PUBLISHER: BIS Research | PRODUCT CODE: 1096357
PUBLISHER: BIS Research | PRODUCT CODE: 1096357
“Global Hematologic Malignancies Testing Market to Reach $11,680.1 Million by 2032.”
The global hematologic malignancies testing market is projected to reach $11,680.1 million by 2032, growing from $2,606.5 million in 2021, at a CAGR of 14.23% during the forecast period 2022-2032. The global market for hematologic malignancies testing has grown significantly, owing to the rising demand for numerous biomarker-based molecular diagnostics. The advancements have aided in enhancing the quality of life and decreasing treatment costs and time, driving the overall growth of the healthcare diagnostics market. Furthermore, the worldwide hematologic malignancies testing market is being driven by rising awareness and adoption of the precision diagnostic technique in both developed and developing countries.
Hematologic malignancies are a type of cancer that starts in blood-forming tissue, such as the bone marrow or immune system cells. With an enhanced genomic review of cancer and developments in molecular diagnostic technology, genetic characterization has become increasingly important in the clinical evaluation of practically every kind of hematologic malignancy. In economically developed countries, hematological malignancies (blood cancers) are the fifth most prevalent cancer kind. They're generally divided into three groups based on whether cancer starts in the blood (leukemia), lymph nodes (Hodgkin's lymphoma and non-Hodgkin's lymphoma), or bone (osteosarcomas and myelomas). The global hematologic malignancies testing market is undergoing a significant change about the advancements that have already taken place and are currently invading the market space. Additionally, with the emergence of advanced diagnostic technologies, there is immense potential for emerging submarkets such as the nucleic acid extraction market to continue fueling the overall hematologic malignancies testing market. Further, with highly opportunistic trends coming into play with the rapid incorporation of hematologic malignancies testing in the management of cancer in healthcare settings, there is immense potential for growth in this market.
In the U.S. and around the world, cancer is the leading cause of death. Cancer testing is an important preventive measure that can lower the incidence and death of cancer. While cancer prevention and screening are important for individual and societal health, the cancer market is undergoing significant changes because of the COVID-19 epidemic. COVID-19-related disruptions have impacted nearly every area of cancer control and prevention infrastructure, which includes canceled cancer diagnostic tests, postponed elective surgeries, deconstructed therapy regimens, and unemployed healthcare providers. Patients, healthcare providers, and healthcare systems may all suffer because of the disruption in cancer screening tests.
Cancer screening is crucial for early cancer detection; however, COVID-19 has slowed the cancer screening infrastructure greatly. Many cancer organizations have championed the idea of suspending cancer screening services to patients to alter the provision of healthcare resources. Following the declaration of a national emergency in the U.S. on March 13, 2020, organizations such as the American Cancer Society advised people to put their cancer screening plans on hold until further notice during the COVID-19 outbreak. Cancer screening services have been severely disrupted because of this proposal, as well as other contextual circumstances (e.g., social exclusion measures).
Successful cancer screening is frequently achieved through synergistic collaborations among patients, healthcare providers, and health systems. Furthermore, because there is no information on the virus' origins and no effective vaccination or curative therapy, both patients and healthcare providers share the same unknowns and doubts about COVID-19. Health systems, whose financial prospects may be challenged, are also affected by this uncertainty. It is expected that, with the restrictions gradually being removed from several regions around the world, coupled with research activities resuming normalcy, the market will face a low impact on the annual revenue generation.
The hematologic malignancies testing market (by platform) was dominated by the polymerase chain reaction (PCR) segment in 2021. This was due to an increasing number of PCR kits that providers offer to their end users.
In 2021, leukemia disease dominated the hematologic malignancies testing market due to an increasing number of patients suffering from cancer. According to the data published by the World Health Organization, cancer is a leading cause of death, with nearly 10 million deaths reported in 2020.
The hematologic malignancies testing market (by product) was dominated by the services segment in 2021. This growth was attributed to academic research and industry collaboration. Moreover, the technological advancement in RUO products is boosting the growth of the hematologic malignancies testing market.
In 2021, the hematologic malignancies testing market (by end user) was dominated by the specialty clinics, and hospitals segment as these clinics have all the necessary information and topic competence to perform disease diagnostic tests.
North America generated the highest revenue of $1,491.7 million in 2021, which is attributed to the R&D advancements in the field of oncology testing and the presence of dominating players operating in the hematologic malignancies testing market.
Following are the demand drivers for the hematologic malignancies testing market:
The market is expected to face some limitations too due to the following challenges:
The companies that are profiled have been selected based on inputs gathered from primary experts and analyzing company coverage, product portfolio, and market penetration.
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