Blood Cancer Diagnostics Market Insights, Competitive Landscape and, Market Forecast - 2027

Blood Cancer Diagnostics Market Insights, Competitive Landscape and, Market Forecast - 2027

BLOOD CANCER DIAGNOSTICS MARKET BY TYPE (PRODUCTS [INSTRUMENTS, ASSAY KITS AND REAGENTS] AND SERVICES) TEST TYPE (BLOOD TESTS, IMAGING TESTS, BIOPSY, AND MOLECULAR TESTS), BY END-USER (HOSPTIALS, CLINICS, AND DIAGNOSTICS LABS) BY GEOGRAPHY IS ESTIMATED TO REGISTER GROWTH AT A REMARKABLE CAGR FORECAST DURING 2022-2027 OWING TO SURGE IN PREVALENCE OF BLOOD CANCER AND RISING RISK FACTORS FOR BLOOD CANCER DEVELPOMENT

The global blood cancer diagnostics market is estimated to grow at a CAGR of 6.34% during the forecast period from 2022 to 2027. The blood cancer diagnostics market is slated to witness prosperity owing to factors such as growing prevalence blood cancer worldwide, increasing geriatric population, rising number of risk factors associated with blood cancer, and the growing focus on improving the safety, and usability of blood cancer diagnostics for end users are further expected to result in the appreciable revenue growth in the blood cancer diagnostics market during the forecast period (2022-2027).

BLOOD CANCER DIAGNOSTICS MARKET DYNAMICS:

Among the noteworthy drivers of the blood cancer diagnostics market, the rising prevalence of blood cancers such as leukemia, lymphoma, and myeloma turns out to be the major factor for accelerating the blood cancer diagnostics market.

For instance, according to Global Cancer Observatory 2021 data, globally around 544,352 cases of Non-Hodgkin lymphoma and 83,087 cases of Hodgkin lymphoma were reported in 2020.

As per the same source globally around 474,519 leukemia cases and nearly 176,404 cases of multiple myeloma were reported in 2020.

Further, increasing geriatric population prone to various chronic disorders including blood cancer is likely to assist in the growth of blood cancer diagnostics market. For instance, according to the World Health Organization 2021, it is expected that by 2030, out of 6 at least 1 person will have his/her age 60 years or above. As per the same source, by 2050, the number of people having age 60 years or above will be around 2.1 billion.

According to National Health Service (NHS) 2022, people aged 60-65 years or above are highly prone towards development of chronic myeloid leukemia (CML).

Another key factor responsible for the growth of the blood cancer diagnostics market is the continuous rise in the risk factors associated with development of blood cancers including tobacco consumption, smoking, family history, previous cancer treatment, and others.

According to WHO 2022, it was recorded that around 22.3% of global population was involved in tobacco consumption. Tobacco based products such as cigarettes and cigars are one of the major risk factors for blood cancers. The increasing rate of smoking population in multiple countries around the world increases the overall burden for blood cancer development. For instance, as per the Nanny State Index (NSI) 2021, the rate of people smoking in Austria was 26.40% in 2020. As per the data reported by Foundation for a Smoke-Free World 2022, there were 20.4 million adult smokers in Brazil in 2019.

However, risk associated with blood cancer diagnostics and lack of skilled healthcare professionals may act as restraining factors to the blood cancer diagnostics market growth.

During the period of the COVID-19 pandemic, the blood cancer diagnostics market has shown some decline owing to shifted primary focus on first treating patients suffering from coronavirus. Due to the implementation of lockdown and border closures as a necessary measure to prevent the spread of COVID-19 infection, the blood cancer diagnostic facilities, the manufacturing, supply, import and export of tools and technologies used for diagnosis of blood cancers was hampered leading to decline in the market. However, with the introduction of COVID- 19 vaccines and owing to resumption of activities across industries including the healthcare sector, it has been uplifting for the blood cancer diagnostics market during the forecast period from 2022-2027.

BLOOD CANCER DIAGNOSTICS MARKET SEGMENT ANALYSIS:

Blood Collection Devices Market by Type (Product [Instruments, Assay Kits and Reagents] and Services) Test Type (Blood Tests, Imaging Tests, Biopsy, and Molecular Tests), End-User (Hospitals, Clinics, and Diagnostic Labs) Geography (North America, Europe, Asia-Pacific, and Rest of the World)

Based on the test type segment of the blood cancer diagnostic market, the molecular tests category is projected to register a significant growth in revenue in the blood cancer diagnostics market during the forecast period (2022-2027).

This can be ascribed to the advantages associated with the molecular tests based blood cancer diagnostic solutions including flow cytometry, next generation sequencing (NGS), polymerase chain reaction (PCR), and others.

Flow cytometry is a highly sensitive molecular test capable of detecting the presence of cancer cells even if there amount is low. It is known for detecting 1 cancer cell out of 10,000 (or even 70,000) cells. Flow cytometry also has application in monitoring remission and predicting the recurrence of blood cancers. It also gives information on number of cancer cells still left in patient’s body after treatment and thus assist healthcare professionals to better decide on treatment methodology.

PCR based assays are also widely used for the diagnosis of blood cancers. For example, RealTime IDH1 by Abbott is in vitro PCR based assay that detects mutations in the human isocitrate dehydrogenase-1 (IDH1) gene and aids in diagnosis of acute myeloid leukemia (AML).

In case of blood cancer diagnosis through molecular tests, patients are not at risk of getting exposed to harmful radiations such as in case of imaging methods such as X-ray, MRI, and others. These tests are not painful like bone marrow biopsy test. And have fast turnaround time and can accurately classify the cases of leukemia and lymphoma separately.

Therefore, considering the advantages associated with molecular tests and their growing popularity among end users, this product category is expected to generate considerable revenue thereby pushing the overall growth of the global blood cancer diagnostic market during the forecast period.

