Hemato Oncology Testing Market growth is driven mainly by the rising incidences prevalence of hematologic cancers such as leukemia lymphoma, increasing collaborations for developing new assays, and the growing number of conferences on personalized medicines. High growth in emerging economies such as China, India, and Brazil; and collaborations for drug-diagnostics development are providing opportunities for players operating in this segment. However, uncertain reimbursement and complex regulatory frameworks are expected to restrain the growth of this market during the forecast period.
Global hemato oncology testing market is projected to reach USD 4.0 billion by 2024 from USD 2.0 billion in 2019, at a CAGR of 14.8% during the forecast period.
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Based on the technology, the market has been segmented further into five subsegments, viz., PCR, IHC, NGS, cytogenetics, and other technologies. Among these, the PCR segment is estimated to dominate the market in 2019, due to the extensive use of this technology owing to its ease of use and easy availability of assay kits. However, NGS is expected to grow at the highest growth rate in the coming years due to its advantages, such as more specificity and sensitivity.
Based on product services, the hemato oncology testing is segmented into services and assay kits. In 2018, the services segment accounted for the largest share of the hemato oncology testing. This is mainly due to the increasing prevalence incidence of leukemia, non-Hodgkin lymphoma, and myeloma cancers. Apart from this, rising awareness regarding advanced treatment therapies such as personalized medicine is also driving the growth of this segment.
“Asia Pacific to register the highest growth rate during the forecast period (2019–2024)”
Based on region, the hemato oncology testing is segmented into North America, Europe, Asia Pacific (APAC), and the Rest of the World (RoW). While North America dominated the market in 2018, Asia Pacific is expected to register the highest CAGR in the market during the forecast period. Growth in the APAC market is driven mainly by the large patient population, and increasing focus of major players on expanding in this region will drive market growth.
Some of the leading players in the hemato oncology testing market include F. Hoffmann-La Roche Ltd. (Switzerland), Abbott Laboratories (US), Thermo Fisher Scientific, Inc. (US), QIAGEN N.V. (Germany), Bio-Rad Laboratories, Inc. (US), Illumina, Inc. (US), MolecularMD (Ireland), Invivoscribe, Inc. (US), Asuragen, Inc. (US), Adaptive Biotechnologies (US), ArcherDx, Inc. (US), and ARUP Laboratories Inc. (US).
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- Hoffmann-La Roche Ltd. (Switzerland) was the leading player in the hemato-oncology testing market in 2018. The company offers a full range of tests for the diagnosis of hemato-oncology cancers, such as leukemia, lymphoma, and myeloma, among others. Its active presence across the globe, robust distribution channels, and brand image help the company to maintain a dominant position in the hemato-oncology testing market.
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