PUBLISHER: The Business Research Company | PRODUCT CODE: 1414273
PUBLISHER: The Business Research Company | PRODUCT CODE: 1414273
“Hemato Oncology Testing Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on hemato oncology testing market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for hemato oncology testing? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The hemato oncology testing market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Hemato-oncology testing involves diagnostic procedures designed to identify symptoms of blood disorders and blood cancers. These tests play a crucial role in diagnosing conditions such as anemia, infections, hemophilia, blood-clotting disorders, and leukemia.
The primary products and services associated with hemato-oncology testing include assay kits, reagents, and testing services. Assay kits and reagents encompass instruments and chemicals utilized together to analyze specific substances. The testing procedures cover various cancer types, including leukemia, lymphoma, multiple myeloma, and others. The technologies employed for these tests include polymerase chain reaction (PCR), immunohistochemistry (IHC), next-generation sequencing (NGS), and other advanced techniques. The end-users of hemato-oncology testing include hospitals, academic and research institutes, and other healthcare entities.
The hemato oncology testing market research report is one of a series of new reports from The Business Research Company that provides hemato oncology testing market statistics, including hemato oncology testing industry global market size, regional shares, competitors with hemato oncology testing market share, detailed hemato oncology testing market segments, market trends, and opportunities, and any further data you may need to thrive in the hemato oncology testing industry. This hemato oncology testing market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The hemato oncology testing market size has grown rapidly in recent years. It will grow from $3.16 billion in 2023 to $3.59 billion in 2024 at a compound annual growth rate (CAGR) of 13.6%. The expansion observed in the historical period can be attributed to factors such as the increasing incidence of cancer, growing awareness and screening programs, rising healthcare expenditure, the adoption of personalized medicine, and an increase in the occurrence of blood disorders.
The hemato oncology testing market size is expected to see rapid growth in the next few years. It will grow to $5.98 billion in 2028 at a compound annual growth rate (CAGR) of 13.7%. The anticipated growth in the forecast period can be attributed to trends in personalized medicine, the integration of artificial intelligence, a rising geriatric population, advancements in genomic research, and an increasing demand for early cancer detection. Key trends expected in the forecast period encompass technological advancements in genomic testing, the adoption of liquid biopsy for non-invasive testing, collaborations and partnerships within the industry, considerations of the regulatory landscape and standardization, and ongoing progress in various technologies.
The anticipated rise in the incidence of hematologic cancer is set to be a driving force behind the growth of the hemato-oncology testing market. Hematologic cancer encompasses a group of cancers originating in the blood, affecting the blood, bone marrow, and lymphatic system, including conditions such as leukemia, lymphoma, and myeloma. Early diagnosis is crucial for these diseases, and hemato-oncology testing plays a pivotal role in achieving this. As an illustration, the American Cancer Society estimates that in 2023, leukemia is expected to impact approximately 59,610 Americans, leading to 23,710 deaths. Additionally, non-Hodgkin lymphoma is projected to affect 80,550 individuals in the United States, resulting in 20,180 deaths. Hence, the increasing prevalence of hematologic cancers is a significant driver propelling the hemato-oncology testing market forward.
The growth in healthcare expenditure is anticipated to act as a catalyst for the expansion of the hemato-oncology testing market in the foreseeable future. Healthcare expenditure encompasses the total funds, both public and private, allocated to the healthcare sector within a specific geographical area or country during a given period. The judicious allocation of healthcare spending in hemato-oncology testing contributes to improved diagnostic accuracy, personalized treatment methods, and enhanced patient outcomes in the intricate landscape of hematopoietic tumors. For example, as of September 2022, the Centers for Medicare & Medicaid Services reported an expected 2.7 percent increase in national health spending, reaching $4.3 trillion in 2021, or $12,914 per person, constituting 18.3% of GDP. Therefore, the escalating healthcare expenditure is a key driver fueling the hemato-oncology testing market.
A prominent trend in the hemato-oncology testing market is the innovation of products by major companies to sustain their market position. These innovations include Sysmex CLIA-validated liquid biopsy tests, exemplifying cutting-edge solutions for diagnosing Minimal Residual Disease (MRD) in Acute Myeloid Leukemia (AML). Launched by Sysmex Inostics in October 2021, this liquid biopsy test utilizes targeted Next Generation Sequencing (NGS) technology, offering exceptional sensitivity to detect even minute traces of cancer cells post-initial therapy.
Major companies in the hemato-oncology testing market are adopting a strategic partnership approach to supplement their hemato-oncology portfolio. Strategic partnerships involve leveraging mutual strengths and resources to achieve shared benefits and success. An instance of this is the collaboration between Servier Laboratories and QIAGEN N.V. to develop an mIDH1 companion diagnostic test. This test is intended to complement Servier's AML therapies by swiftly identifying patients with IDH1 gene mutations using a PCR-based diagnostic test. QIAGEN, a Germany-based molecular diagnostics company, will develop and validate this test under the Master Cooperation Agreement.
In January 2023, Merck & Co. Inc., a leading US-based pharmaceutical company, acquired Imago BioSciences, Inc., a biotechnology company focusing on diagnostic and therapeutic products for hemato-oncology testing and related blood disorders. This acquisition aligns with Merck's commitment to fortify its presence in the hematology field by investing in innovative solutions and strengthening its pipeline.
Major companies operating in the hemato oncology testing market report are F. Hoffmann-La Roche Ltd., Abbott Laboratories, Thermo Fisher Scientific Inc., Illumina Inc., Icon plc, Invivoscribe Inc., Qiagen N.V., Bio-Rad Laboratories Inc., Archerdx Inc., ARUP Laboratories Inc., Asuragen Inc., Adaptive Biotechnologies Corp., Cepheid Inc., EntroGen Inc., CORE Diagnostics Inc., Genoptix Inc., GenPath Diagnostics, NeoGenomics Laboratories Inc., Siemens AG, Sysmex Corporation, Laboratory Corporation of America Holdings, Agilent Technologies, Danaher Corporation, Grifols SA, Exact Sciences Corporation, Guardant Health Corp., Personal Genome Diagnostics Inc., Diaorin SpA, HTG Molecular Diagnostics Inc., Admera Health
North America was the largest region in the hemato oncology testing market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global hemato oncology testing market report during the forecast period. The regions covered in the hemato oncology testing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the hemato oncology testing market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
The hemato oncology testing market consists of revenues earned by entities by providing sampling and diagnostic services. The market value includes the value of related goods sold by the service provider or included within the service offering. The hemato-oncology testing market also includes the sales of consumables and instruments which are used to provide hemato-oncology testing services. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.