Blood Cancer Diagnostics Market
Number of pages: 100 | Report Format: PDF | Published date: April 21, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
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Report Attribute |
Details |
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Market Size Value in 2022 |
US$ 15.65 billion |
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Revenue Forecast in 2031 |
US$ 25.12 billion |
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CAGR |
5.4% |
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Base Year for Estimation |
2022 |
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Forecast Period |
2023 to 2031 |
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Historical Year |
2021 |
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Segments Covered |
Type, Test Type, Cancer Type, End User, and Region |
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Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global blood cancer diagnostics market was valued at US$ 15.65 billion in 2022 and is expected to register a revenue CAGR of 5.4% to reach US$ 25.12 billion by 2031.
Blood Cancer Diagnostics Market Fundamentals
The blood cancer diagnostic market includes various diagnostic techniques and tests to detect and diagnose several types of blood cancers, such as leukemia, lymphoma, and myeloma. The market revenue is driven by the increasing prevalence of blood cancers worldwide and the growing demand for efficient and accurate diagnostic tests. The diagnostic techniques for blood cancer include imaging tests such as X-rays, CT scans, MRIs, blood tests, bone marrow biopsies, and lymph node biopsies. Several companies are developing new and innovative diagnostic techniques and tests to improve the accuracy and speed of blood cancer diagnosis. The market for blood cancer diagnosis is highly competitive, with several key players operating globally. Some leading companies in the market include Abbott Laboratories, Agilent Technologies, Inc., Bio-Rad Laboratories, F. Hoffmann-La Roche AG, Siemens Healthcare GmbH, Thermo Fisher Scientific Inc., and others.
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Blood Cancer Diagnostics Market Dynamics
The global blood cancer diagnostic market revenue is expected to grow significantly during the forecast period due to several factors. The market for blood cancer diagnostics is expected to expand because of the growing elderly population, which is more susceptible to many chronic diseases, including blood cancer. For instance, the World Health Organization 2021 estimates that by 2030, there will be at least one person in every six who is 60 or older. The same source estimates that by 2050, about 2.1 billion people will be 60 or older. The primary driver of the revenue growth of the blood cancer diagnostics market appears to be the increasing incidence of blood malignancies such as leukemia, lymphoma, and myeloma. For instance, according to data from the Global Cancer Observatory 2021, there were 83,087 instances of Hodgkin lymphoma and 544,352 cases of Non-Hodgkin lymphoma reported globally in 2020. According to the same source, roughly 176,404 instances of multiple myeloma and 474,519 cases of leukemia were reported globally in 2020. The persistent increase in risk factors for the occurrence of blood cancers, such as tobacco use, smoking, family history, prior cancer treatment, and others, is a significant contributor to the revenue growth of the global blood cancer diagnostics market.
According to WHO estimates, around 22.3% of the world’s population was tobacco users in 2022. Cigarettes and other tobacco-based goods like cigars are a substantial risk factor for blood malignancies. The rising smoking prevalence in numerous nations increases the global burden of the emergence of blood cancer. For instance, according to the Nanny State Index (NSI) 2021, Austria had a smoking rate of 26.40% in 2020. In 2019, there were 20.4 million adult smokers in Brazil, according to information provided by the Foundation for a Smoke-Free World 2022. The efficiency and accuracy of blood cancer diagnosis have increased thanks to the development of new and cutting-edge diagnostic technologies, including liquid biopsy and next-generation sequencing (NGS). As a result, the need for these tests is expected to rise during the forecast period.
However, blood cancer diagnostic tests are often expensive, making them unaffordable for many patients. This can limit the uptake of these tests, particularly in developing countries where access to healthcare is limited.
Blood Cancer Diagnostics Market Ecosystem
The global blood cancer diagnostics market is analyzed from five perspectives: type, test type, cancer type, end user, and region.
Blood Cancer Diagnostics Market by Type
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Based on type, the global blood cancer diagnostics market is segmented into products and services. The product segment is segmented into assay kits, reagents, and instruments.
The product segment, including assay kits, reagents, and instruments, accounts for the largest revenue share in the global blood cancer diagnostics market. It is expected to rise significantly during the forecast period. The primary reasons fueling the segment’s revenue growth are rising cancer prevalence, an increase in the senior population, increased research and development spending, increased consumable usage for cancer diagnostics, and the introduction of technologically advanced products.
Blood Cancer Diagnostics Market by Test Type
Based on test type, the global blood cancer diagnostics market is segmented into blood tests, bone marrow biopsy, imaging tests, and molecular tests.
