Global Minimal Residual Disease Testing Market
Global Minimal Residual Disease Testing Market Size More Than Doubles to Reach USD 4 Billion by 2029
Published | 05 May 2023
Global minimal residual disease testing market is flourishing because of high adoption of precision medicine approaches, growing trend towards early cancer diagnosis and detection, and increasing prevalence of cancer worldwide, leading to surging demand for accurate and reliable diagnostic tests.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated global minimal residual disease testing market size at USD 1.54 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects global minimal residual disease testing market size to grow at a significant CAGR of 14.6% reaching a value of USD 3.96 billion by 2029. Major growth drivers for global minimal residual disease testing market include growing cancer patient population, awareness among consumers of the importance of therapy, as well as increased investments in research, and high disposable income in developing nations. A primary growth driver of the market growth is the escalating prevalence of cancer. According to the World Health Organization, cancer is currently the second most common cause of death worldwide. In 2020, there were 19.3 million reported cases of cancer and 9.96 million deaths related to the disease. The International Agency for Research on Cancer predicts that the number of cancer cases will rise to 21.9 million by 2025 and 24.6 million by 2030. As a result, governments are expected to establish new cancer screening programs to address this surge in cases. Also, the market is expected to experience growth due to increased investments in MRD (minimal residual disease) testing programs. MRD diagnostic and monitoring research is expanding, which is creating demand for these services. However, limited availability of skilled healthcare professionals to perform and interpret MRD tests and concerns over the accuracy and reliability of MRD tests are anticipated to restrain the overall market growth.
Global Minimal Residual Disease Testing Market – Overview
Global minimal residual disease (MRD) testing market refers to the market for diagnostic tests used to detect the presence of cancer cells in patients who have undergone treatment. MRD testing is a highly sensitive and specific technique that is capable of detecting small amounts of cancer cells that may remain in a patient's body after treatment. The MRD testing market includes products and services such as assays, flow cytometers, and other testing equipment, as well as related services like sample preparation and analysis. The market caters to healthcare providers, research organizations, and pharmaceutical companies who use MRD testing for disease monitoring, treatment selection, and clinical trial endpoints.
Impact of COVID-19 on Global Minimal Residual Disease Testing Market
COVID-19 had a detrimental impact on the global minimal residual disease (MRD) testing market. With the focus on the virus and the strain on healthcare systems, the demand for MRD testing was affected. The restrictions imposed due to the pandemic, such as social distancing and lockdown measures, have also resulted in delays or cancellations of elective procedures, including MRD testing. Also, the disruption in the supply chain and manufacturing processes has led to a shortage of necessary components and instruments required for testing. The uncertain economic conditions and reduced funding for research and development may further impede the growth of the MRD testing market in the near future.
Global Minimal Residual Disease Testing Market – By Test Type
Based on test type, the global minimal residual disease testing market is divided into DNA-Based Test, RNA-Based Test, and Immunological Test segments. The DNA-based tests segment held the highest share of the MRD testing market due to their high sensitivity and specificity in detecting cancer cells. However, the RNA-based tests segment is expected to grow at the highest CAGR during the forecast period due to advancements in technologies like next-generation sequencing (NGS) and digital PCR.
Major players operating in the global minimal residual disease testing market include Abbott Laboratories, Adaptive Biotechnologies, Agilent Technologies, ARUP Laboratories, Bio-Rad Laboratories, F. Hoffmann-La Roche AG, Illumina, Inc., Invivoscribe, Inc., Janssen Diagnostics LLC, Luminex Corporation, Myriad Genetics, Inc., Natera, Inc., QIAGEN N.V., Sysmex Corporation, and Thermo Fisher Scientific, Inc. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Global Minimal Residual Disease Testing Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Global Minimal Residual Disease Testing Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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- Minimal Residual Disease Testing Market - Global Size, Share, Trend Analysis, Opportunity and Forecast Report, 2019–2029, Segmented By Test Type (DNA-based Test, RNA-based Test, Immunological Test); By Technology (NGS, PCR, Flow Cytometry, Fluorescence In-situ Hybridization); By Application (Hematological Malignancies, Solid Tumors); By End Use (Hospitals, Specialty Clinics, Diagnostic Laboratories, Research & Academic Institutes); By Region (North America, Europe, Asia Pacific, Latin America, Middle East and Africa)
Publish Date: May 2023
Growing prevalence of cancer worldwide leading to an increased demand for accurate and reliable diagnostic tests, increasing adoption of precision medicine approaches, and growing trend towards early cancer diagnosis and detection are projected to propel the expansion of global minimal residual disease testing market during the forecast period between 2023 and 2029.
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