Increasing incidence of blood disorders such as cancers, growing awareness regarding early testing and diagnosis, and increasing R&D activities for hematologic malignancies and development of new treatment approaches are some key factors expected to drive market growth.
Increasing incidence of blood disorders such as cancers, growing awareness regarding early testing and diagnosis, and increasing R&D activities for hematologic malignancies and development of new treatment approaches are some key factors expected to drive market growth
According to Emergen Research, the global hematologic malignancies testing market size was USD 1.95 billion in 2019 and is expected to reach USD 5.45 Billion in 2027and is expected to register a revenue CAGR of 14.6 % during the forecast period, 2020-2027.
Market Dynamics:
Hematologic malignancies are cancers that are present in the blood-forming tissues such as bone marrow cells and cells of immune systems. Lymphoma, leukemia, and multiple myeloma are key types of hematologic malignancies with diffuse large B-cell lymphoma being the most commonly occurring hematologic malignancy. Hematologic malignancies are often caused by the uncontrolled division of abnormal cells that arise from normal cells that have been subjected to a change that makes them unable to respond to normal control mechanisms that generally restricts their growth and development. Increasing prevalence of leukemia and lymphoma, rising geriatric population across the globe and subsequent increase in hematologic malignancies, and growing awareness regarding benefits of early hematologic malignancy testing are some key factors expected to drive market revenue growth going ahead.
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Hematologic malignancy testing includes molecular tests that help in diagnosis, prognosis, and targeted treatment in leukemias or blood cancers. Methods such as peripheral blood testing, biopsy, radiologic examinations, immunology testing, and DNA sequencing technology are commonly used in testing of hematologic malignancies. Increasing advancements in DNA sequencing technology and molecular testing have further improved accuracy of testing in early stages and have enabled doctors to decide best approach for treatment and this has significantly contributed to revenue growth of the market over the recent past and is expected to continue to do so going ahead. However, disadvantages of the testing methods such as high costs, time intensive and complex procedures, and radioactive pollution are some key factors that can hamper revenue growth over the forecast period. However, growing focus on developing user-friendly, cost-effective, safe, and sensitive hematologic malignancies testing methods are expected to create lucrative opportunities for the players in the market and support market growth over the coming years.
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
Next-Generation Sequencing Segment Revenue to Support Market Revenue Growth:
Next-generation sequencing segment revenue is expected to expand at a rapid CAGR over the forecast period attributable to increasing knowledge regarding next-generation sequencing, growing importance of next-generation sequencing in diagnosing chronic diseases, and increasing advancements in genomics and molecular biology techniques.
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Leukemia Segment to Account for Largest Revenue Share:
Increasing global incidence of leukemia, growing focus on early diagnosis and treatment, increasing availability of better diagnosis and screening facilitates, and rising research activities to develop novel testing methods for hematologic malignancies are some key factors expected to drive revenue growth of the segment over the forecast period.
Asia Pacific to Lead in Terms of Revenue CAGR:
Asia Pacific market revenue is expected to expand at a robust CAGR over the forecast period attributable to increasing incidence of blood cancer, rapid advancements in healthcare and research facilities, availability of skilled professionals, growing presence of key market players, and availability of favorable reimbursement plans.
Major Companies in the 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.
For the purpose of this report, 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)
- Services
- Kits
Technology Outlook (Revenue, USD Billion; 2017-2027)
- Polymerase Chain Reaction
- Immunohistochemistry
- Next-generation sequencing
- Fluorescence in situ hybridization
Disease Outlook (Revenue, USD Billion; 2017-2027)
- Multiple myeloma
- Myelodysplastic syndrome
- Leukemia
- Myeloproliferative neoplasms
- Lymphoma
End-Use Outlook (Revenue, USD Billion; 2017-2027)
- Research Institutions
- Hospitals
- Specialty Clinics
- Laboratories
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Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- U.A.E.
- South Africa
- Rest of MEA
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