Increasing cases of hematologic cancers including leukemia and multiple myeloma worldwide, growing awareness of hematologic disorders, and surging need for early blood cancer diagnosis are some of the key factors expected to boost 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 2027 and register a revenue CAGR of 14.6% during the forecast period, 2020-2027.
Market Dynamics:
The global hematologic malignancies testing market revenue growth is primarily attributed to many favorable factors. These factors include rising prevalence of blood cancer worldwide, increasing cases of blood cancer types including leukemia and multiple myeloma, and increasing focus of healthcare professionals on early detection of hematologic cancers. Blood cancer is the fifth most common form of cancer in the world, and the three most common blood cancer types include leukemia, multiple myeloma, and lymphoma. According to many studies, over 300,000 people worldwide are diagnosed with leukemia each year.
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Other major factors contributing to the global hematologic malignancies testing market revenue growth include increasing collaborations between leading pharmaceutical companies and research institutes for the development of newer and more advanced testing methods for hematologic malignancies. The global market revenue growth, however, is hampered to a significant extent due to unfavorable factors such as problems associated with various genetic cancer tests, rising costs of testing equipment, and dearth of skilled professionals.
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 Disease Type Segment Accounted for Largest Revenue Share in 2019:
Based on disease type, the leukemia segment accounted for the largest revenue share of 31.3% in the global hematologic malignancies testing market in 2019. Growing prevalence of leukemia across the globe, increased inclination towards unhealthy lifestyles and eating habits, rising cancer awareness among the population, and surging need for early detection of cancer are among the major factors prompting the robust growth of this segment.
Hospitals End-use Segment to Register Fastest Revenue CAGR:
Among end-use segments, the hospitals segment is expected to register the fastest revenue CAGR in the global hematologic malignancies testing market over the forecast years. Rising prevalence of blood cancer worldwide, growing need for early diagnosis of hematologic malignancies, rising government concerns to advance healthcare infrastructure, and increasing adoption of advanced hematologic malignancy testing methods are key factors boosting growth of the hospitals segment.
North America Accounted for Largest Revenue Share in 2019:
Among regional markets, the North America hematologic malignancies testing market accounted for the largest revenue share of 39.2% in the global market in 2019. Increasing prevalence of blood cancer, growing need for early cancer diagnosis, increasing volumes of hematologic malignancy testing procedures, and presence of state-of-the-art healthcare infrastructure in the region are among the major factors contributing to the North America market revenue growth.
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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.
- 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; 2017-2027)
- Services
- Kits
Disease Type Outlook (Revenue, USD Billion; 2017-2027)
- Multiple myeloma
- Myelodysplastic syndrome
- Leukemia
- Myeloproliferative neoplasms
- Lymphoma
Technology Outlook (Revenue, USD Billion; 2017-2027)
- Polymerase Chain Reaction (PCR)
- Next-generation sequencing (NGS)
- Immunohistochemistry
- Fluorescence in situ hybridization
End-use Outlook (Revenue, USD Billion; 2017-2027)
- Hospitals
- Specialty Clinics
- Laboratories
- Research Institutions
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Region Outlook (Revenue, USD Billion; 2017-2027)
- North America
- S.
- Canada
- Mexico
- Europe
- Germany
- France
- 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
- A.E.
- South Africa
- Turkey
- Rest of Middle East & Africa
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