Hematologic Malignancies Testing Market Research: Key Growth Drivers and Challenges and Forecast to 2030
Ngày đăng: 14-08-2023 |
Ngày cập nhật: 14-08-2023
The global Hematologic Malignancies Testing Market, valued at USD 2.55 Billion in 2021, is projected to exhibit a rapid compound annual growth rate (CAGR) of 14.7% during the forecast period. This notable expansion is fueled by multiple factors, including amplified healthcare investments, escalating prevalence of blood-related cancers such as leukemia, lymphoma, and myeloma on a global scale, heightened awareness among patients and healthcare practitioners regarding early diagnosis, and a robust product pipeline.
Hematologic malignancies encompass a range of blood cancers like leukemia, lymphoma, and myeloma that impact the blood, bone marrow, and lymph nodes. Hematologic malignancies testing plays a pivotal role in diagnosing these conditions. To illustrate, statistics indicate that every 3 minutes, an individual in the United States receives a diagnosis of leukemia, lymphoma, or myeloma. Additionally, these conditions contributed to 9.5% of cancer-related deaths in 2021, accounting for a significant portion of the estimated 608,570 cancer-related fatalities.
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The advancement of the industry is anticipated to gain further momentum from the growing awareness among medical professionals and patients about the potential for aggressive cancer treatments. Furthermore, an upsurge in research and development (R&D) initiatives related to hematologic malignancies is set to drive market growth. This surge is attributed to an increasing number of clinical trials for hematologic oncology malignancies, accompanied by diagnostic assay undertakings through collaborative services by market participants.
Market Dynamics: Driver: Increased Prevalence of Genetic Analysis and DNA Testing The surge in blood cancer cases has led to the adoption of advanced genetic analysis and DNA testing techniques. DNA sequencing methods have found their way into clinical practice, emphasizing the pursuit of improved screening and biomarker techniques for hematologic malignancies. The introduction of electrochemical sensing techniques has revolutionized the identification of solid tumors and hematological malignancies during therapeutic interventions, thus bolstering market growth. Cutting-edge technologies like next-generation sequencing, ultra-deep Polymerase Chain Reaction (PCR), whole-genome sequencing, and exome sequencing have proven effective in identifying mutations underlying hematological malignancies. Furthermore, the application of these testing techniques to develop targeted medications contributes to market expansion.
Restraint: High Cost of Hematological Tests The conventional hematologic malignancy tests are associated with time-consuming processes, complexity, and radiological pollution, impeding their use in clinical settings and limiting market growth. Challenges related to PCR techniques, including reagent depletion, prolonged program durations, false positive results due to contamination, and short RNA stability in Reverse Transcription Polymerase Chain Reaction (RT-PCR), act as barriers to the widespread adoption of these advanced technologies. Additionally, concerns regarding the accuracy and reliability of genetic testing, coupled with a shortage of skilled specialists, particularly in underserved regions, hinder market growth.
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Key Takeaways: Disease Type Outlook: The market is segmented by disease type into multiple myeloma, myelodysplastic syndrome, leukemia, myeloproliferative neoplasms, and lymphoma. Leukemia accounted for the largest revenue share in 2021 due to the increasing demand for early diagnosis in light of rising leukemia prevalence. The American Cancer Society projects 23,100 deaths and 60,530 new leukemia cases in 2020. Moreover, chronic myelogenous leukemia is expected to affect 8,860 new individuals in 2022. The considerable risk associated with chronic leukemia drives market growth.
The multiple myeloma segment is poised to experience rapid revenue growth. Though relatively uncommon, multiple myeloma ranks as the second most prevalent blood cancer. In the United States, over 32,270 diagnoses of multiple myeloma are anticipated in 2021. Advances in melanoma therapies, along with remarkable treatment durability and efficacy rates, further stimulate market expansion. Increased research and development investments, as well as governmental support, contribute to market growth. Global multiple myeloma incidence and death rates stand at 160,000 and 106,000, respectively, with regional variations attributed to cancer medicine accessibility, patient empowerment, and the HAQ Index.
Technology Outlook: The market's technology segment encompasses next-generation sequencing, polymerase chain reaction, Immunohistochemistry, and fluorescent in situ hybridization. Next-generation sequencing is projected to exhibit the highest growth rate due to its efficient decoding of a tumor's genomic code for targeted treatment recommendations. Preventive cancer screening programs present substantial growth opportunities for next-generation sequencing tests. Liquid biopsies introduced through next-generation sequencing tests play a pivotal role in noninvasive cancer detection and monitoring using cell-free, circulating tumor DNA.
