Newark, Oct. 27, 2022 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global minimal residual disease market is expected to grow from USD 1259.20 million in 2022 to USD 3927.60 million by 2030, at a CAGR of 15.28% during the forecast period 2022-2030.
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The increasing prevalence of hematological malignancy & cancer and rising healthcare expenditure are anticipated to expand the minimal residual disease industry demand during the projection period. Moreover, the growing investment by government and private organizations in MRD research and increasing consumer awareness for tailored therapy are also helping to propel market growth. However, the high cost of research and development activities is restraining market growth. Furthermore, the rise in research and development activities, the increase in personalized medicines for treatment, and the surge in collaborations for product development are opportunities for market growth.
Competitive Strategy
To enhance their market position in the global minimal residual disease market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
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Market Growth & Trends
The growth of the minimal residual disease market is driven by the rising number of patients with cancer and the increase in R&D expenditure. Moreover, increasing adoption of next-generation sequencing (NGS) technology is the market growth trend. In addition, the technological advancements in diagnostics & therapies due to increasing R&D investment are the driving factor of the market growth. Further, the favorable initiatives by government and private bodies for the development & adoption of NGS technologies, technological advancements in cloud computing & data integration, and the availability of a technologically advanced healthcare research framework are also stimulating market growth. Apart from this, the improving regulatory & reimbursement scenario for NGS-based diagnostic tests and the increased genome mapping programs propel the market growth during the forecast period. Moreover, the increasing demand for DNA testing due to advancements in next-generation sequencing instruments & technologies, faster results & cost-effectiveness of the process compared to genotyping-based DNA microarray are also boosting the market growth.
Key Findings
• In 2022, the lymphoma segment dominated the market with the largest market share of 25.16% and market revenue of 316.81 million.
The detection target segment is divided into lymphoma, leukemia, solid tumors, and others. In 2022, the lymphoma segment dominated the market with the largest market share of 25.16% and market revenue of 316.81 million. This growth is attributed to the increasing usage of premium products, including Opdivo, Keytruda, and immune checkpoint inhibitors.
• In 2022, the next-generation sequencing (NGS) segment dominated the market with the largest market share of 40.24% and market revenue of 506.70 million.
The test technique segment is divided into fluorescence in situ hybridization (FISH), polymerase chain reaction (PCR), and next-generation sequencing (NGS). In 2022, the next-generation sequencing (NGS) segment dominated the market with the largest market share of 40.24% and market revenue of 506.70 million. This growth is attributed to multiple clinical laboratories employing NGS to provide genetic testing services. Also, the advent of next-generation sequencing-based diagnoses and proactive government support are helping boost the segment’s market growth.
• In 2022, the hospital segment dominated the market with the largest market share of 41.11% and market revenue of 517.65 million.
The end-user segment is divided into hospitals, specialty clinics, and laboratory centers. In 2022, the hospital segment dominated the market with the largest market share of 41.11% and market revenue of 517.65 million. This growth is attributed to the growth of telemedicine & e-consultation and increasing public awareness.
• In 2022, the DNA-based test segment dominated the market with the largest market share of 42.15% and market revenue of 530.75 million.
The test type segment is divided into RNA-based test, DNA-based test, and immunological test. In 2022, the DNA-based test segment dominated the market with the largest market share of 42.15% and market revenue of 530.75 million. This growth is attributed to the advancements in next-generation sequencing instruments and technologies.
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Regional Segment Analysis of the Minimal Residual Disease Market:
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
The North American region occurred as the largest market for the global minimal residual disease industry, with a market share of 45.42% and a market value of around 571.92 million in 2022. North America dominates the minimal residual disease market due to the increasing healthcare affordability in the U.S. In addition, the increase in drug discovery platforms demanding NGS technology and the growing focus of the firms on developing treatments and tests for detecting minimal residual disease are helping to propel the market growth in this region. Further, the Asia Pacific region is expected to show the fastest CAGR of 17.04% over the projection period. This growth is attributed to a large number of international and domestic players.
Key players operating in the global minimal residual disease market are:
• Sysmex Corporation
• ArcherDX(Invitae)
• ICON plc
• Asuragen
• Mission Bio
• ARUP Laboratories
• Guardant Health
• Cergentis B.V.
• Invivoscribe
• NeoGenomics Laboratories
• Bio-Rad Laboratories
• Opko Health
• LabCorp
• Adaptive Biotechnologies
• Natera
• Inivata
• Sysmex Corporation
• Quest Diagnostics
This study forecasts revenue at global, regional, and country levels from 2019 to 2030. The Brainy Insights has segmented the global minimal residual disease market based on below mentioned segments:
Global Minimal Residual Disease Market by Detection Target:
• Lymphoma
• Leukemia
• Solid Tumors
• Others
Global Minimal Residual Disease Market by Test Technique:
• Fluorescence in Situ Hybridization (FISH)
• Polymerase Chain Reaction (PCR)
• Next Generation Sequencing (NGS)
Global Minimal Residual Disease Market by End-User:
• Hospitals
• Specialty Clinics
• Laboratory Centers
Global Minimal Residual Disease Market by Test Type:
• RNA-Based Test
• DNA-Based Test
• Immunological Test
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About the report:
The global minimal residual disease market is analysed based on value (USD Million). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
About The Brainy Insights:
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