Global Hematologic Malignancies Testing Market Size Hit USD 8.70 Billion at a CAGR of 14.7 % in 2030

PRESS RELEASE
Published March 30, 2023

The global hematologic malignancies testing market size was USD 2.55 Billion in 2021 and is expected to register a revenue CAGR of 14.7% over the forecast period, according to the latest report by Reports and Data.

Hematologic malignancies are essentially tumours that originate in stem cells or white blood cells. Genetic research and DNA testing have substantially aided in the diagnosis and treatment of several diseases, such as acute leukaemia, chronic myeloid neoplasms, and multiple myeloma. In addition, developments in technology and medicine have improved the identification and treatment of hematologic malignancies, which is also anticipated to contribute to the rise of market revenue.

The widespread use of technologically improved genetic analysis and DNA testing is a result of the rise in blood cancer incidence. A few of the key drivers anticipated to propel market revenue growth over the projected period include the acceptance of DNA sequencing techniques in clinical practise and greater focus on creating improved screening and diagnostic techniques for hematologic malignancies. Recently developed electrochemical sensing methods can detect solid tumours and haematological malignancy during therapeutic interventions. Another element anticipated to fuel market revenue development is the effectiveness of these techniques, which has been demonstrated.

Several cutting-edge technologies, including next-generation sequencing, ultra-deep Polymerase Chain Reaction (PCR), whole genome, and exome sequencing, have shown to be very successful in finding a number of mutations that are implicated in the aetiology of haematological malignancies. Rising use of these testing methods to develop novel, targeted treatments is also a driver propelling market revenue growth over the predicted period.

Companies profiled in the market report include Invitae Corporation, Bio-Rad Laboratories Inc., Sysmex Corporation, Laboratory Corporation of America Holdings, NeoGenomics Laboratories, Abbott, VYANTbio, Adaptive Biotechnologies, Asuragen Inc., Invivoscribe, Inc., and others.

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Market Overview:

The research report assesses the market dynamics, market landscape, company profiles, production and manufacturing capacity, year-on-year growth rate, SWOT analysis, and Porter’s Five Forces analysis. The report estimates the market size, market growth, and provides an accurate forecast for the key segments of the market for the forecast period of 2022-2030. The report also covers an in-depth analysis of the key competitors of the market, along with their growth strategies and business expansion plans.

The Hematologic Malignancies Testing Market has been segmented into key regions of the world and offers an analysis of growth rate, market share, market size, current and emerging trends, production and consumption ratio, industrial chain analysis, demand and supply, import and export, revenue contribution, and presence of key players in each region. A country-wise analysis of the market is offered in the report to gain a better understanding of the regional spread and progress of the Hematologic Malignancies Testing Market.

Further key findings from the report suggest,

  • The market for testing hematologic malignancies is divided into multiple myeloma, myelodysplastic syndrome, leukaemia, myeloproliferative neoplasms, and lymphoma according on the kind of disease. Due to an increase in demand for early diagnosis due to the rising prevalence of leukaemia, the leukaemia segment accounted for the greatest revenue share in 2021. For instance, according to the American Cancer Society, there will be 60,530 new cases of leukaemia and 23,100 fatalities from the disease in 2020. Additionally, the nation will see 8,860 new instances of chronic myelogenous leukaemia in 2022, 5,120 male cases and 3,740 female cases, according to research done by the American Cancer Society.
  • According to regional research, the market in North America held the biggest market share over the predicted period. This occurs as a result of the development of healthcare facilities and the presence of important stakeholders. Other elements that are anticipated to contribute to market revenue development include more collaborative research and favourable government regulations.
  • Additionally, the expansion of joint research and helpful government initiatives both contribute to market revenue development. For instance, chronic myelogenous leukaemia accounts for 15% of all new occurrences of leukaemia. Additionally, according to studies, 1 in 526 Americans will get chronic myelogenous leukaemia at some time in their life. The average age at which chronic myelogenous leukaemia is identified is 64 years.
  • StemoniX, Inc. and Cancer Genetics, Inc. agreed to join on August 1, 2020. The combined operations of the companies would be in a position to gain from the productivity of cutting-edge pharmaceutical research and production processes, specialised animal models, and related high throughput human organotypic platforms as a result of this merger.

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For the purpose of this report, Reports and Data has segmented the global hematologic malignancies testing industry into Product Outlook, Disease type Outlook, Technology Outlook, End-Use Outlook, Regional Outlook:

Product Outlook (Revenue, USD Billion; 2019-2030)

  • Services
  • Kits

Disease type Outlook (Revenue, USD Billion; 2019-2030)

  • Multiple Myeloma
  • Myelodysplastic Syndrome
  • Leukemia
  • Myeloproliferative Neoplasms
  • Lymphoma

Technology Outlook (Revenue, USD Billion; 2019-2030)

  • Polymerase Chain Reaction
  • Immunohistochemistry
  • Next-generation Sequencing
  • Fluorescence In Situ Hybridization

End-Use Outlook (Revenue, USD Billion; 2019-2030)

  • Hospitals
  • Specialty Clinics
  • Research Institutions
  • Others

Regional Outlook (Revenue, USD Billion; 2019-2030)

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • U.K.
    • France
    • Italy
    • Spain
    • Sweden
    • BENELUX
    • Rest of Europe
  • Asia-Pacific
    • China
    • India
    • Japan
    • South Korea
    • Rest of APAC
  • Latin America
    • Brazil
    • Rest of LATAM
  • Middle East & Africa
    • Saudi Arabia
    • UAE
    • South Africa
    • Israel
    • Rest of MEA

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 Key Advantages of Hematologic Malignancies Testing Market  Report:

  • Identification and analysis of the market size and competition
  • Qualitative and quantitative analysis of the market data
  • Data validated by industry experts after extensive primary and secondary research
  • Extensive regional analysis of the Hematologic Malignancies Testing industry
  • Profiling of key players along with their business overview, business strategies, deals and partnerships, and product portfolio
  • SWOT and Porter’s Five Forces Analysis for in-depth understanding of the competitive landscape
  • Feasibility analysis and investment analysis to enable strategic investment decisions
  • Analysis of opportunities, drivers, restraints, challenges, risks, and limitations

Conclusively, all aspects of the Hematologic Malignancies Testing Market are quantitatively as well qualitatively assessed to study the global as well as regional market comparatively. This market study presents critical information and factual data about the market providing an overall statistical study of this market on the basis of market drivers, limitations and its future prospects.

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