Fluorescent in situ hybridization holds a significant revenue share, being instrumental in detecting specific chromosome aberrations in hematological malignancies. Enhanced research on genetic aberrations and the integration of cytogenetic tests such as Immunohistochemistry (IHC) and DNA FISH facilitate next-generation diagnostic techniques. The visual representation of RNA-level gene expression through IHC and DNA FISH offers insights into cancer cell interactions and tumor microenvironment changes during disease progression.
Regional Outlook: North America commands the largest market share, supported by established players and healthcare infrastructure. Favorable regulations and collaborative research efforts further drive market growth. Asia Pacific is expected to witness the fastest growth rate, attributed to increased healthcare expenditure, improved early diagnosis methods, and accessible treatments in emerging economies. Research and development investments by pharmaceutical and genetic engineering companies contribute to market expansion. Government initiatives aimed at providing affordable tyrosine kinase inhibitors to underserved populations stimulate growth.
Europe ranks second in revenue share due to changing hematologic malignancy dynamics. Hematologic malignancies incidence rates vary across regions, with patterns observed in different European countries. Efforts to overcome health inequalities have spurred the development of management guidelines and screening programs. African-European collaborations have elevated diagnostic standards through technology transfer and capacity building.
Competitive Landscape: The competitive landscape features a moderately consolidated scenario, with major companies operating globally and regionally. These entities engage in strategic alliances and product development to expand their product portfolios and establish a strong market presence. Noteworthy players include Invitae Corporation, Bio-Rad Laboratories Inc., Sysmex Corporation, Laboratory Corporation of America Holdings, NeoGenomics Laboratories, Abbott, VYANTbio, Adaptive Biotechnologies, Asuragen Inc., Invivoscribe, Inc., among others.
Recent developments include StemoniX, Inc.'s merger with Cancer Genetics, Inc. in August 2020. This partnership capitalizes on advanced pharmaceutical research, manufacturing techniques, animal models, and human organotypic platforms, contributing to enhanced operations and growth opportunities.
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Hematologic malignancies encompass a range of blood cancers like leukemia, lymphoma, and myeloma that impact the blood, bone marrow, and lymph nodes. Hematologic malignancies testing plays a pivotal role in diagnosing these conditions. To illustrate, statistics indicate that every 3 minutes, an individual in the United States receives a diagnosis of leukemia, lymphoma, or myeloma. Additionally, these conditions contributed to 9.5% of cancer-related deaths in 2021, accounting for a significant portion of the estimated 608,570 cancer-related fatalities.
Get a free sample PDF of the report, visit @ https://www.reportsanddata.com/download-free-sample/5908
The advancement of the industry is anticipated to gain further momentum from the growing awareness among medical professionals and patients about the potential for aggressive cancer treatments. Furthermore, an upsurge in research and development (R&D) initiatives related to hematologic malignancies is set to drive market growth. This surge is attributed to an increasing number of clinical trials for hematologic oncology malignancies, accompanied by diagnostic assay undertakings through collaborative services by market participants.
Market Dynamics: Driver: Increased Prevalence of Genetic Analysis and DNA Testing The surge in blood cancer cases has led to the adoption of advanced genetic analysis and DNA testing techniques. DNA sequencing methods have found their way into clinical practice, emphasizing the pursuit of improved screening and biomarker techniques for hematologic malignancies. The introduction of electrochemical sensing techniques has revolutionized the identification of solid tumors and hematological malignancies during therapeutic interventions, thus bolstering market growth. Cutting-edge technologies like next-generation sequencing, ultra-deep Polymerase Chain Reaction (PCR), whole-genome sequencing, and exome sequencing have proven effective in identifying mutations underlying hematological malignancies. Furthermore, the application of these testing techniques to develop targeted medications contributes to market expansion.
Restraint: High Cost of Hematological Tests The conventional hematologic malignancy tests are associated with time-consuming processes, complexity, and radiological pollution, impeding their use in clinical settings and limiting market growth. Challenges related to PCR techniques, including reagent depletion, prolonged program durations, false positive results due to contamination, and short RNA stability in Reverse Transcription Polymerase Chain Reaction (RT-PCR), act as barriers to the widespread adoption of these advanced technologies. Additionally, concerns regarding the accuracy and reliability of genetic testing, coupled with a shortage of skilled specialists, particularly in underserved regions, hinder market growth.
