The Hemato Oncology Testing Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Hemato Oncology Testing Global Market Report 2024, The hemato oncology testing market size has grown rapidly in recent years. It will grow from $3.16 billion in 2023 to $3.59 billion in 2024 at a compound annual growth rate (CAGR) of 13.6%. The growth in the historic period can be attributed to increasing cancer incidence, growing awareness and screening programs, rising healthcare expenditure, increasing adoption of personalized medicine, increasing incidence of blood disorders.
The hemato oncology testing market size is expected to see rapid growth in the next few years. It will grow to $5.98 billion in 2028 at a compound annual growth rate (CAGR) of 13.7%. The growth in the forecast period can be attributed to personalized medicine trends, integration of artificial intelligence, rising geriatric population, advancements in genomic research, rising demand for early cancer detection. Major trends in the forecast period include technological advancements in genomic testing, liquid biopsy for non-invasive testing, collaborations and partnerships in the industry, regulatory landscape and standardization, technological advancements.
The increasing incidence of hematologic cancer is expected to drive the growth of the hemato oncology testing market going forward. Hematologic cancer refers to a group of cancers that originate in the blood and affect the blood, bone marrow, and lymphatic system and includes diseases such as leukemia, lymphoma, and myeloma. These diseases can be reduced with an early diagnosis which can be achieved using hemato oncology testing. For instance, in 2023, according to the American Cancer Society, a US-based voluntary health organization focusing on eliminating cancer, leukemia is estimated to affect 59,610 American and cause 23,710 deaths. Furthermore, new patients of non-Hodgkin lymphoma are expected to affect 80,550 people in the United States and cause 20,180 deaths. As a result, the increasing prevalence of hematologic cancers is propelling the hemato oncology market forward.
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The hemato oncology testing market covered in this report is segmented –
1) By Product And Services: Assay Kits And Reagents, Services
2) By Cancer Type: Leukemia, Lymphoma, Multiple Myeloma, Other Cancers
3) By Technology: Polymerase Chain Reaction (PCR), Immunohistochemistry (IHC), Next-Generation Sequencing (NGS), Other Technologies
4) By End User: Hospitals, Academic And Research Institutes, Other End Users
Product innovations are a key trend gaining popularity in the hemato oncology testing market. Major companies operating in the hemato oncology testing market are introducing innovative products such as the Sysmex CLIA-validated liquid biopsy test to sustain their position in the market. For instance, in October 2021, Sysmex Inostics, a US-based biotechnology company launched a novel liquid biopsy test for the diagnosis of Minimal Residual Disease (MRD) in Acute Myeloid Leukaemia (AML). The new product leverages targeted Next Generation Sequencing (NGS) technology. The uniqueness of the product is that it is ultra-sensitive and detects even the slightest presence of cancer cells following initial therapy.
The hemato oncology testing market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
Major Players:
- F. Hoffmann-La Roche Ltd.
- Abbott Laboratories
- Thermo Fisher Scientific Inc.
- Illumina Inc.
- Icon PLC, Invivoscribe Inc.
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Growth in this market is driven by the rising global prevalence of hematologic cancer, growing awareness regarding personalized medicines, and increasing collaborations for developing new assays.
On the other hand, Uncertain reimbursement scenario in different regions is expected to restrain the growth of this market during the forecast period.Hemato Oncology Testing Market by Product & Services (Assay Kits, Services), Cancer (Leukemia (Acute Lymphoblastic, Acute Myeloid), Non-Hodgkin’s Lymphoma), Technology (PCR, NGS, IHC), End-User (Clinical Laboratories, Hospitals) - Global Forecast to 2024 The hemato oncology testing market is projected to reach USD 4.0 billion by 2024 from USD 2.0 billion in 2019, at a CAGR of 14.8% during the forecast period.
Access Sample Research Copy : https://www.marketsandmarkets.com/requestsampleNew.asp?id=262472877Availability of robust infrastructure and high-end equipment for conducting hemato oncology tests are the supporting factors for clinical laboratories segmentBased on end-user, the hemato-oncology testing market has been segmented into four types, i.e., clinical laboratories, hospitals, academic & research institutes, and other end-users.
Other end-users include CROs and pharmaceutical & biotechnological companies.
Clinical laboratories accounted for the largest share of the market in 2018.This segment is expected to grow at the highest rate in the coming years.
This is mainly due to the presence of advanced diagnostic equipment such as analyzers and the presence of skilled professionals to perform these tests.
The study involved four major activities in estimating the current size of the hemato oncology testing market.
The next step was to validate these findings, assumptions, and market sizing with industry experts across the value chain through primary research.
Both top-down and bottom-up approaches were employed to estimate the complete market size.Major Growth Drivers:Growth in this market is driven by the rising global prevalence of hematologic cancer, growing awareness regarding personalized medicines, and increasing collaborations for developing new assays.
On the other hand, Uncertain reimbursement scenario in different regions is expected to restrain the growth of this market during the forecast period.Expected Revenue Growth:[116 Pages Report] The hemato oncology testing market is projected to reach USD 4.0 billion by 2024 from USD 2.0 billion in 2019, at a CAGR of 14.8% during the forecast period.Recent Developments:1.
In May 2018, Invivoscribe, Inc. (US) partnered with the American University of Beirut Medical Center (AUBMC) (Lebanon) to create a new center of excellence facility in the Middle EastDownload PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=262472877“The services segment accounted for the largest share of the hemato oncology testing in 2018”Based on product & services, the hemato oncology testing is segmented into services and assay kits.
This is mainly due to the increasing prevalence & incidence of leukemia, non-Hodgkin lymphoma, and myeloma cancers.
