New York, June 09, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Minimal Residual Disease Testing Global Market Report 2023" - https://www.reportlinker.com/p06466494/?utm_source=GNW
, Sysmex Corporation, Exact Sciences Corporation, GRAIL LLC., Veracyte Inc., Cergentis B.V, Mdxhealth, NeoGenomics Laboratories Inc., Adaptive Biotechnologies, OPKO Health Inc., Thermo Fisher Scientific Inc., Siemens Healthineers, and PerkinElmer Inc.
The global minimal residual disease testing market is expected to grow from $1.22 billion in 2022 to $1.41 billion in 2023 at a compound annual growth rate (CAGR) of 14.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The minimal residual disease testing market is expected to reach $2.32 billion in 2027 at a CAGR of 13.3%.
The minimal residual disease testing market includes revenues earned by entities by providing services such as peripheral blood cell testing, sequencing testing, high-throughput sequencing testing, and methylation sequencing testing.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
Minimal residual disease testing refers to a very sensitive test to detect cancer cells in the patient’s body that may remain after treatment. It is used to monitor the effectiveness of cancer treatment and inform future treatment strategies.
North America was the largest region in the minimal residual disease testing market in 2022. The regions covered in minimal residual disease testing report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main test types of minimal residual disease testing are DNA - based tests, RNA- based tests, and immunological tests.DNA (deoxyribonucleic acid)-based testing (also known as genetic testing) is a type of medical examination that can spot changes to your chromosomes, genes, or proteins.
The various technologies include flow cytometry, polymerase chain reaction (PCR), next-generation sequencing (NGS), and others, are used in various applications such as haematological malignancies, leukemia, lymphoma, solid tumors, and others. These are used by hospitals and specialty clinics, diagnostic laboratories, academic and research institutes, and others.
The increasing prevalence of cancer is expected to propel the growth of the minimal residual disease testing market going forward.Cancer refers to a condition when a few of the body’s cells grow out of control and spread to other bodily regions.
Cancer stages are primarily detected through minimal residual disease testing, which is a very sensitive method to detect cancer cells in the human body.It helps cancer patients prevent the disease at an early stage, boosting the minimal residual disease testing market.
For instance, in February 2022, according to the reports shared by the World Health Organization (WHO), a Switzerland-based health agency, cancer will be the most common cause of death worldwide.In 2020, according to the World Cancer Fund Research International, a UK-based a not-for-profit association related to cancer prevention, there were 18,094,716 million new cases of cancer worldwide.
Additionally, in 2020, globally, nearly 10 million people died due to cancer, which is nearly one in six deaths. Therefore, the increasing prevalence of cancer is driving the growth of the minimal residual disease testing market.
Product innovations are a key trend gaining popularity in the minimal residual disease testing market.Major companies operating in the minimal residual disease testing market are innovating new products to sustain their position in the market.
For instance, in 2022, Twist Bioscience, a US-based synthetic biology and genomics company, launched Twist MRD Panel to advance research and development in minimal residual disease (MRD) detection in cancer screening.Twist MRD Panel is a customizable panel of genes that can be used to detect very low levels of residual cancer cells in a patient’s blood.
The Twist MRD Panel is designed to be highly flexible and customizable that can be integrated into a typical next-generation sequencing (NGS) workflow that can find minimum residual disease (MRD) in just five days.
In August 2021, Illumina Inc., a US-based biotechnology company, acquired GRAIL for $8 billion. With this acquisition, Illumina Inc. fastened its patient access to a life-saving multi-cancer early-detection test and expand its health services at the global level. GRAIL is a US-based biotechnology company that detects cancer at an early stage using the power of next-generation sequencing testing technology and minimal residual disease testing.
The countries covered in the minimal residual disease testing market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The minimal residual disease testing market research report is one of a series of new reports that provides minimal residual disease testing market statistics, including minimal residual disease testing industry global market size, regional shares, competitors with a minimal residual disease testing market share, detailed minimal residual disease testing market segments, market trends and opportunities, and any further data you may need to thrive in the minimal residual disease testing industry. This minimal residual disease testing market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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