According to the current analysis by Emergen Research, the Global Hematologic Malignancies Testing Market size is expected to reach USD 5.45 Billion in terms of revenue from USD 1.95 Billion in 2019, delivering a CAGR of 14.6% through 2027. The market growth is driven by the growing prevalence of multiple myeloma and Leukemia, along with increasing patient awareness regarding benefits of early diagnosis of diseases
Hematologic malignancies testing can be used to identify and diagnose disorders, classifying those with the help of hereditary variance instead of symptoms. The procedure enables more precise diagnosis and efficient therapies, thereby strengthening patients’ prognosis.
Estimates suggested that there will be nearly 12,830 deaths due to multiple myeloma in 2020 alone. Rising awareness among healthcare professionals and patients regarding early diagnosis of Hematologic Malignancies is expected to boost market growth in the projected timeline. In addition, rising emphasis on personalized medicine will also have a positive impact on the industry growth. However, high costs and complications related to the analytical reliability of genetic cancer tests may restrain hematologic malignancies testing market growth.
Key Highlights From Report
- Based on product type, the services sub-segment accounted for 52.7% of the global hematologic malignancies testing market share in 2019 and is expected to gain substantial revenue through 2027 on account of increasing prevalence of leukemia, myeloma, and lymphoma, along with growing awareness regarding innovative diagnosis techniques.
- On the basis of technology, the next-generation sequencing sub-segment is forecast to showcase a substantial growth rate of 14.8% over the analysis period. The rapidly developing cohort of technologies in next-generation sequencing is enabling the detection of gene variations present in DNA and RNA. Such differences provide ample diagnostic relevance in the case of hematologic malignancies.
- On the basis of disease type, the Leukemia segment held the largest market share of nearly 31.3% in 2019 and is expected to showcase a notable growth rate during the forecast period on account of rise in number of leukemia cases and growing demand for early diagnosis of the disease.
- In the regional landscape, North America accounted for nearly 39.2% of the hematologic malignancies testing market share in 2019 and is forecast to gain major traction on account of presence of the key players, and advanced healthcare facilities, in the region.
- Key players in the global hematologic malignancies testing market are ArcherDx, Inc., Sysmex Corporation, Bio-Rad Laboratories, Inc., Invitae Corporation, Abbott Laboratories, NeoGenomics Laboratories, Inc., Cancer Genetics Inc., Asuragen, Inc., Invivoscribe, Inc., and Adaptive Biotechnologies Corporation, among others.
- In March 2020, Sysmex Corporation, a leading diagnostic solutions company, received Japan marketing clearance for the world’s largest genome research organization, BGI Group’s coronavirus kit distribution. This initiative strengthened the company’s position in Japan.
Emergen Research has segmented the Global Hematologic Malignancies Testing Market on the basis of product, technology, disease, end-use, and region:
- Product Outlook (Revenue, USD Billion; 2017-2027)
- Technology Outlook (Revenue, USD Billion; 2017-2027)
- Polymerase Chain Reaction
- Next-generation sequencing
- Fluorescence in situ hybridization
- Disease Outlook (Revenue, USD Billion; 2017-2027)
- Multiple myeloma
- Myelodysplastic syndrome
- Myeloproliferative neoplasms
- End-Use Outlook (Revenue, USD Billion; 2017-2027)
- Research Institutions
- Specialty Clinics
- Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- Rest of MEA
- North America
To get leading market solutions, visit the link below: https://www.emergenresearch.com/industry-report/hematologic-malignancies-testing-market