Global Blood Cancer Diagnostics Market Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2022
Blood cancer diagnostics can be defined as the wide range of screening & diagnosis tests associated with blood cancers such as lymphoma, leukemia and myeloma. Bone marrow examination, blood sample tests, complete blood count tests, flow cytometry, cupping therapy and genetic testing are prominent procedures in the diagnosis of blood cancer.
Increase in the prevalence of oncological diseases and technological advancements in diagnostics are positively impacting the global blood cancer diagnostics market. Focus on detecting cancer at an early stage through molecular and RNA/DNA testing can widely improve the diagnosis. As spending on healthcare witnesses a gradual increase in developing countries, the overall blood cancer diagnostics market is projected to grow at a steady rate during the forecast period 2017-2022. According to Fact.MR’s analysis, the global blood cancer diagnostics market is projected to grow at a steady CAGR during the forecast period.
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Fact.MR’s report offers market analysis and forecast on the global blood cancer diagnostics market on the basis of test type. Liquid biopsy is another test type that remains widely used among end-users. Studies have shown that liquid biopsy can overcome challenges related to intra- and inter-tumor heterogeneity. The research was carried out at Harvard Medical School and Massachusetts General Hospital Cancer Center. Inclusion of liquid biopsy can help in identifying resistance alternations in patients with advanced cholangiocarcinoma. On account of growing preference for liquid biopsy, this segment is projected to increase at a CAGR of over 10% through 2022.
According to the report, the CBC test segment type of the global blood cancer market is valued at nearly US$ 77 million in 2017. By 2022, this is projected to grow at a healthy rate. The market in North America will remain lucrative for manufacturers throughout the forecast period. The CTC tests segment on the other hand, is anticipated to grow at a relatively higher CAGR than the CBC test segments.
Owing to accuracy and convenience of blood testing protein test type, it is anticipated that more end-use sectors will continue to use this type of testing globally. Fact.MR estimates the global blood protein testing market to rake in significant revenues during the forecast period.
By end-users, hospital associated labs account for a significant percentage of the global blood cancer diagnostics market. Valued at over US$ 136 million in 2017, the hospital associated labs segment is projected to surpass US$ 180 million in revenues by 2022. Demand from hospital associated labs segment is projected to grow at a steady CAGR during the forecast period.
Demand for blood cancer diagnostics is also significant from the independent diagnostic laboratories segment. According to Fact.MR’s research, the independent diagnostics laboratories segment is projected to grow steadily through 2022. Cancer research institutes are also a key end-user, and demand from this segment is projected to grow at healthy CAGR through 2022.
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Key Insights on Blood Cancer Diagnostics Market
1- By test type, the CBC segment, which is currently valued at nearly US$ 77 million, is projected to grow at nearly 5% CAGR. In the North America blood cancer diagnostics market, these tests will continue to account for a significant share of overall revenues.
2- Owing to highly accurate diagnosis, blood testing will also continue to be a widely used test globally. Fact.MR projects this segment to rake in significant revenues by 2022.
3- On back of recent reports about the accuracy and benefits of using liquid biopsy, this segment is gaining traction globally. Research carried out at Massachusetts General Hospital Cancer Center and Harvard Medical School has shown that liquid biopsy can help patients with advanced cholangiocarcinoma. Fact.MR projects this segment to grow at a high CAGR through 2022.
4- The bone marrow test type is also being widely used by end-users owing to its efficacy in diagnosis and management. According to Fact.MR’s analysis, the bone marrow test type is anticipated to rake in significant revenues during the forecast period. Revenues from this segment are anticipated to grow at a healthy CAGR through 2022.
5- Hospital associated labs account for a significant revenue share of the overall demand for blood cancer diagnostics. According to Fact.MR’s analysis, this end-use segment is projected to grow at over 6% CAGR through 2022.
6- Independent diagnostic laboratories are also a major end-user of blood cancer diagnostics. Fact.MR estimates revenues from this segment to grow at over 6% CAGR through 2022. Demand is also anticipated to be strong from the cancer research institutes segment.
7- The blood cancer diagnostics market in the U.S. will continue to account for a significant share of the global revenues. The U.S. will also remain significant owing to R&D and new developments in diagnostics. Fact.MR projects the U.S. blood cancer diagnostics market to account for leading revenue share of the global market.
8- In Europe, Germany and U.K. will account for significant revenue share of the global revenues. Advancements in R&D, combined with increasing prevalence of the disease will hamper growth of the market.
9- Leading companies in the market are focusing on investing in R&D to come up with innovative and accurate diagnostics solutions. Mergers and acquisitions, and collaborations will continue to remain a trend in this market.
The key companies profiled in Fact.MR’s research include 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, and GeneNews Limited.
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