Minimal Residual Disease Market worth $2.55 billion by 2029

The major market players involved in this market are F. Hoffmann-La Roche Ltd. (Switzerland), Labcorp Inc. (US), Guardant Health (US), Sysmex Corporation (Japan), NeoGenomics Laboratories, Inc. (US), Adaptive Biotechnologies Corporation (US)
The global minimal residual disease testing market [https://www.marketsandmarkets.com/Market-Reports/minimal-residual-disease-testing-market-215386038.html?utm_source=abnewswire.com&utm_medium=paidpr&utm_campaign=minimalresidualdiseasetestingmarket], valued at US$1.27 billion in 2023, is forecasted to grow at a robust CAGR of 12.2%, reaching US$1.43 billion in 2024 and an impressive US$2.55 billion by 2029. Factors that fuel the growth of the minimal residual disease testing market include the increasing incidence of cancer and hematological malignancies, government efforts to make people aware of the disease, and growing collaborations. The increasing geriatric population, the rising incidence of hematologic disorders that require minimal residual disease (MRD) testing, higher per capita health expenditures, and improvements in healthcare infrastructure create significant future opportunities. The Asia Pacific region has also emerged as a business-friendly hub due to its relatively less stringent regulations and data requirements. These factors all contribute to the exponential growth of the minimal residual disease testing market.

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A significant technological shift which could redefine the business landscape in the Minimal Residual Disease market, is the growing interest in developing and refining IGRA tests. IGRA presents more significant advantages than tuberculin skin tests because these are more accurate and sensitive, especially for populations immunized with BCG vaccine. As the global healthcare systems advance towards precision diagnostics, the need for IGRAs is also on the rise because these tests are more sensitive and specific and can be completed in a single patient visit. In addition, advancements in the IGRA test platforms, such as automation, continue to make tests more accessible and scalable for deployment in both high-burden and resource-limited settings. This shift will, therefore, lead towards greater market growth driven by more reliable, faster, and easier use of testing methods and the entry of new players to the market and existing companies to invest much heavily in IGRA technology.

Based on product, the market for minimal residual disease testing is categorized into assay kits & reagents and instruments. The assay kits and reagents segment are likely to be the fastest-growing one in the market. A high growth rate of this segment is essentially based on its relatively more purchases. The need for more precise and efficient diagnostic instruments, particularly in high burden areas further expands the use of instruments too.

Based on technology, the market for minimal residual disease testing is segmented into flow cytometry, polymerase chain reaction (PCR), and next-generation sequencing (NGS). In 2023, the PCR technology segment accounted for the largest share of the global MRD testing market. This dominant share can primarily be attributed to the ease with which this technology can be used and the wide availability of assay kits, besides a high sensitivity that makes it possible for minimal residual disease detection. Moreover, PCR technology offers reliable and cost-effective testing and clinical application.

Categorized by applications, the market for minimal residual disease testing is classified into four applications including hematological malignancies, solid tumors, multiple myeloma, and others. By application, hematological malignancies led the way with maximum share of 66.0% in the global minimal residual disease testing market in 2023. The widespread use of this application is expected to maintain its position as the market leader with all the above reasons including the increased incidence of leukemia and lymphoma, and with that of constant monitoring of such patients.

Based on end users, the minimal residual disease testing market has been segmented based on end users into hospitals & specialty clinics, diagnostic laboratories, academic & research institutes, and other end users. In the year 2023, the hospitals & specialty clinics segment holds the highest share in this market, while diagnostic laboratories are growing at the highest rate. Large share for this segment is due to the availability of sophisticated diagnostic equipment, and a pool of skilled professionals to conduct these tests.

The global minimal residual disease testing market has been segmented into five major regions- North America, Europe, the Asia Pacific, Latin America, Middle East and Africa and GCC Countries. In 2023, North America accounted for the largest share of the minimal residual disease testing market. This regional segment might be attributed to the high incidence of leukemia and lymphoma, highly developed healthcare systems in the US and Canada, many national clinical laboratories, and easy access to technologically advanced instruments.

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The major market players involved in this market are F. Hoffmann-La Roche Ltd. (Switzerland), Labcorp Inc. (US), Guardant Health (US), Sysmex Corporation (Japan), NeoGenomics Laboratories, Inc. (US), Adaptive Biotechnologies Corporation (US), ArcherDX, Inc. (US), Asuragen Inc. (US), Arup Laboratories Inc. (US), Bio-Rad Laboratories, Inc. (US), among others.

F. HOFFMANN-LA ROCHE LTD.

Minimal residual disease testing, in 2023, for Switzerland-based F. Hoffmann-La Roche Ltd. was the market leader. Roche is one of the market leaders due to its vast product offerings. The company has believed in focused innovation to maintain its market share, it has, comparatively speaking, invested lesser into the R&D activities on this front. In addition to that, the robust sales and distribution network of the company worldwide has also assisted in its market positioning. It works with third parties in collaboration and in partnership to provide integrated and better solutions. The company has a strong geographic command across 180 countries in the Americas, Europe, Asia, and the Middle East & Africa.

LABCORP INC.

As of 2023, Labcorp Inc. (US) is the second-largest player in the minimal residual disease testing market. Laboratory Corporation of America Holdings, commonly referred to as Labcorp, is a US-based global life sciences company that offers critical diagnostic and drug development services to healthcare providers and researchers. The company operates two main segments specifically Diagnostic Laboratories and Biopharma Laboratory Services. It has a strong presence in North America, Europe, the Middle East, Africa, and Asia-Pacific. The company is widely recognized for its extreme product portfolio in MRD testing and screening. For innovation, the focus of Labcorp is significantly on research and development. AtlantiCare (US) and OmiSeq (US) are strategic acquisitions that helped to enhance its capability. The global distribution network of the company increases its market reach. Labcorp continues to advance healthcare through insights and innovation.

GUARDANT HEALTH

Guardant Health specializes in the development of innovating technologies for more efficient cancer management. The company's flagship product is Guardant Reveal-blood test-one that will detect circulating tumor DNA (ctDNA) in order to ascertain the presence of MRD in early-stage cancers, such as colorectal, breast, and lung. Revenue for Guardant Health is generated from the Precision Oncology Testing and Development Services and Other segments. While the company majorly focuses on the U.S., it also has a significant presence in Europe, the Middle East & Africa, and Asia Pacific. Its innovative liquid biopsy technologies have established Guardant Health as a leader in precision oncology, while also fueling growth in the realm of MRD testing toward the future of personalized cancer treatments.

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