REPORT HIGHLIGHT
Onco-hematology molecular testing market size was valued at USD 530.8 Million in 2022, expanding at a CAGR of 13.3% from 2023 to 2030.
Hematology molecular testing is the diagnostic procedure utilized in the field of hematological oncology to monitor and detect blood cancer and related disease. These tests play an essential role in the early diagnosis, treatment, and detection of hematological malignancies including myeloma, leukemia, and lymphoma. Moreover, it also involves numerous technologies such as flow cytometry, molecular testing, next-generation sequencing, and cytogenetics. In addition, these tests assist identify chromosomal abnormalities, genetic mutations, and other molecular markers associated with other types of blood cancers. By examining these makers healthcare professionals can make actual diagnoses, tailor treatment plans, and determine disease progression to individual patients.
Onco-hematology Molecular Testing Market- Market Dynamics:
- The rising prevalence of cancer cases and new advancements in molecular diagnostics tests may propel the market demand.
- The demand for diagnosis is driven by the increasing prevalence of cancer cases across the globe, which is fueling up the onco-hematology molecular testing market. Additionally, cancer cases are contributing to the growing requirement for early detection and preventive medicine. As a result, such factors increase the demand steadily for the onco-hematology molecular testing market. Moreover, molecular diagnostics tests for oncology are becoming more popular as diagnostic testing End-use advances. In cancer genome sequencing, tumor models, computational analysis, and innovative cancer research methods, numerous passages are being made. However, in cancer care, the cost of molecular diagnostic testing is comparably higher and it varies depending on the type of therapy which is expected to restrain the market growth over the forecast period.
Onco-hematology Molecular Testing Market- Key Insights:
- As per the analysis shared by our research analyst, the global onco-hematology molecular testing market is estimated to grow annually at a CAGR of around 13.3% over the forecast period (2023-2030)
- The onco-hematology molecular testing industry is projected to grow at a significant rate due to the growing number of healthcare infrastructure and well-established healthcare infrastructure
- Based on technology segmentation, next-generation sequencing was predicted to show maximum market share in the year 2022
- Based on product type segmentation, services was the leading type in 2022
- On the basis of region, Asia-Pacific was the leading revenue generator in 2022
Onco-hematology Molecular Testing Market- Segmentation Analysis:
- The global onco-hematology molecular testing market is segmented on the basis of product type, cancer type, technology, end-use, and region.
- The market is divided into two categories based on product type: services and assay kits & reagents. The services segment is likely to maintain its dominance over the forecast period owing to its increasing incidence of non-Hodgkin lymphoma, leukemia, and myeloma. Additionally, the segment growth is driven by the increasing awareness regarding several treatment therapies including personalized medicines. The rising availability of services provided for the diagnosis of myeloma is attributed to boosting the growth of the market.
- The market is divided into four categories based on cancer type: lung cancer, hematological cancer, breast cancer, colorectal cancer, and others. The other cancer segment is accounted to witness the highest growth rate in the market. The rise in the prevalence of various types of cancer such as gastric cancer, prostate cancer, and pancreas cancer globally propel the segment growth.
- The market is divided into three categories based on technology: qPCR, dPCR, next-generation sequencing, and Others. The next-generation sequencing segment is likely to possess the largest revenue share. The numerous advantages provided by this technology including specificity and more sensitivity are expected to fuel the segment growth. Moreover, next-generation sequencing tests are utilized to examine low levels of cancer cells remaining in patients diagnosed with lymphoblastic leukemia. The FDA approvals for NGS-based tests are attributed to driving the market growth.
- The market is divided into two categories based on end-use: reference laboratories, hospitals, and others. The hospital segment is expected to dominate the largest revenue share. The rising number of cancer patients' visits for treatment and diagnosis is likely to drive the growth. Moreover, the rise in the incidence rate of blood cancers, the presence of healthcare professionals to conduct diagnostic tests, & monitor the disease, and the availability of specialized laboratory settings is witnessing growth owing to above mention factors.
Onco-hematology Molecular Testing Market- Geographical Insights:
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business.
