Corporation of America Holdings Luminex Corporation Myriad Genetics Inc.

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.

2017-2021 Revenue Analysis of Blood Cancer Diagnostics Market vs. Growth Outlook 2022-2032

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.

Key Market Drivers Influencing Blood Cancer Diagnostics Industry Expansion

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.

Key Challenges encountered by Blood Cancer Diagnostics Providers

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.

Comparative View of Adjacent Blood Cancer Diagnostics Markets

Blood Cancer Diagnostics Market :

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.

Breast Cancer Market :

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.

Oral Cancer Treatment Market :

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.

Region-wise Analysis

How will the Growth of Blood Cancer Diagnostics Market Escalate across the U.S?

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.

How will China Perform in the Global Blood Cancer Diagnostics Industry Landscape?

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-wise Forecast CAGRs for the Blood Cancer Diagnostics Market

Country	CAGR
U.S	5.9%
U.K	5.5%
China	5.7%
Japan	5.7%
South Korea	4.5%

Category-wise Insights

Will Liquid Biopsy Segment remain Dominant?

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.

Which is the Most Sought-after End-User Category?

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.

The Start-Up Ecosystem: How key Players are opening Frontiers for Future Growth?

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,

• Founded in 2014, Philadelphia-based genetics startup, Freenome develops blood tests that are capable of early-stage cancer detection. It uses a multinomics platform which is comprised of various technologies, such as machine learning that is trained cancer-positive blood samples and other types of artificial intelligence. The platform can analyze the DNA, RNA, protein, and other biomarkers in the blood to detect cancer.
• In May 2021, Tzar Labs, a molecular diagnostic company, and Mumbai-based Epigeneres Biotechnology, had claimed a breakthrough with their RNA-marker based technology for early detection of cancer rooted in stem cell biology. The blood tests, which can help determine whether cancer is absent, imminent, or present and also detect the different stages of the disease; will be launched by the end of this year.

Blood Cancer Diagnostics Market- Competitive Landscape

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:

• In September 2021, NHS announced the launch of the world’s largest trial of a blood test which can detect more than 50 types of cancer before symptoms appear.
• 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.
• 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).
• In February 2021, Grail Inc., leading healthcare company announced its collaboration with Quest Diagnostics, leading provider of diagnostic information services, to provide phlebotomy services to support Galleri, a Grail’s multi-cancer early detection blood test.

Blood Cancer Diagnostics Industry Report Scope

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	North America Latin America Europe APEJ Japan Middle East & Africa
Key Countries Covered	U.S Canada Brazil Mexico Argentina Germany U.K. France Spain Italy Nordics China India Malaysia Thailand Singapore Australia South Africa GCC Nigeria Israel
Key Market Segments Covered	Test Type End User Region
Key Companies Profiled	Abbott Laboratories Roche Holding A.G. Thermo Fisher Scientific Inc. 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 GeneNews Limited
Pricing	Available upon Request

Key Segments Covered in the Blood Cancer Diagnostics Industry Survey

• By Test :

  • CBC Tests
  • CTC Tests
  • Blood Protein Testing
  • Liquid Biopsy
  • Bone Marrow Biopsy

• By End User :

  • Hospital Associated Labs
  • Independent Diagnostic Laboratories
  • Cancer Research Institutes
  • Others

• By Region :

  • North America
  • Latin America
  • Europe
  • APEJ
  • Japan
  • Middle East and Africa (MEA)