Hemato Oncology Testing Market is estimated to be 7.6 Billion by 2029 with a CAGR of 11.9% during the forecasted period.

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Published Date: April 2023

The hemato oncology testing market accounted for US$ 2.8 billion in 2020 and is estimated to be US$ 7.6 billion by 2029 and is anticipated to register a CAGR of 11.9%.

The report “Hemato Oncology Testing Market, By Service & Product (Services and Assay Kits), By Cancer Type (Leukemia (Acute myeloid leukaemia, Acute lymphocytic leukaemia and Other leukaemia (Chronic lymphocytic leukaemia, and chronic myeloid leukaemia)), Lymphoma (Non-Hodgkin’s Lymphoma, Hodgkin’s Lymphoma and Other Cancers (Myeloma, Myelofibrosis (MF), Essential Thrombocythemia)), By Technology (PCR, IHC, NGS, Cytogenetics, and Others), By End User (Clinical laboratories, Hospitals, Academic & Research Institutes and Other End Users (CROs and Pharmaceutical & Biotechnology Companies), and By Region (North America, Latin America, Asia Pacific, Europe, and Africa & the Middle East) - Global Forecast to 2024.”

Key Highlights:

In May 2018, Adaptive Biotechnologies (US) collaborated with Sanofi, SA. (US), to utilize Adaptive’s clonoSEQ Assay to measure MRD status in response to isatuximab
In July 2018, Abbott Laboratories (US) received FDA approval for its Abbott RealTime IDH1 kit
In May 2018, Invivoscribe, Inc. (US) partnered with the American University of Beirut Medical Center (AUBMC) (Lebanon) to create a new centre of a great facility in the Middle East

Analyst View:

Growth in the prevalence of Lymphoma & Myeloma Cancers

After non-Hodgkin’s Lymphoma and leukaemia, Multiple myeloma is categorized as the 3rd most standard configuration of haematological malignancy. Within the bone marrow, it is differentiated by the rapid propagation of duplicate plasma cells. Concerning the study carried out at Leukemia & Lymphoma Society (LLS), approximately 176,200 people in the United States are thought to be diagnosed with myeloma, Lymphoma and leukaemia in 2019. New cases are predicted to record for 10% of the reckoned 1,762,450 new cancer cases tested in the U.S. in 2019. Prevalence is the rough count of people lives on a particular date in a populace who have been diagnosed by the disease. An approximate 1,399,180 people in the U.S. are either alive with or are recovering from, leukaemia, lymphoma, or myeloma.

Increasing focus on personalized medicine

The ideas of Personalized Medicines have been valued in medicine with its 1st mention in a title in 1998 and followed by publication on the Medline interface in 1999. Evolution in genetic technologies, like single nucleotide polymorphism (SNP), genotyping and microarray/biochips have been the main and the driving strategy.

Browse 60 market data tables* and 35 figures* through 140 slides and in-depth TOC on “Global Hemato Oncology Testing Market: By Service & Product (Services and Assay Kits), By Cancer Type (Leukemia (Acute myeloid leukaemia, Acute lymphocytic leukaemia and Other leukaemia (Chronic lymphocytic leukaemia, and chronic myeloid leukaemia)), Lymphoma (Non-Hodgkin’s Lymphoma, Hodgkin’s Lymphoma and Other Cancers (Myeloma, Myelofibrosis (MF), Essential Thrombocythemia)), By Technology (PCR, IHC, NGS, Cytogenetics, and Others), By End User (Clinical laboratories, Hospitals, Academic & Research Institutes and Other End Users (CROs and Pharmaceutical & Biotechnology Companies), and By Region (North America, Latin America, Asia Pacific, Europe, and Africa & the Middle East) - Global Forecast to 2029

Key Market Insights from the report:

The global hemato oncology market accounted for US$ 2.8 billion in 2020 and is estimated to be US$ 7.6 billion by 2029 and is anticipated to register a CAGR of 11.9%. The market report has been segmented on the basis of product, application, end-user and region.

Depending upon the product, Assay kits dominates the market due to the increasing use of kits for various indications.
Depending upon the cancer type, the lymphoma segment accounts the largest share of the market due to its number of disorders.
Depending on technology the market is divided into PCR, IHC, NGS, Cytogenetics, and Others. PCR will boost the market growth, In July 2018, the BloodCenter of Wisconsin’s Diagnostic Laboratories announced the launch of Abbott’s RealTime IDH1 assay. This is a PCR test that is highly sensitive in detecting IDH1 genetic mutations that are found in patients’ bone marrow and blood samples. Therefore, an increase in the launch of PCR based tests is expected to fuel the growth of the market during the forecast period.
Based on end-user the market is segmented into clinical laboratories, hospitals, academic & research institutes and other end users. Hospitals witnessed growth is due to the various diagnostic tests provided, the rise in the incidence rate of blood cancers, availability of specialized laboratory settings, and the presence of healthcare professionals to conduct diagnostic tests, and monitor the disease.
By region, North America dominates the global hemato oncology market in terms of revenue as compared to other regions for the fact that every year. Followed by Europe and the Asia Pacific. North America has attributed to the rising incidence of leukemia, lymphoma, and multiple myeloma. In addition, supportive initiatives undertaken by major market players and various academic and research organizations are also driving the market.

Competitive Landscape:

The key players operating in the global hemato oncology testing market include F. Hoffmann-La Roche Ltd., Abbott Laboratories, Thermo Fisher Scientific, Inc., QIAGEN N.V., Bio-Rad Laboratories, Inc., Illumina, Inc., MolecularMD (Ireland), Invivoscribe, Inc., Asuragen, Inc., Adaptive Biotechnologies.

The market provides detailed information regarding the industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory frameworks across different regions, impacting the market trajectory. Recent technological advances and innovations influencing the global market are included in the report.

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Some Important Points Answered in this Market Report Are Given Below:

Explains an overview of the product portfolio, including product development, planning, and positioning
Explains details about key operational strategies with a focus on R&D strategies, corporate structure, localization strategies, production capabilities, and financial performance of various companies.
Detailed analysis of the market revenue over the forecasted period.
Examining various outlooks of the market with the help of Porter’s five forces analysis, PEST & SWOT Analysis.
Study on the segments that are anticipated to dominate the market.
Study on the regional analysis that is expected to register the highest growth over the forecast period