Global MRD Testing Market: Focus on Technology, Application, End User, Region and Competitive Landscape - Analysis and Forecast, 2020-2025
Global MRD Testing Market to Grow at a CAGR of 15.64% from 2020-2025.
Market Report Coverage - MRD Testing
- Technology – Flow Cytometry, Polymerase Chain Reaction (PCR), Next-Generation Sequencing (NGS), and Other Technologies
- Application – Hematological Malignancies (Non-Hodgkin’s Lymphoma, Multiple Myeloma, Acute Lymphoblastic Leukemia, Acute Myeloid Leukemia, Chronic Myeloid Leukemia Leukemia, Hodgkin’s Lymphoma, and Other Leukemia) and Solid Tumor
- End User – Specialty Clinics and Hospitals, Diagnostic Laboratories, Research Institutions, and Other End Users
- North America – U.S., and Canada
- Europe – Germany, Italy, France, U.K., Spain, and Rest-of-Europe
- Asia-Pacific – China, India, Japan, South Korea, Australia, Singapore, and Rest-of-Asia-Pacific
- Latin America & Middle East – Brazil, Mexico, Saudi Arabia, and Rest-of-Latin America and Middle East
- Rising Incidence of Hematologic Malignancies
- Increasing Consumer Awareness for Tailored Therapy
- Increase in Research Funding from National Cancer Institute
- Increasing Disposable Income in Emerging Economies
- False Negatives and Positives
- Uncertain Reimbursement and Regulatory Policies
- Lack of Trained Professionals
- Lack of Established Treatment Protocols for High-Value Tests in Emerging Economies
- Potential Long-Term Cost Savings
- Increasing Market Access in Emerging Economies
- Technological Evolution of Testing
Key Companies Profiled
ICON plc, ArcherDX, Inc. (Part of Invitae Corporation), Arup Laboratories, ASURAGEN INC., Cergentis B.V., Bio-Rad Laboratories, Inc., Mission Bio, Inc., Guardant Health, Invivoscribe, Inc., Laboratory Corporation of America Holdings, Inivata Ltd., Natera, Inc., NeoGenomics Laboratories, Inc., Opko Health, Inc., Quest Diagnostics Incorporated, Sysmex Corporation, Adaptive Biotechnologies Corporation
Key Questions Answered in this Report:
- What are the major market drivers, challenges, and opportunities and their respective impacts in the global MRD testing market?
- What is the potential impact of biotechnological advancement in the diagnostic industry among end users, such as physicians, researchers, pathologists, and laboratory technicians?
- What is the current market demand along with future expected demand for the global MRD testing market?
- Has MRD testing penetrated major countries facing an immense burden from hematological malignancies?
- What are the key regulatory hurdles for industry players looking to enter this highly dynamic market?
- What are the key development strategies that are implemented by the major players in order to sustain in the competitive market?
- How is each segment of the market expected to grow during the forecast period from 2020 to 2025 based on each segment?
- Technology (flow cytometry, PCR, NGS, and other technologies)
- Application (hematological malignancy and solid tumor)
- End user (specialty clinics and hospitals, diagnostic laboratories, research institutions, and other end users)
- Region (North America, Europe, Asia-Pacific, Latin America & Middle East, and Rest-of-the-World)
- Which are the leading players with significant offerings to the global MRD testing market? What is the expected market dominance for each of these leading players?
- Which emerging companies are anticipated to be highly disruptive in the future, and what are their key strategies for sustainable growth in the global MRD testing market?
Our healthcare experts have found the MRD Testing industry to be one of the most rapidly evolving and dynamic markets. The global market for MRD testing is predicted to grow at a CAGR of 15.64% over the forecast period, 2020-2025. The market is driven by certain factors, such as the rising incidence of hematologic malignancies, the increasing consumer awareness for tailored therapy, the increasing research funding from the National Cancer Institute, and the increasing disposable income in emerging economies.
The market is favored by the developments in the field of MRD testing solutions for hematologic malignancies and solid tumors. Currently, the MRD testing industry is witnessing an upsurge due to the rising incidence of hematologic malignancies, resulting in the high demand for sensitive testing solutions. Additionally, the high adoption of MRD tests among patients and the growing awareness among physicians regarding MRD testing are some of the critical factors expected to bolster the market growth.
Furthermore, diagnostic companies are focusing on the development of NGS-based MRD tests for lymphoid malignancies, having higher sensitivity and low turnaround time to benefit the patients suffering from hematologic malignancies.
Within the research report, the market is segmented on the basis of technology, application, end user, and region. Each of these segments covers the snapshot of the market over the projected years, the inclination of the market revenue, underlying patterns, and trends by using analytics on the primary and secondary data obtained.
The exponential rise in the number of cases associated with hematological malignancies has created a buzz among the diagnostic companies to further invest in the development of reliable, sensitive, and rapid MRD testing solutions to aid patients to get into remission. Due to the presence of a diverse product portfolio and intense market penetration, Invivoscribe, Inc. has been a pioneer in this field and has been a significant competitor in this market.
On the basis of region, North America holds the largest share of the MRD testing market due to high infusion of funding from government organizations for conducting research on hematological malignancies, rising incidence of hematological malignancies, and high adoption of technologically advanced MRD tests, among others. Apart from this, Asia-Pacific is anticipated to grow at the fastest CAGR during the forecast period, 2020-2025.
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