Oncology Blood Testing Market Production Capacity Estimates And Forecasts To 2032 | Industry Size, Current Trend, Competition, Growth, Product Price, Profit, And Future Demands
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.
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