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Blood Cancer Diagnostics Market Size

Report ID: GMI11777
Published Date: Oct 2024
Report Format: PDF

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Blood Cancer Diagnostics Market Size

The global blood cancer diagnostics market size was valued at around USD 12.4 billion in 2023 and is estimated to grow at a CAGR of 6.8% from 2024 to 2032. Blood cancer diagnostics refers to the range of tests and procedures used to detect, diagnose, and monitor cancers that affect the blood, bone marrow, and lymphatic system.

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The increasing incidence of blood cancer globally is a significant catalyst for the market. With more people being diagnosed with blood cancers such as leukemia, lymphoma, and myeloma, there is a heightened demand for diagnostic tools to detect these conditions early and accurately. The rising prevalence is attributed to various factors, including aging populations, genetic predispositions, and environmental influences. For instance, according to the Leukemia & Lymphoma Society, approximately every 3 minutes, one person in the U.S. is diagnosed with leukemia, lymphoma, or myeloma. An estimated combined total of 184,720 people in the U.S. were expected to have been diagnosed with these conditions in 2023. Therefore, as more cases emerge, healthcare providers and laboratories are under pressure to offer precise diagnostic solutions, propelling advancements and expansion in the market.

Blood Cancer Diagnostics Market Report Attributes
Report Attribute	Details
Base Year:	2023
Blood Cancer Diagnostics Market Size in 2023:	USD 12.4 Billion
Forecast Period:	2024 - 2032
Forecast Period 2024 - 2032 CAGR:	6.8%
2032 Value Projection:	USD 22.2 Billion
Historical Data for:	2021 - 2023
No. of Pages:	155
Tables, Charts & Figures:	277
Segments covered:	Product, Test Type, Cancer Type, End-use, and Region
Growth Drivers:	Rising prevalence of blood cancer Advancements in cancer diagnostic technologies Growing awareness and early screening programs
Pitfalls & Challenges:	High cost of advanced diagnostics Stringent regulatory scenario

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Furthermore, increased awareness of blood cancers and the importance of early detection are key accelerators of the blood cancer diagnostics market. Public health campaigns have led to increasing awareness, encouraging participation in regular screenings. Early screening programs, often backed by government and non-profit organizations, help detect blood cancers at more treatable stages, driving demand for diagnostic tests and technologies and boosting market growth.

Authors: Mariam Faizullabhoy, Gauri Wani

Frequently Asked Questions (FAQ) :

The industry was valued at approximately USD 12.4 billion in 2023 and is estimated to grow at a 6.8% CAGR from 2024 to 2032.

The assay kits and reagents segment is forecasted to reach USD 13.4 billion by 2032. These components are crucial in diagnostics, offering high precision and reliability in detecting specific biomarkers associated with blood cancers.

The U.S. market is projected to reach USD 9.4 billion by 2032. There is a strong emphasis on early detection and prevention, with healthcare providers and government organizations advocating for routine screening and early diagnosis.

Key players include Abbott Laboratories, Alercell, Inc., Becton, Dickinson and Company, Bio-Rad Laboratories, Inc., Bio-Techne Corporation, Danaher Corporation, F. Hoffmann-La Roche Ltd, GE HealthCare Technologies Inc., and HORIBA, Ltd.