The blood cancer diagnostics market is witnessing proliferation of advanced and affordable diagnostics solutions. According to a new research study by Fact.MR, the blood cancer diagnostics market is likely to grow at over 6% CAGR through 2022. Growing preference for liquid biopsy, combined with growth of Asian countries as medical tourism hubs, is likely to influence market growth over the forecast period.
In a bid to offer credible insights, the Fact.MR report has analyzed the blood cancer diagnostics market on various parameters. The report offers analysis on the basis of key test types used by end-users, the most lucrative markets for blood cancer diagnostics, and prominent indications where blood cancer diagnostics are currently used.
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The key takeaways from the Fact.MR report on blood cancer diagnostics market include,
- By test type, the CBC segment, which is currently valued at nearly US$ 77 million, is projected to grow at nearly 5% CAGR. In the North America blood cancer diagnostics market, these tests will continue to account for a significant share of overall revenues.
- Owing to highly accurate diagnosis, blood testing will also continue to be a widely used test globally. The bone marrow test type is also being widely used by end-users owing to its efficacy in diagnosis and management. According to Fact.MR’s analysis, the bone marrow test type is anticipated to rake in significant revenues during the forecast period. Revenues from this segment are anticipated to grow at a healthy CAGR through 2022.
- Liquid biopsy is quickly gaining traction among end-users, owing to its accuracy and other health benefits. Research carried out at Massachusetts General Hospital Cancer Center and Harvard Medical School has shown that liquid biopsy can help patients with advanced cholangiocarcinoma.
- Hospital associated labs account for a significant revenue share of the overall demand for blood cancer diagnostics. According to Fact.MR’s analysis, this end-use segment is projected to grow at over 6% CAGR through 2022.
- Independent diagnostic laboratories are also a major end-user of blood cancer diagnostics. Fact.MR estimates revenues from this segment to grow at a steady CAGR through 2022. Demand is also anticipated to be strong from the cancer research institutes segment.
- The blood cancer diagnostics market in the U.S. will continue to account for a significant share of the global revenues. The U.S. will also remain significant owing to R&D and new developments in diagnostics. Fact.MR projects the U.S. blood cancer diagnostics market to account for leading revenue share of the global market.
- In Europe, Germany and U.K. will account for significant revenue share of the global revenues. Advancements in R&D, combined with increasing prevalence of the disease will hamper growth of the market.
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Leading companies in the blood diagnostics market are focusing on investing in R&D to come up with innovative and accurate diagnostics solutions. Mergers and acquisitions, and collaborations will continue to remain a trend in this market.
The report has also profiled key players in the global market for blood cancer diagnostics, which include companies such as Abbott Laboratories, Thermo Fisher Scientific Inc., Roche Holding A.G., Laboratory Corporation of America Holdings, Luminex Corporation, NanoString Technologies Inc, Myriad Genetics Inc., NeoGenomics Laboratories, Inc., Quest Diagnostics Incorporated, Siemens AG, Qiagen N.V., Biotheranostics, Inc, Agilent Technologies, Almac Group Limited, and GeneNews Limited.
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