To know more about the latest insights of the report, visit @
https://www.reportsanddata.com/request-latest-insight/5908
Key Takeaways: Disease Type Outlook: The market is segmented by disease type into multiple myeloma, myelodysplastic syndrome, leukemia, myeloproliferative neoplasms, and lymphoma. Leukemia accounted for the largest revenue share in 2021 due to the increasing demand for early diagnosis in light of rising leukemia prevalence. The American Cancer Society projects 23,100 deaths and 60,530 new leukemia cases in 2020. Moreover, chronic myelogenous leukemia is expected to affect 8,860 new individuals in 2022. The considerable risk associated with chronic leukemia drives market growth.
The multiple myeloma segment is poised to experience rapid revenue growth. Though relatively uncommon, multiple myeloma ranks as the second most prevalent blood cancer. In the United States, over 32,270 diagnoses of multiple myeloma are anticipated in 2021. Advances in melanoma therapies, along with remarkable treatment durability and efficacy rates, further stimulate market expansion. Increased research and development investments, as well as governmental support, contribute to market growth. Global multiple myeloma incidence and death rates stand at 160,000 and 106,000, respectively, with regional variations attributed to cancer medicine accessibility, patient empowerment, and the HAQ Index.
Technology Outlook: The market's technology segment encompasses next-generation sequencing, polymerase chain reaction, Immunohistochemistry, and fluorescent in situ hybridization. Next-generation sequencing is projected to exhibit the highest growth rate due to its efficient decoding of a tumor's genomic code for targeted treatment recommendations. Preventive cancer screening programs present substantial growth opportunities for next-generation sequencing tests. Liquid biopsies introduced through next-generation sequencing tests play a pivotal role in noninvasive cancer detection and monitoring using cell-free, circulating tumor DNA.
Fluorescent in situ hybridization holds a significant revenue share, being instrumental in detecting specific chromosome aberrations in hematological malignancies. Enhanced research on genetic aberrations and the integration of cytogenetic tests such as Immunohistochemistry (IHC) and DNA FISH facilitate next-generation diagnostic techniques. The visual representation of RNA-level gene expression through IHC and DNA FISH offers insights into cancer cell interactions and tumor microenvironment changes during disease progression.
Regional Outlook: North America commands the largest market share, supported by established players and healthcare infrastructure. Favorable regulations and collaborative research efforts further drive market growth. Asia Pacific is expected to witness the fastest growth rate, attributed to increased healthcare expenditure, improved early diagnosis methods, and accessible treatments in emerging economies. Research and development investments by pharmaceutical and genetic engineering companies contribute to market expansion. Government initiatives aimed at providing affordable tyrosine kinase inhibitors to underserved populations stimulate growth.
Europe ranks second in revenue share due to changing hematologic malignancy dynamics. Hematologic malignancies incidence rates vary across regions, with patterns observed in different European countries. Efforts to overcome health inequalities have spurred the development of management guidelines and screening programs. African-European collaborations have elevated diagnostic standards through technology transfer and capacity building.
Competitive Landscape: The competitive landscape features a moderately consolidated scenario, with major companies operating globally and regionally. These entities engage in strategic alliances and product development to expand their product portfolios and establish a strong market presence. Noteworthy players include Invitae Corporation, Bio-Rad Laboratories Inc., Sysmex Corporation, Laboratory Corporation of America Holdings, NeoGenomics Laboratories, Abbott, VYANTbio, Adaptive Biotechnologies, Asuragen Inc., Invivoscribe, Inc., among others.
Recent developments include StemoniX, Inc.'s merger with Cancer Genetics, Inc. in August 2020. This partnership capitalizes on advanced pharmaceutical research, manufacturing techniques, animal models, and human organotypic platforms, contributing to enhanced operations and growth opportunities.
Request a customized copy of the report @ https://www.reportsanddata.com/request-customization-form/5908
Thank you for reading our report. To inquire about customization or any query about the report, please get in touch with us. Our team will make sure the report is best suited to your needs.
Browse for more reports:
Post-Menopausal Osteoporosis Market
Impaired Glucose Tolerance Treatment Market
Poliomyelitis Market
Failed Back Surgery Syndrome Treatment Market
Alkaptonuria Treatment Market
Small Lymphocytic Lymphoma Treatment Market
Synoptophore Market
About Reports and Data
Reports and Data is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients to make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Products, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Reports and Data has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
Contact Us:
John W
(Head of Business Development)
Reports and Data | Web: www.reportsanddata.com
Direct Line: +1-212-710-1370
E-mail: sales@reportsanddata.com
Blogs | Press Release | Industry News | Our competencies
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Browse More Latest Reports @ https://www.reportsanddata.com/report
