According to Emergen Research, the global hematologic malignancies testing market size was USD 2.23 billion in 2020 and is expected to reach USD 6.24 billion in 2028 and register a revenue CAGR of 14.6% during the forecast period, 2021-2028.
Emergen Research has published its latest report titled “Hematologic Malignancies Testing Market, By Product Type (Services, Kits), By Disease Type (Multiple Myeloma, Myelodysplastic Syndrome, Leukemia, Myeloproliferative Neoplasms, Lymphoma), By Technology (Polymerase Chain Reaction, Next-generation Sequencing, Immunohistochemistry, Fluorescence In-situ Hybridization), By End-use (Hospitals, Specialty Clinics, Laboratories, Research Institutions), and By Region, Forecast to 2028”
According to Emergen Research, the global hematologic malignancies testing market size was USD 2.23 billion in 2020 and is expected to reach USD 6.24 billion in 2028 and register a revenue CAGR of 14.6% during the forecast period, 2021-2028.
Market Dynamics:
Key factors contributing to the global hematologic malignancies testing market revenue growth are rising burden of different cancer types including blood cancer across the globe, increasing number of patients with leukemia, multiple myeloma, and other blood cancers, rising need for early detection and treatment of hematologic cancers, and rising focus of healthcare providers on improving therapeutic care for blood cancer patients.
Hematologic cancer, also called blood cancer, begins in the cells of the immune system or tissue that form blood, such as the bone marrow. It is the fifth most common cancer type in the world, and leukemia, multiple myeloma, and lymphoma are among the most common types of blood cancer. As per several studies, leukemia affects more than over 300,000 people around the world each year. Increasing research collaborations between leading pharmaceutical companies and academic institutes and continuous technological advances in hematologic malignancy testing techniques are expected to drive the global market revenue growth to a significant extent.
Some of the currently used hematologic malignancy testing and diagnostic methods include peripheral blood testing, immunology testing, bone marrow biopsy, radiologic examination, DNA sequencing technology, and flow cytometry. However, market revenue growth is hampered by unfavorable factors such as increasing costs of testing equipment, rising problems related to various genetic cancer tests, and lack of skilled laboratory professionals.
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COVID-19 Impact Analysis:
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- Impacted manufacturing activities and mining operations globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Disrupted agriculture, fisheries, dairy, and other sectors
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines
Leukemia Segment Accounted for Largest Revenue Share in 2019:
Based on disease type, the global hematologic malignancies testing market is segmented into multiple myeloma, myelodysplastic syndrome, leukemia, myeloproliferative neoplasms, and lymphoma. The leukemia segment held the largest revenue share in the global market in 2020, owing to factors such as rising prevalence of leukemia globally, growing adoption of sedentary lifestyle and unhealthy eating habits, rising awareness of cancer, and increasing need for early detection and treatment of blood cancers.
Hospitals Segment to Account for Fastest Revenue CAGR:
Based on end-use, the global hematologic malignancies testing market is segmented into hospitals, specialty clinics, laboratories, and research institutions. The hospitals segment is expected to dominate other segments in terms of fastest revenue CAGR in the global market over the forecast period. Factors boosting revenue growth of this segment are growing prevalence of hematologic cancer, rising awareness of early diagnosis of hematologic malignancies, rapid adoption of advanced hematologic malignancy testing equipment in healthcare facilities, and rising government investments in hospital infrastructure development.
North America Accounted for Largest Revenue Share in 2019:
Among regional markets, the North America hematologic malignancies testing market was the most dominant in terms of largest revenue share in the global market in 2020. Growing prevalence of blood cancers, rising need for early cancer diagnosis, increasing number of hematologic malignancy testing procedures, and presence of highly advanced healthcare infrastructure and key market players, such as Bio-Rad Laboratories, Inc. and Bristol Myers Squibb, in the region are key factors contributing to revenue growth of the regional market.
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Major Companies in the Global Hematologic Malignancies Testing Market Include:
- ArcherDx, Inc.
- Bio-Rad Laboratories, Inc.
- Sysmex Corporation
- Invitae Corporation
- NeoGenomics Laboratories, Inc.
- Abbott Laboratories
- Cancer Genetics Inc.
- Adaptive Biotechnologies Corporation
- Asuragen, Inc.
- Invivoscribe, Inc.
- Pfizer, Inc.
- F. Hoffmann-LA Roche Ltd.
- Sanofi-Aventis
- Bristol-Myers Squibb Company
- AbbVie, Inc.
- Novartis AG
- GlaxoSmithKline PLC
- Celgene Corporation
- Johnson & Johnson Services, Inc.
- Takeda Pharmaceutical Company Limited
For the purpose of this report, Emergen Research has segmented the global hematologic malignancies testing market on the basis of product type, disease type, technology, end-use, and region:
Product Type Outlook (Revenue, USD Billion; 2018-2028)
- Services
- Kits
Disease Type Outlook (Revenue, USD Billion; 2018-2028)
- Multiple myeloma
- Myelodysplastic syndrome
- Leukemia
- Myeloproliferative neoplasms
- Lymphoma
Technology Outlook (Revenue, USD Billion; 2018-2028)
- Polymerase Chain Reaction (PCR)
- Next-generation sequencing (NGS)
- Immunohistochemistry
- Fluorescence in situ hybridization
End-use Outlook (Revenue, USD Billion; 2018-2028)
- Hospitals
- Specialty Clinics
- Laboratories
- Research Institutions
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Region Outlook (Revenue, USD Billion; 2018-2028)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- U.A.E.
- South Africa
- Turkey
- Rest of Middle East & Africa
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