The Oncology Blood Testing Market is projected to be worth US$ 3,851.7 million in 2022 and to grow to US$ 18,278.2 million by 2032. During the forecast period, the market is expected to experience tremendous growth at a CAGR of 15.2%.
Oncology Blood Testing: Market Insights
Oncology blood testing is a revolutionary diagnostic technique to detect cancer in early stages. For early detection of cancer, liquid biopsies have become a popular diagnostic tool. Unlike conventional invasive biopsies, liquid biopsies involve blood drawn from the body of suspected patient and is less invasive as compared to the conventional biopsies. As cancer is a life-threatening, it has to be diagnosed in time and proper treatment should be given in order to be treated. A wide range of oncology blood tests are available in the market to screen cancerous cells in the blood. Some major types of blood tests for detection of cancer includes complete blood count test, blood protein test, tumor marker test, CTC – based test, non-invasive prenatal test, liquid biopsy assays, and exom-based liquid biopsy and thereby contribute majorly to the revenue generation in oncology blood testing market.
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Also, oncology blood testing find vast applications in early stage diagnosis of various life-threatening cancers including lung cancer, breast cancer, colon cancer, ovarian cancer and others. The latest research and advancements in human genome sequencing has enabled researchers to diagnose the genetic mutations of distinct cancers. The advanced human genome sequencing with the ability to detect cancerous cells in the blood volume is anticipated to generate large revenues in the oncology blood testing market. The liquid biopsies are done commercially but on a limited basis to detect and treat Stage III or Stage IV cancers. A large number of liquid biopsy tests are currently under clinical trials and would be commercialized soon in the coming years, fuelling the revenue growth in global oncology blood testing market. However, based on the end users, these oncology blood tests are performed largely in hospitals, diagnostic laboratories and specialty clinics.
Oncology Blood Testing: Market Dynamics
Increasing capability of early detection of cancer via oncology blood tests that enables instant treatment decisions, growing prevalence of cancer among people over the globe, increasing production of oncology blood testing assays and kits with capability of being efficient diagnostic tool for cancer detection in blood are some of the major factors expected to drive the growth of oncology blood testing market. Introduction of rapid and technologically advanced liquid biopsy assay, growing awareness about less invasive blood diagnostic tests and increased expenditure in oncology blood screening R&D activities is further propelling the growth of oncology blood testing market. Also, rise in demand for oncology blood testing in the hospitals and diagnostic laboratories is also expected to drive the growth of market. However, large number of diagnostic tools to detect cancer using blood sample are still under development and clinical trial stage, and are not available commercially, thereby restraining the oncology blood testing market growth.
Oncology Blood Testing Market: Segmentation
The global oncology blood testing market is segmented by test type, application and end user.
Oncology Blood Testing Market: Overview
Based on test type, liquid biopsies are most commonly used methods for oncology blood testing in the oncology blood testing market owing to the rapid and accurate results obtained from these tests performed. Liquid biopsy is performed to detect cancer at an early stage as it is capable of detecting cancer-related DNA and proteins present in the blood. The diagnostic labs segment in end user is expected to register largest revenue shares in oncology blood testing market owing to the increased entry of outpatient samples for early diagnosis of cancer, thereby fueling the oncology blood testing market across the globe.
Oncology Blood Testing Market: Region-wise Outlook
On the basis of geography, global Oncology Blood testing market is segmented into seven key regions viz. North America, Latin America, Western Europe, Eastern Europe, Asia Pacific excluding Japan, Japan, and Middle East & Africa. North America is projected to hold largest shares in the global oncology blood testing market primarily due to growing population of cancer patients in the region that necessitates need to meet high demand for advanced diagnostic technologies to prevent, diagnose and treat cancer.
North America is followed by Europe which registers second largest shares in global oncology blood testing market worldwide owing to the easy regulatory approval for in vitro cancer diagnostics in Europe. However, Asia Pacific is expected to experience a robust growth over the forecast period in global oncology blood testing market.
Oncology Blood Testing Market: Key Players
Some of the key players present in global Oncology Blood testing market are Guardant Health Inc., Trovagene Inc., Genomic Health Inc., Foundation Medicine Inc., Exosome Diagnostics, Pathway Genomics Corporation and others.