Onco-hematology Molecular Testing Market- Competitive Landscape:
Rising healthcare costs and government initiatives aimed at improving cancer treatment and diagnosis are driving market revenue growth. Governments across the world are funding the development of new cancer diagnostic equipment and treatment regimens. Moreover, increasing cancer occurrence, increased need for customized medication, and technical developments in testing methodologies are some of the primary drivers driving market revenue growth. Market players are focusing to strengthen their business by adopting several strategies such as technology network development, mergers, R&D activities, and collaboration. For instance, in June 2022, Burning Rock Biotech Limited introduced that it has received a CE marking for its OverC™ Multi-Cancer Detection Blood Test manufactured in both the US and China facilities
Recent Developments:
For instance, in May 2021, Roche and GenMark Diagnostics entered into a merger agreement in which Roche will fully acquire GenMark. Additionally, Roche aims to expand its portfolio of molecular diagnostics with GenMark's expertise in syndromic testing through the acquisition.
Key features of the study:
- This proposed research study on onco-hematology molecular testing market provides market size (US$ million), compound annual growth rate (CAGR %) and forecast estimation (2023-2030), considering 2022 as the base year.
- The report provides the client the latest up-to-date and trending insights about the onco-hematology molecular testing market.
- The research report elucidates potential growth opportunities across different segments/countries and explains attractive investment proposition matrix for onco-hematology molecular testing market.
- The overall report identifies new investment opportunities, challenges faced by established players, and growth factors to sustain in the onco-hematology molecular testing market.
- Impact of COVID-19 on onco-hematology molecular testing market size, forecast, CAGR, and market dynamics are discussed in detail under the research scope. Detailed insight on onco-hematology molecular testing market post-COVID will also be covered.
- In order to give the users of this report a comprehensive view on the onco-hematology molecular testing market, we have also included competitive landscape and key innovator analysis for the onco-hematology molecular testing market.
- The study encompasses a growth prospect mapping analysis, wherein all the industry segments are benchmarked based on their market size, growth rate and attractiveness.
- The report offers detailed company profiling featuring major market participants who will help users to understand their financial information and strategic initiatives of players operating in the onco-hematology molecular testing market.
- In addition, the report also unveil the important acquisitions & mergers, collaborations & joint ventures, new launch, research & development, regional expansion of major participants involved in the market on global as well as regional level.
- The global onco-hematology molecular testing market report primarily caters to various stakeholders in this industry including suppliers, investors, new entrants, distributors, and financial analysts.
SCOPE OF THE REPORT
The scope of this report covers the market by its major segments, which include as follows:
GLOBAL ONCO-HEMATOLOGY MOLECULAR TESTING MARKET KEY PLAYERS
- F. Hoffmann-La Roche Ltd
- DiaSorin Molecular LLC
- Abbott
- Thermo Fisher Scientific Inc.
- Bayer AG
- GenMark Diagnostics, Inc
- Biocartis
- BD
- Agilent Technologies, Inc
- QIAGEN
- HTG Molecular Diagnostics, Inc.
- Danaher Hologic, Inc.
- BIOMERIEUX
GLOBALONCO-HEMATOLOGY MOLECULAR TESTING MARKET, BY PRODUCT TYPE
- Services
- Assay Kits & Reagents
GLOBAL ONCO-HEMATOLOGY MOLECULAR TESTING MARKET, BY CANCER TYPE
- Lung Cancer
- Hematological Cancer
- Breast Cancer
- Colorectal Cancer
- Other
GLOBAL ONCO-HEMATOLOGY MOLECULAR TESTING MARKET, BY TECHNOLOGY
- qPCR
- dPCR
- Next-Generation Sequencing
- Others
GLOBAL ONCO-HEMATOLOGY MOLECULAR TESTING MARKET, BY END-USE
- Reference Laboratories
- Hospitals
- Others
GLOBAL ONCO-HEMATOLOGY MOLECULAR TESTING MARKET, BY REGION
- North America
- The U.S.
- Canada
- Europe
- Germany
- France
- Italy
- Spain
- United Kingdom
- Russia
- Netherlands
- Sweden
- Poland
- Rest of Europe
- Asia Pacific
- India
- China
- South Korea
- Japan
- Australia
- Thailand
- Indonesia
- Philippines
- Rest of APAC
- Latin America
- Brazil
- Mexico
- Argentina
- Colombia
- Rest of LATAM
- The Middle East and Africa
- Saudi Arabia
- United Arab Emirates
- Israel
- Turkey
- Algeria
- Egypt
- Rest of MEA