The oncology blood testing market is expected to be worth US$ 3,851.7 million in 2022, rising to US$ 18,278.2 million by 2032. During the forecast period, the market is expected to grow rapidly at a CAGR of 15.2%.
Oncology blood testing, a crucial component of modern cancer diagnostics, has emerged as a game-changer in oncology. This market encompasses various diagnostic tests that analyze blood samples to detect cancer types and assess their progression. It is characterized by its non-invasiveness, speed, and ability to provide valuable insights into a patient’s cancer status.
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Oncology Blood Testing: Market Insights
Oncology blood testing is a revolutionary diagnostic technique to detect cancer in the early stages. For early cancer detection, liquid biopsies have become a popular diagnostic tool. Unlike conventional invasive biopsies, liquid biopsies involve blood drawn from the body of the suspected patient and are less invasive as compared to conventional biopsies.
As cancer is life-threatening, it has to be diagnosed in time, and proper treatment should be given to be treated. A wide range of oncology blood tests are available to screen cancerous cells in the blood. Some major types of blood tests for the detection of cancer include 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.
Also, oncology blood testing finds 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 have 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 the capability of being an efficient diagnostic tool for cancer detection in the 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 are further propelling the growth of the oncology blood testing market. Also, the rise in demand for oncology blood testing in hospitals and diagnostic laboratories is also expected to drive the growth of market. However, a large number of diagnostic tools to detect cancer using blood samples are still under development and clinical trial stage and are not available commercially, thereby restraining the oncology blood testing market growth.
Based on test type, liquid biopsies are the 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. Liquid biopsy is performed to detect cancer at an early stage as it can detect cancer-related DNA and proteins in the blood. The diagnostic labs segment in end users is expected to register the largest revenue shares in the oncology blood testing market owing to the increased entry of outpatient samples for early cancer diagnosis, fueling the oncology blood testing market globally.
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Oncology Blood Testing Market: Region-wise Outlook
Based on geography, the 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 the largest shares in the global oncology blood testing market primarily due to the growing population of cancer patients in the region which necessitates the need to meet high demand for advanced diagnostic technologies to prevent, diagnose, and treat cancer.
North America is followed by Europe, which registers the second largest share in the global oncology blood testing market 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.
Key Players:
- Guardant Health Inc.,
- Trovagene Inc.,
- Genomic Health Inc.,
- Foundation Medicine Inc.,
- Exosome Diagnostics,
- Pathway Genomics Corporation
Oncology Blood Testing Market Segmentation:
- Types
- Application
- End User
- Region
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favour the market growth in various segments on the basis of Types, Application, End User and Region over the next 10-years.
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
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Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
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