NORTH AMERICA IS EXPECTED TO DOMINATE THE OVERALL BLOOD CANCER DIAGNOSTIC MARKET:

Among all the regions, North America is expected to lead in revenue generation in the global blood cancer diagnostic market. This can be ascribed to the presence of large patient pool associated with blood cancer, increase in number of smokers, and a highly potent market in terms of product development and launches, high consumer awareness, and the local presence of key market players among other factors in the region.

One of the prominent factors supporting the growth of the North America blood cancer diagnostic market is the rising prevalence of blood cancers such as leukemia, lymphoma, and myeloma. As per Globocan 2021 data, there were around 61,152 new cases of leukemia recorded in 2020. As per the same source around 73, 652 cases of Non-Hodgkin lymphoma and 8,107 new cases of Hodgkin lymphoma were recorded in 2020 in the US.

Another factor contributing in the growth of blood cancer diagnostic is the continuous rise in the number of individuals involved in smoking. For instance, as per the Centers for Disease Control and Prevention 2022, approximately 40 million people smoke cigarette in US. As per the same source, every day nearly 1,600 US youth aged 18 years or younger smoke their first cigarette. Smoking affects both smokers and non-smokers eventually increasing their risk for cancer including blood cancer development.

Therefore, owing to the presence of large patient pool in the country, the blood cancer diagnostics market is expected to bolster in the United States during the forecast period.

BLOOD CANCER DIAGNOSTICS MARKET KEY PLAYERS:

Some of the key market players operating in the blood cancer diagnostics market includes BD, Abbott, Agilent Technologies, Inc., Adaptive Biotechnologies, F. Hoffmann-La Roche Ltd., Invivoscribe, Inc., NeoGenomics Laboratories, Inivata Ltd., Lucence Health Inc., BioFluidica, SkylineDx, MedGenome, Xian Tianlong Science and Technology Co.,Ltd., Cepheid, Abingdon Health, and others.

RECENT DEVELOPMENTAL ACTIVITIES IN BLOOD CANCER DIAGNOTSICS MARKET:

In February 2022, BD announced the acquisition of Cytognos, a company that specializes in providing flow cytometry solutions for blood cancer diagnosis.

In October 2021, Sysmex Inostics launched CLIA-validated liquid biopsy test for the detection of Minimal Residual Disease (MRD) in Acute Myeloid Leukemia (AML).

KEY TAKEAWAYS FROM THE BLOOD CANCER DIAGNOSTICS MARKET REPORT STUDY

Market size analysis for current blood cancer diagnostics market size (2021), and market forecast for 5 years (2022-2027)

The effect of the COVID-19 pandemic on this market is significant. To capture and analyze suitable indicators, our experts are closely watching the blood cancer diagnostics market.

Top key product/services/technology developments, mergers, acquisitions, partnerships, joint ventures happened for last 3 years

Key companies dominating the global blood cancer diagnostics market.

Various opportunities available for the other competitor in the blood cancer diagnostics market space.

What are the top performing segments in 2021? How these segments will perform in 2027.

Which is the top-performing regions and countries in the current blood cancer diagnostics market scenario?

Which are the regions and countries where companies should have concentrated on opportunities for Blood Cancer Diagnostics Market growth in the coming future?

TARGET AUDIENCE WHO CAN BE BENEFITED FROM THIS BLOOD CANCER DIAGNOSTICS MARKET REPORT STUDY

Blood cancer diagnostics products providers

Research organizations and consulting companies

Blood collection devices -related organizations, associations, forums, and other alliances

Government and corporate offices

Start-up companies, venture capitalists, and private equity firms

Distributors and Traders dealing in blood cancer diagnostics.

Various end users who want to know more about the blood cancer diagnostics market and latest technological developments in the blood cancer diagnostics market.

FREQUENTLY ASKED QUESTIONS FOR BLOOD CANCER DIAGNOSTICS MARKET:

1. What are blood cancer diagnostics?

Blood cancer diagnostics are the medical devices that are used for the diagnosis, identification, risk assessment, and monitoring of blood cancers such as leukaemia, lymphoma, and myeloma.

2. What is the market for the global blood cancer diagnostics?

The global blood cancer diagnostics market is estimated to grow at a CAGR of 6.34% during the forecast period from 2022 to 2027.

3. What are the drivers for the global blood cancer diagnostics market?

The blood cancer diagnostics market is slated to witness prosperity owing to factors such as increasing prevalence of blood cancers including leukaemia, lymphoma, and myeloma. The rising number of risk factors for blood cancer development and the growing focus on improving the safety and usability of blood cancer diagnostics for end users are further expected to result in the appreciable revenue growth in the blood cancer diagnostics market during the forecast period (2022-2027).

4. Who are the key players operating in the global blood cancer diagnostics market?

Some of the key market players operating in the blood collection devices market includes BD, Abbott, Agilent Technologies, Inc., Adaptive Biotechnologies, F. Hoffmann-La Roche Ltd., Invivoscribe, Inc., NeoGenomics Laboratories, Inivata Ltd., Lucence Health Inc., BioFluidica, SkylineDx, MedGenome, Xian Tianlong Science and Technology Co.,Ltd., Cepheid, Abingdon Health, and others.

5. Which region has the highest share in the blood cancer diagnostics market?

North America is expected to dominate the overall blood cancer diagnostics market during the forecast period, 2022 to 2027. This can be ascribed to the presence of large patient pool associated with blood cancer, rise in number of smokers, high tech medical facilities, government initiatives, and a highly potent market in terms of product development and launches, and the local presence of key market players among other factors in the region.


Please Note: It will take 3-5 business days to complete the report upon order confirmation.