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.
New York, July 05, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Hematologic Malignancies Testing Market: Focus on Hematologic Malignancies Testing Product and Application, Supply Chain Analysis, and Country Analysis - Analysis and Forecast, 2022-2032" - https://www.reportlinker.com/p06290207/?utm_source=GNW
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.
Market Lifecycle Stage
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.
• The presence of major service providers of hematologic malignancies testing products has a significant impact on the market. For instance, In South Bend, Indiana, Laboratory Corporation of America Holdings opened a new diagnostics laboratory, allowing the company to expand service levels and products to patients and doctors in the area.
• Companies such as F. Hoffmann-La Roche Ltd released the AVENIO Tumor Tissue CGP Kit, which complements Roche and Foundation Medicine’s current CGP offering and enables laboratories to extend their oncology research in-house. In the end, a future version of the kit could result in more resources for clinicians to employ in cancer diagnosis and therapy. The presence of such products has a positive impact on market growth.
Impact of COVID-19
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.
Segmentation 1: by Platform
• Polymerase Chain Reaction (PCR)
• Next-Generation Sequencing (NGS)
• Fluorescence In-Situ Hybridization (FISH)
• Flow Cytometry
• Immunohistochemistry (IHC)
• Other Platforms
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.
Segmentation 2: by Disease
• Multiple Myeloma
• Myeloproliferative Neoplasm
• Myelodysplastic Syndrome
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.
Segmentation 3: by Product
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.
Segmentation 4: by End User
• Specialty Clinics and Hospitals
• Diagnostic Laboratories
• Reference Laboratories
• Research Institutions
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.
Segmentation 5: by Region
• North America
• Latin America
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.
Recent Developments in Hematologic Malignancies Testing Market
• In August 2021, GRAIL, a healthcare business focused on life-saving early identification of various malignancies, was acquired by Illumina, Inc. The Galleri blood test developed by GRAIL diagnoses various malignancies before they become symptomatic. GRAIL’s acquisition by Illumina has accelerated access to and acceptance of the life-saving test around the world.
• In October 2021, F. Hoffmann-La Roche Ltd released the AVENIO Tumor Tissue CGP Kit, enabling laboratories to extend their oncology research in-house.
• In January 2021, F. Hoffmann-La Roche Ltd partnered with Sysmex Corporation to evolve and provide hematology testing advances to laboratories around the world. The firms have renewed their long-standing distribution, sales, and services (DSS) agreement, allowing Roche to continue to distribute Sysmex hematology goods, including instruments and reagents.
Demand – Drivers and Limitations
Following are the demand drivers for the hematologic malignancies testing market:
• Increasing Key Player Initiatives
• Growing Funding in the Market for Hematologic Malignancies Testing
The market is expected to face some limitations too due to the following challenges:
• Lack of Qualified Professionals
• Issues Concerning the Analytical Validity of Cancer Genetic Testing
How Can This Report Add Value to an Organization?
Product/Innovation Strategy: The product segment helps the reader understand the types of products, i.e., kits and services. These ecosystems are the primary focus of the study as these are the target of market players in terms of revenue generation. Moreover, the study provides the reader with a detailed understanding of the different diseases such as leukemia, lymphoma, multiple myeloma, myeloproliferative neoplasm, and myelodysplastic syndrome.
Growth/Marketing Strategy: The hematologic malignancies testing market has been dominated significantly by companies such as QIAGEN N.V., Abbott., Bio-Rad Laboratories, Inc., and F. Hoffmann-La Roche Ltd due to their expansive portfolio and strong regional presence across the world. Many companies such as Precipio, Sysmex Corporation, Illumina, Inc., ARUP Laboratories, and Adaptive Biotechnologies lie in the low growth and low market share segment. The low market share of these companies is primarily due to limited products with respect to the hematologic malignancies testing market in comparison to other segments of these companies. Also, the lack of synergistic activities with respect to the market is responsible for the low growth of these companies.
Competitive Strategy: Key players in the hematologic malignancies testing market analyzed and profiled in the study has involved the oncology application-based product manufacturers that provide hematologic malignancies testing kits and services.Moreover, a detailed competitive benchmarking of the players operating in the hematologic malignancies testing market has been done to help the reader understand how players stack against each other, presenting a clear market landscape.
Additionally, comprehensive competitive strategies such as partnerships, agreements, and collaborations will aid the reader in understanding the untapped revenue pockets in the market.
Key Market Players and Competition Synopsis
The companies that are profiled have been selected based on inputs gathered from primary experts and analyzing company coverage, product portfolio, and market penetration.
Some prominent names established in this market are:
• ASURAGEN, INC.
• Adaptive Biotechnologies
• ARUP Laboratories
• Bio-Rad Laboratories, Inc.
• F. Hoffmann-La Roche Ltd
• Illumina, Inc.
• ICON plc
• Invivoscribe, Inc.
• Invitae Corporation.
• Laboratory Corporation of America Holdings
• NeoGenomics Laboratories
• OHSU’s Knight Diagnostic Laboratories
• QIAGEN N.V.
• Quest Diagnostics
• Sysmex Corporation
• North America
• Latin America
• Rest-of-Latin America
• South Korea
Read the full report: https://www.reportlinker.com/p06290207/?utm_source=GNW
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