PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1425013
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1425013
Hemato Oncology Testing Market size was valued at USD 2,910 Million in 2022, expanding at a CAGR of 11.9% from 2023 to 2030.
The field of medicine that researches and treats cancer is called oncology. The study, diagnosis, treatment, and prevention of cancer and blood disorders is known as hematology-oncology. Hematological tests are useful in the diagnosis of leukemia, hemophilia, anemia, infections, and blood-clotting issues.
Hemato Oncology Testing Market- Market Dynamics
Rising prevalence of blood-related cancer and its diagnosis to propel market demand
Over the forecast period, rising funding for research and development (R&D), the prevalence of blood cancer, myeloma, and lymphoma, as well as the availability of high-tech products, are expected to propel market expansion. According to the American Cancer Society, Non-Hodgkin Lymphoma (NHL) is one of the most frequent kinds of cancer in the U.S., accounting for around 4% of all cancers in the country. In 2023, an estimated 80,550 people with 44,880 men and 35,670 women were projected to receive an NHL diagnosis.
Growth in treatment planning in personalized medicine is based on data gathered holistically, it holds the potential to revolutionize diagnosis and the delivery of healthcare. The proliferation of sequencing technologies, especially next-generation sequencing (NGS), due to the rising cost of sequencing and the development of the Human Genome Project in the field of genomics is likely to fuel the hemato oncology testing market's expansion. Increasing the accessibility of RT-PCR analysis for the detection of diseases including acute lymphocytic leukemia (ALL), AML, and CML has been essential to the uptake of molecular diagnostic testing services and the expansion of the market. It is anticipated that a rise in the co-development of the drug diagnostics model would further propel market expansion.
Hemato Oncology Testing Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 11.9% over the forecast period (2023-2030)
Based on Product segmentation, services segment was predicted to show maximum market share in the year 2022, owing to treatment therapies and services.
Based on Technology segmentation, PCR segment was the leading segment in 2022, due to its high accuracy and affordability.
Based on End-User segmentation, hospitals segment was the leading segment in 2022, mainly due to increasing need for diagnostic tests.
On the basis of region, North America was the leading revenue generator in 2022, owing to leukemia, lymphoma, etc.
The Global Hemato Oncology Testing Market is segmented on the basis of Product, Technology, End-User, and Region.
The market is divided into two categories based on Product: kits & reagents, and services. The services segment dominates the market. The growing demand for services in diagnostic testing is expected to boost the instruments demand.
The market is divided into five categories based on Technology: PCR, NGS, IHC, cytogenetics, and others. The PCR segment dominates the market and is likely to maintain its dominance during the forecast period. The PCR tests are effective in blood cancer cells which is boosting the segment growth.
The market is divided into three categories based on End-User: hospitals, academic research, and others. The hospitals segment dominates the market and is likely to maintain its dominance during the forecast period. The advanced healthcare facility and laboratory settings are boosting the market growth.
Hemato Oncology 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. North America is expected to dominate the market during the forecast period. The increased occurrence of leukemia, lymphoma, and multiple myeloma is the reason for this surge. Furthermore, the region's market expansion has been aided by the advent of cutting-edge technology, the availability of sophisticated healthcare and medical infrastructure.
Hemato Oncology Testing Market is significantly competitive in nature. Moreover, to remain competitive, market players collaborate with laboratories. For example, Adaptive Biotechnologies collaborated with GSK to use its clonoSEQ assay to evaluate MRD in GlaxoSmithKline plc's range of hematology products.
In January 2023, Agilent Technologies Inc., partnered with Akoya Biosciences Inc., to develop immunohistochemistry diagnostic solutions.