CHICAGO, Dec. 7, 2022 /PRNewswire/ -- Minimal Residual Disease Testing Market is valued at an estimated USD 1.2 Billion in 2022 and is projected to reach USD 2.3 Billion by 2027, at a CAGR of 14.0% during the forecast period according to a new report by MarketsandMarkets. Increasing prevalence of cancer and hematological malignancies, rising initiatives undertaken by government bodies to create awareness about cancer, and increasing collaborations are factors driving the growth of the global minimal residual disease testing market. Emerging economies such as China, Japan, and India are providing lucrative opportunities for the players operating in the minimal residual disease testing market.
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The PCR segment accounted for the largest share of the minimal residual disease testing market, by technology segment, in 2021
Based on technology, the minimal residual disease testing market is segmented into flow cytometry, polymerase chain reaction (PCR), next-generation sequencing (NGS). The polymerase chain reaction technology segment accounted for the largest share in 2021. The large share of this segment is due to the device being easy to use, being easily available with relative sensitivity and cost efficiency.
Hematological Malignancies segment to register the highest growth rate during the forecast period
Based on applications, the minimal residual disease testing market is segmented into hematological malignancies, solid tumors, and other applications. In 2021, the hematological malignancies segment accounted for the largest share primarily due to factors such as the increasing incidence of leukemia and lymphoma and the need to continuously monitor the patients with these diseases.
The hospitals & specialty clinics accounted for the largest share of the minimal residual disease testing market, by end user segment, in 2021
Based on end users, the minimal residual disease testing market has been segmented into hospitals & specialty clinics, diagnostic laboratories, academic & research institutes, and other end users. In 2021, the hospitals & specialty clinics segment accounted for the largest share of this market, due to availability of advanced diagnostic devices with skilled and professional healthcare workforce.
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North America is the largest regional market for minimal residual disease testing market
The global minimal residual disease testing market has been segmented into four major regions-North America, Europe, the Asia Pacific, Latin America and Middle East and Africa. North America accounted for the largest share of the minimal residual disease testing market. The large share of this regional segment can be attributed to the growing incidence of hematological malignancies which include leukemia and lymphoma, well-developed healthcare systems in the US and Canada, the presence of many leading clinical laboratories across nation, and the easy availability of advanced diagnostic instruments.
The major players operating in this market are Labcorp Inc. (US), F. Hoffmann-La Roche Ltd. (Switzerland), Guardant Health (US), Sysmex Corporation (Japan), NeoGenomics Laboratories, Inc. (US), Adaptive Biotechnologies Corporation (US), ArcherDX, Inc. (US), Asuragen Inc. (US), Arup Laboratories Inc. (US), Bio-Rad Laboratories, Inc. (US), Cergentis B.V. (Netherlands), Molecular MD (ICON plc) (Ireland), Invivoscribe, Inc. (US), Mission Bio, Inc. (US), Natera, Inc. (US), Opko Health, Inc. (US), Quest Diagnostics (US), and Genetron Health (China), among others.
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