The molecular test segment is expected to register a high revenue CAGR in the global blood cancer diagnostics market during the forecast period. This is attributed to the benefits of molecular testing-based blood cancer diagnostic solutions like flow cytometry, next-generation sequencing (NGS), polymerase chain reaction (PCR), and others. Patients who receive a blood cancer diagnosis through molecular testing do not face the same danger of being exposed to radiation as they would with conventional imaging procedures like X-rays and MRIs. Like a bone marrow biopsy, these tests are pleasant. Leukemia and lymphoma cases can be effectively classified independently, and they can also turn around cases quickly. As a result, given the benefits of molecular tests and their rising popularity among end users, this product category is expected to create sizable revenue, driving the revenue growth of the global blood cancer diagnostic market.
Blood Cancer Diagnostics Market by Cancer Type
Based on cancer type, the global blood cancer diagnostics market is segmented into leukemia, multiple myeloma, and others.
The leukemia segment accounts for the largest revenue share in the global blood cancer diagnostics market. The need for blood cancer diagnostics has increased due to rising leukemia prevalence and growing awareness of the value of early diagnosis. One person in the United States passes away from blood cancer every nine minutes, according to the Leukemia & Lymphoma Society. In the United States, 158 individuals die daily from leukemia-related causes because of delayed or ineffective treatment. Leading healthcare organizations focus on funding research and development (R&D) activities to ensure a quick and accurate diagnosis.
Blood Cancer Diagnostics Market by End User
Based on the end-user, the blood cancer diagnostics market is segmented into hospitals & clinics, academic & research institutes, and others.
The hospital & clinics segment accounts for the largest global blood cancer diagnostics market revenue share. This large share of revenue is due to factors including an increase in hospital visits by patients, an increase in hospital-based diagnostic procedures, and rising public awareness of the importance of early diagnosis as the main factors driving this market revenue. Additionally, the wide range of diagnostic tests available, the rise in the incidence rate of blood malignancies, the availability of specialized laboratory settings, and the availability of healthcare experts to conduct diagnostic tests and monitor the condition all contribute to the segment’s revenue growth.
Blood Cancer Diagnostics Market by Region
Based on region, the global blood cancer diagnostics market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America accounts for the largest global blood cancer diagnostics market revenue share. Numerous causes, including the rise in blood cancer cases, increased knowledge of early detection, and improvements in blood cancer testing technologies, contributed to the growth of the global blood cancer diagnostics market. In North America, blood cancers like leukemia, lymphoma, and myeloma seriously threaten the public’s health. In 2020, the American Cancer Society expected about 178,520 new blood cancer cases in the country. The region’s demand for diagnostic testing is expected to increase due to the rising incidence of blood cancer. Governments in North America are spending more money on healthcare initiatives and infrastructure to detect better and cure blood cancer. For instance, the Cancer Moonshot project and the 21st Century Cures Act in the United States are intended to hasten the research and distribution of new cancer treatments, including those for blood cancer. Significant companies, such as Abbott Laboratories, Becton, Dickinson and Company, and F. Hoffmann-La Roche Ltd., are based in North America. These businesses are making R&D investments to create cutting-edge blood cancer diagnostic tests, fueling the market revenue growth.
Asia Pacific is expected to record a high revenue CAGR in the blood cancer diagnostic market during the forecast period. Blood cancer, including leukemia, lymphoma, and myeloma, is a significant public health issue in Asia. The incidence of blood cancer in the region is increasing due to factors such as the aging population, lifestyle changes, and environmental factors. For instance, according to a report by the World Health Organization (WHO), the incidence of blood cancer is increasing at a rate of 2.8% per year in the Asia Pacific region. This increasing incidence of blood cancer is expected to drive demand for diagnostic tests in the region. There is increasing awareness in the Asia Pacific region about the importance of early detection of blood cancer, which can lead to better treatment outcomes. This drives demand for blood cancer diagnostic tests as patients and healthcare providers seek to diagnose the disease earlier.
Blood Cancer Diagnostics Market Competitive Landscape
The prominent players operating in the global blood cancer diagnostics market with the largest revenue share are:
Blood Cancer Diagnostics Market Strategic Developments
The expected size of the global blood cancer diagnostics market in 2031 is US$ 25.12 Billion.
The revenue CAGR for the blood cancer diagnostics market is 5.4% during the forecast period.
Abbott Laboratories Inc., Qiagen NV, Thermo Fisher Scientific Inc., F. Hoffman-La Roche Ltd., and BD & Company are key players operating in the blood cancer diagnostics market.
The Asia Pacific region is expected to register a large revenue CAGR in the global blood cancer diagnostics market.
The regulatory issues can also limit the growth of the blood cancer diagnostics market revenue. The development and approval of new diagnostic tests can be lengthy and costly, and regulatory hurdles can slow the introduction of new technologies into the market.
*Insights on financial performance are subject to the availability of information in the public domain