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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

Hematologic Malignancies Testing Market: Industry Overview

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.

Global Hematologic Malignancies Testing Market

Analyst Thoughts

According to Nitish Kumar, Principal Analyst, BIS Research, “The hematologic malignancies testing market is an emerging segment comprising the overall diagnostics ecosystem. Moreover, the increasing prevalence of cancer and technological advancement in the field of cancer diagnostic are the significant factors driving the growth of the hematologic malignancies testing market.”

Impact

• 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.

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

 

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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.

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Global Minimally Invasive Biopsy Technologies Market

 

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