The global Hematologic Malignancies Testing Market had a size of USD 2.55 billion in 2021 and is expected to grow at a CAGR of 14.7% during the forecast period. Hematologic malignancies are cancers that develop in blood, bone marrow, and lymph nodes.
The rising prevalence of blood cancer, leukemia, and multiple myeloma worldwide, increasing healthcare spending, awareness among patients and healthcare professionals about early diagnosis, and the development of a strong product pipeline are the main factors driving market revenue growth.
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Hematologic malignancies are one of the leading causes of death in the U.S., accounting for 9.5% of cancer deaths in 2021, and the incidence rates of non-Hodgkin's lymphoma and leukemia have surged by approximately 40% and 25%, respectively.
The market is expected to be boosted by medical care professionals' and customers' increasing awareness of the likelihood of receiving aggressive cancer treatment over the forecast period. Additionally, an increase in hematologic malignancies-related initiatives for Research Development (RD) is expected to drive market revenue growth. The increasing adoption of technologically advanced genetic analysis and DNA testing for better screening and biomarker techniques for hematologic malignancies, along with the rising usage of these testing techniques to create innovative targeted medicines, are some of the major factors driving market revenue growth.
However, the high cost of hematological tests, time-consuming, difficult, and radiologically polluting tests, and constraints of PCR techniques that include reagent depletion, longer program time scales, interpretation of false positive results due to contamination, and short RNA stability in RT-PCR are restraining the market's growth. Additionally, there are concerns about accuracy and dependability of genetic testing and lack of competent specialists, particularly in developed and impoverished locations worldwide.
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The global hematologic malignancies testing market is segmented into multiple myeloma, myelodysplastic syndrome, leukemia, myeloproliferative neoplasms, and lymphoma based on disease type. The leukemia segment accounted for the largest revenue share in 2021 due to rising demand for early diagnosis because of increasing prevalence of leukemia. The multiple myeloma segment is expected to register a significantly fast revenue growth rate during the forecast period due to its high level of durability, rapid advancement in melanoma therapies, and effective treatment rate.
In conclusion, the global hematologic malignancies testing market is expected to grow rapidly due to the increasing prevalence of blood cancer, rising healthcare spending, awareness among patients and healthcare professionals, and the development of a strong product pipeline.
However, the high cost of hematological tests, concerns about accuracy and dependability of genetic testing, and lack of competent specialists are restraining the market's growth. The market is segmented based on disease type, and the leukemia segment accounted for the largest revenue share in 2021, while the multiple myeloma segment is expected to register significant growth during the forecast period.
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