Hemato-Oncology Testing Market will value USD 8.56 billion by 2030 : GreyViews

Hemato-Oncology Testing Market Size By Cancer Type (Myeloproliferative Neoplasms, Leukemia, Lymphoma, and Others), By Product (Services and Assay Kits & Reagents), By Technology (Cytogenetics, PCR, NGS, IHC, and Others), By End-User (Academic & Research Institutes, Hospitals and Others), Regions, Segmentation, and forecast till 2030.

Pune India, Jan. 28, 2023 (GLOBE NEWSWIRE) — The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and the Middle East and Africa. These are the key regions where the hemato-oncology testing market is operating and is predicted to expand soon. The manufacturers and suppliers involved in the hemato-oncology testing market are present across various countries in the above-mentioned regions.

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The report provides a detailed understanding of the market segments which have been formed by combining different prospects such as cancer type, product, technology, end-user,  and regions. The key driving factors, restraints, potential growth opportunities and market challenges are also discussed in the paragraphs below.
The significant players operating in the global hemato-oncology testing market are F. Hoffman-La Roche Ltd, Thermo Fisher Scientific, Inc., EntroGen, Inc., Abbott Laboratories, Qiagen N.V., Cepheid, Bio-Rad Laboratories, Inc, Illumina, Inc. among others. To achieve a substantial market share in the worldwide hemato-oncology testing market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.
The purpose of hemato oncology testing is to diagnose, treat, and study blood cell, bone marrow, and related tissue cancers. These tests are used to diagnose diseases like sickle cell disease, haemophilia, thalassemia, iron deficiencies, leukemia, and other organ cancers. Sales of assay kits and reagents are driven by the demand for drug discoveries, biotechnology research, and the prevalence of infectious diseases. Assay kits reduce ambiguity by providing accurate diagnostic results, which is boosting sales of market. Another major factor contributing to the growth of the market for hemato oncology testing is the availability of advanced molecular techniques for the diagnosis of hemato oncology. The introduction of advanced molecular techniques has been critical in addressing concerns pertaining to blood cancer prognosis, treatment course, and diagnosis. The government, however, has imposed strict rules and is delaying clearance of experimental molecular diagnostic tests, which may adversely affect market growth during the forecast period. Furthermore, in the near future, artificial intelligence (AI) may become more prevalent in cancer diagnosis, resulting in faster market growth. A number of cancer types are being screened using artificial intelligence. AI-based computer algorithms have helped clinicians interpret mammograms for more than 20 years, and this field is rapidly developing and will create more growth opportunities for the market.

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Scope of Hemato-Oncology Testing Market Report:

Report Metric Information
Study Period 2022-2030
Base Year              2022
Forecast Period 2023-2030
Market Share Unit USD Billion
Segments Covered Cancer Type, Product, Technology, End-User, and Regions.

 

Regions Covered North America, Europe, Asia-Pacific, South America, and Middle-East and Africa
Major Players F. Hoffman-La Roche Ltd, Thermo Fisher Scientific, Inc., EntroGen, Inc., Abbott Laboratories, Qiagen N.V., Cepheid, Bio-Rad Laboratories, Inc, Illumina, Inc. among others

Segmentation Analysis

Lymphoma is expected to be the fastest-growing segment in 2022. 

The cancer type segment includes myeloproliferative neoplasms, leukemia, lymphoma, and others. The lymphoma segment is expected to witness the highest growth rate during the forecast period. A growing awareness of personalized medications and other treatment options is predicted to spur segment growth during the forecast period. As non-Hodgkin and Hodgkin’s lymphomas become more prevalent in the U.S, NHL accounts for 4.2% of all cancer cases. NHL is the seventh most common cancer in the U.S., according to the National Institutes of Health (NIH) in 2019.

Services are expected to be the fastest-growing segment in 2022. 

The product segment is services and assay kits & reagents. The services segment is expected to witness the highest growth rate during the forecast period. As a result of increasing awareness of advanced therapies such as personalized medicine and the rise in leukemia and myeloma cancers, the services segment is expected to dominate the global hemato-oncology test market over the forecast period. The segment is also growing as awareness of advanced treatment therapies such as personalized medicine becomes more prevalent.

Services are expected to be the fastest-growing segment in 2022. 

The technology segment is Cytogenetics, PCR, NGS, IHC, and Others. The PCR segment is expected to witness the highest growth rate during the forecast period. This is due to the fact that it is easy to use, affordable, provides accuracy and efficiency, and is widely accessible. The Diagnostic Laboratories of the BloodCenter of Wisconsin debuted the Abbott RealTime IDH1 assay in July 2018. This PCR test can be performed to find genetic variations in the IDH1 gene from patient bone marrow and blood samples. As a result, it is predicted that an increase in the quantity of PCR-based test launches will promote market expansion at the period of forecasting. In a similar vein, Cepheid’s Xpert BCR-ABL Ultra received FDA approval in October 2019 to monitor a person’s risk of developing chronic myeloid leukaemia. With the use of this in-vitro diagnostic process, complete blood samples taken within three hours might yield precise results.

Services are expected to be the fastest-growing segment in 2022. 

The end-user segment is Academic & Research Institutes, Hospitals, and Others. The hospitals segment is expected to witness the highest growth rate during the forecast period. The availability of specialised laboratory settings, the rise in the incidence rate of blood cancers, the wide range of diagnostic tests available, and the prevalence of healthcare professionals who can conduct diagnostic tests and monitor the disease are all factors contributing to the growth that has been seen.

Regional Analysis           

The regional analysis provides a detailed perception of the key regions and the countries. Some of the key countries analyzed for the hemato-oncology testing market include the US, Canada, Mexico, Germany, France, the U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa, and Saudi Arabia.

The North American region witnessed a major share. As a major revenue contributor in the region, North America is also a leading contributor globally. The large share of this segment can primarily be attributed to the high incidences of hematologic cancer, the aging population, awareness of advanced treatment methods, and strong presence of industry players in the region. During the forecast period, these trends are likely to drive market growth.

Country Analysis

  • Germany

Germany’s hemato-oncology testing market size was valued at USD 0.21 billion in 2022 and is expected to reach USD 0.62 billion by 2030, at a CAGR of 14.6% from 2023 to 2030.
Heavy smoking and binge drinking are most likely to contribute to the rise in cancer rates across the nation. It is significant that strong institutional frameworks, like the German Cancer Consortium and significant University Medical Center-based Comprehensive Cancer Centers, contribute to the advancement of cancer research in all parts of the country (CCCs).

  • China

China’s hemato-oncology testing market size was valued at USD 0.22 billion in 2022 and is expected to reach USD 0.66 billion by 2030, at a CAGR of 14.8% from 2023 to 2030.
There is a strong possibility that the rapid growth of medical tourism in the country will lead to a greater demand for cancer treatment and diagnostic procedures. Furthermore, the rise in cancer cases is encouraging hemato-oncology testing, which is boosting the market growth.

  • India

India’s hemato-oncology testing market size was valued at USD 0.17 billion in 2022 and is expected to reach USD 0.50 billion by 2030, at a CAGR of 14.7% from 2023 to 2030.
There is a growing prevalence of blood cancer, and a growing number of academic research institutes actively conducting research. This is expected to lead to the highest growth rate in the market.
Covid-19 Impact
Covid-19 had a major impact on almost all industries, such as electronics, semiconductors, manufacturing, automobile, etc. However, several companies operating in the technology sector have seen increased revenue due to significant changes in consumer preferences toward technological services. In addition, the pandemic has led to significant growth in technology across developing and developed countries.

Furthermore, the growth of this market is mainly driven owing to the rising cases of cancer.

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