The Global Hemato Oncology Testing Market Size was valued at USD 4.3 Billion in 2022 and the Worldwide Global Hemato Oncology Testing Market size is expected to reach USD 9.4 Billion by 2032, according to a research report published by Spherical Insights & Consulting. Companies Covered: F. Hoffman-La Roche Ltd, Abbott Laboratories, EntroGen, Inc., Qiagen N.V., Cepheid, Thermo Fisher Scientific, Inc., Bio-Rad Laboratories, Inc., Illumina, Inc., and Other key vendors.
New York, United States, Nov. 15, 2023 (GLOBE NEWSWIRE) — The Global Hemato Oncology Testing Market Size is to grow from USD 4.3 Billion in 2022 to USD 9.4 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 8.13% during the forecast period.
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Hemato Oncology testing is a form of medical testing used to diagnose blood disorders and cancer. Such illnesses include hemophilia, thalassemia, sickle cell disease, iron deficiency anemia, leukemia, and different organ cancers. It also supports disease treatment and prevention, as well as disease research. Furthermore, the market is being driven by the increasing popularity of sequencing technologies such as NGS as research costs rise and the sequencing of the Human Genome Project in the field of Genomics. Increased investment in R&D activities by leading precision medicine organizations is a significant driver driving global market development.
The growing availability of advanced molecular technologies for hemato oncology diagnosis is one of the key factors driving the growth of the hemato oncology testing market. Improved molecular technologies have been crucial in addressing issues regarding blood cancer prognosis, therapeutic course, and diagnosis. Immunophenotyping, for example, is based on the analysis of leukocyte cancer cells and aids in the categorization of cancer types. Cytogenetic methods, such as ABL/BCR gene PCR or FISH, can also be used to diagnose chronic myeloid leukemia. Furthermore, according to an article published in Precision Oncology, an American Society of Clinical Oncology publication, restricted medical coverage and poor reimbursement remain impediments, and broader reimbursement policies are necessary to embrace pan-cancer NGS testing that helps patients in clinical practice. As a consequence, the global hemto oncology testing market’s growth will be restricted throughout the forecast period.
Covid 19 Impacts
The breakout of the COVID-19 pandemic has had a substantial influence on the expansion of the hemato-oncology testing business. Because of lockdowns implemented in many nations throughout the world to stop the spread of the pandemic, well-trained professionals are scarce, and financial and social work assistance, blood components, antibiotics, antifungals, and chemotherapy. In addition, the shortage of hospitality beds in most health facilities leads to fewer admission delays and higher infection rates.
Browse key industry insights spread across 200 pages with 150 market data tables and figures & charts from the report on “Global Hemato Oncology Testing Market Size, By Product (Assay Kits & Reagents, and Services), By Cancer Type (Leukemia, Lymphoma, and Multiple Myeloma), By Technology (Polymerase Chain Reaction (PCR), Next-Generation Sequencing (NGS), Immunohistochemistry (IHC), & Others), By End User (Hospitals, Academic & Research Institutes, & Others), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022– 2032″.
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The services segment is dominating the largest market share over the forecast period.
The global hemato oncology testing market is bifurcated into product segments such as assay kits & reagents and services. The services segment, among these, is expected to have significant growth potential during the forecast period, owing to the rapidly increasing prevalence of non-Hodgkin lymphoma, myeloma, and leukemia, as well as the growth in the development of numerous new and improved diagnostics for the detection of these illnesses. Furthermore, increasing awareness of the availability of several innovative treatment choices, including personalized medicines, is expected to fuel sector market development in the coming years.
The lymphoma segment is influencing the market with the largest market share during the forecast period.
The global hemato oncology testing Market is divided into several forms of cancer, including leukemia, lymphoma, and multiple myeloma. Because of the increased frequency of non-Hodgkin and Hodgkin lymphoma worldwide, as well as the rapid increase in the global elderly population, the lymphoma segment is dominating the market with the largest revenue share during the forecast period, which can be attributed to the category market’s rise. Immune system insufficiency lowered immunity, and increased incidences of autoimmune disorders are important causes of lymphoma cancer in the aged population, resulting in an increase in demand for oncology testing and propelling the market forward.
The hospital segment is dominating the market with the largest market share during the forecast period.
The worldwide hemato oncology testing market is classified into numerous categories based on end users, including hospitals, academic & research institutes, and others. The hospital segment is dominating the market with the largest revenue share during the forecast period due to the increasing prevalence of blood malignancies, the availability of specialized laboratory settings, and the significant presence of healthcare experts for conducting diagnostic tests are important factors driving the category market’s growth. Furthermore, increased investment in healthcare infrastructure development, particularly in emerging markets such as India and China, is likely to drive market expansion in the coming years.
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North America led the market with the largest market share over the forecast period
North America is expected to lead substantial market expansion during the forecast period. This is due to the presence of major market competitors, advantageous reimbursement policies, and high healthcare spending. Furthermore, greater acceptance of tailored medications and technological improvements in genetic testing are driving market revenue growth in this sector. Additionally, there has been a rise in the number of leukemia and lymphoma patients, increasing awareness of individualized care, an increase in the adult population, and increased collaboration for the development of novel assay kits.
Asia Pacific is predicted to experience strong revenue market growth throughout the forecast period because of rising cancer prevalence and healthcare infrastructure in countries such as India and China. Furthermore, the availability of low-cost testing services, growing healthcare spending, and increased cancer diagnostic awareness are expected to drive market revenue growth in this domain.
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Hemato Oncology Testing Market include F. Hoffman-La Roche Ltd, Abbott Laboratories, EntroGen, Inc., Qiagen N.V., Cepheid, Thermo Fisher Scientific, Inc., Bio-Rad Laboratories, Inc., Illumina, Inc., and Others.
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In June 2022, Burning Rock Biotech Limited acquired CE certification for their OverC multi-cancer detection blood test. The OverC Multi-Cancer Detection Blood Test is a high-quality in vitro diagnostic technology based on next-generation sequencing (NGS).
This study forecasts revenue at global, regional, and country levels from 2022 to 2032. Spherical Insights has segmented the Global Hemato Oncology Testing Market based on the below-mentioned segments
Global Hemato Oncology Testing Market, By Product
- Assay Kits & Reagents
Global Hemato Oncology Testing Market, By Cancer Type
- Multiple Myeloma
Global Hemato Oncology Testing Market, By Technology
- Polymerase Chain Reaction (PCR)
- Next-Generation Sequencing (NGS)
- Immunohistochemistry (IHC)
Global Hemato Oncology Testing Market, By End User
- Academic & Research Institutes
Hemato Oncology Testing Market, By Regional Analysis
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
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