Minimal Residual Disease (MRD) Testing Market is Projected to Reach $1,612.0 Million by 2025
As per the International Agency for Research on Cancer (IARC) estimates, the global cancer burden had risen to 18.1 million new cases and 9.6 million deaths in 2018. The overall five-year prevalence is estimated to be 43.8 million around the globe. The increasing cancer burden is majorly due to increasing population growth and aging, as well as the changing prevalence of certain causes of cancer linked to social and economic development. Leukemias and lymphomas are among the fastest-growing cancer types that have significantly challenged the harmonization of healthcare practices worldwide. Minimal residual disease (MRD) testing, an evolving testing regimen that has been driving initiatives in the management of hematological malignancy patients, is currently one of the fastest-growing markets under the molecular diagnostics umbrella. MRD testing promises the integration of evolutionary molecular technologies into hematological malignancy care regimens, thereby driving tremendous growth in the overall hematological malignancies testing market.
The minimal residual disease (MRD) testing market is projected to reach $1,612.0 million by 2025 from $694.0 million in 2019, at a CAGR of 15.64%. Growth in this market is driven by the rising incidence of hematologic malignancies, increasing consumer awareness for tailored therapy, increasing research funding from national cancer institute, and rising disposable income in emerging economies. The massive scope in the emerging economies and technological advancements in the field of molecular diagnostics are also expected to provide growth opportunities for players in the market. On the other hand, uncertain reimbursement and regulatory policies, lack of trained professionals, and lack of established treatment protocols are expected to limit market growth in the coming years.
The global MRD testing market has a long way to go with large as well as small players operating at global and regional levels. The prominent players in this market are Bio-Rad Laboratories, Inc., ArcherDX, Inc., Mission Bio, Inc., ASURAGEN, INC., Cergentis B.V., Guardant Health, Invivoscribe, Inc., Inivata Ltd., Natera, Inc., NeoGenomics Laboratories, Inc., Opko Health, Inc., Sysmex Corporation, ICON plc, Quest Diagnostics Incorporated, Adaptive Biotechnologies Corporation, and Laboratory Corporation of America Holdings.