Global Hemato Oncology Testing Market Size Estimated to Exceed USD 7,647.57 Million By 2030, at 15.4% CAGR: Polaris Market Research

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Jan 05, 2023, 07:30 ET

NEW YORK, Jan. 5, 2023 /PRNewswire/ -- A latest research report [115+] pages with 360-Degree visibility, titled "Hemato Oncology Testing Market Share, Size, Trends, Industry Analysis Report, By Product & Service (Assay Kits and Services); By Cancer Type; By Technology; By End-User; Region; Segment Forecast, 2022-2030" published by Polaris Market Research in its research repository.

According to the research report, the global Hemato Oncology Testing Market share was estimated at USD 2,108.69 million in 2021 and is expected to reach USD 7,647.57 Million by 2030. The global Hemato Oncology Testing Market is expected to grow at a compound annual growth rate (CAGR) of 15.4% from 2022 to 2030".

What is Hemato Oncology Testings? How big is Hemato Oncology Testing Market Share?

Report Overview

Hematology is the study of blood and the diseases associated with it, and oncology is the branch of medicine that deals with tumors and cancers. Hemato oncology testing is used to diagnose, treat, and study cancers of the blood cells, bone marrow, and related tissues. It helps in the diagnosis of diseases such as sickle cell disease, haemophilia, thalassemia, iron deficiency anaemia, leukaemia, and other organ cancers.

For instance, according to the estimates by the American Cancer Society, in 2021, a total of 186,400 people were diagnosed with leukemia, lymphoma, and myeloma in the United States. Also, around 57,750 people are expected to die of lymphoma, myeloma, and leukemia in the U.S. in 2021. The increasing expansion of sequencing technologies like NGS due to increasing development costs drives the hemato oncology testing market size.

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Hemato Oncology Testing Market Report Highlights

Services segment is expected to grow moderately in 2021 owing to a rapid rise in the incidence of non-Hodgkin among others.
Lymphoma segment dominated the global market in 2021, which is accelerated by the rapidly growing geriatric population.
NGS technology is expected to grow at a significant CAGR throughout the anticipated period on account of various advantages offered like sensitivity and specificity.
Hospitals segment held the largest market revenue share in 2021 due to the growing availability of specialized laboratory settings and heavily investing in the development of healthcare infrastructure.
Asia Pacific region is expected to witness the fastest growth throughout the anticipated period, which is mainly driven by rising R&D activities conducted by many large research institutes.

Some of the Top Market Players Are:

Abbott Laboratories
F. Hoffman-La Roche
QIAGEN
Thermo Fisher Scientific
Bio-Rad Laboratories
MolecularMD
ArcherDX
ARUP Laboratories
Adaptive Biotechnologies
Amoy Diagnostics
Vela Diagnostics
SAGA Diagnostics
Olink
Gentronix
Asuragen
Illumina Inc

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Hemato Oncology Testing Market: Report Scope

Report Attribute	Details
Revenue forecast in 2030	USD 7,647.57 Million
Market size value in 2022	USD 2,428.16 Million
Expected CAGR Growth	15.4% from 2022 – 2030
Base Year	2021
Forecast Year	2022 - 2030
Top Market Players	Abbott Laboratories, F. Hoffman-La Roche, QIAGEN, Thermo Fisher Scientific, Bio-Rad Laboratories, MolecularMD, ArcherDX, ARUP Laboratories, Adaptive Biotechnologies, Amoy Diagnostics, Vela Diagnostics, SAGA Diagnostics, Olink, Gentronix, Asuragen, and Illumina Inc.
Segments Covered	By Product & Service, By Cancer Type, By Technology, By End-User, By Region
Customization Options	Customized purchase options are available to meet any research needs. Explore customized purchase options

Growth Driving Factors

Growing cases of lymphoma and myeloma are driving the market growth

Rising initiatives by government and non-government organizations for awareness about the disease and early diagnosis are fueling the hemato oncology testing market growth. Growing investment in research & development activities by leading firms in the precision medicine sector is one of the key factors propelling the market growth. A surge in the requirement of sample processing in healthcare facilities due to the rising prevalence and cases of cancer among the population is anticipated to positively favor the hemato oncology testing industry growth.

Furthermore, the surge in the prevalence of various types of cancer, including lymphoma and myeloma globally, is predicted to enhance the industry expansion during the forecast period. The increasing availability of advanced & innovative molecular techniques for diagnosing hematoma technology coupled with technological developments to recognize blood cancer prognosis, treatment course, and diagnosis is anticipated to flourish the industry growth. In addition, the growing geriatric population, which is leading to the cases of hematologic cancer, is supporting the hemato oncology testing market demand.

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Recent Developments

In August 2022, Thermo Fisher Scientific, announced the launch of its new next-generation sequencing test and analysis software named CE-IVD (IVDD) for the purpose to provide easy access to biomarker testing.

Segmental Analysis

The services segment is anticipated to lead the market

Based on product & service, the services category is projected to witness the largest market share in 2021 due to the increasing cases of non-Hodgkin lymphoma, myeloma, and leukemia. The growing development of various novel and advanced tests for the diagnosis of these diseases fuels segment growth. Also, rising awareness towards the availability of various innovative treatment therapies is anticipated to enhance the market growth throughout the forecast period.

The lymphoma segment captured the largest revenue share in 2021

On the basis of cancer type, the lymphoma segment accounted for the highest hemato oncology testing market share in 2021 due to the growing prevalence of Non-Hodgkin and Hodgkin Lymphoma across the globe. The rising geriatric population also fuels segment growth. Also, increasing factors such as immune system deficiency, reduced immunity, as well as rising incidences of autoimmune diseases which are causing lymphoma cancer among the aged population are anticipated to soar the market growth.

NGS technology is likely to register the fastest growth

By technology, NGS technology is projected to grow at the most rapid growth with significant CAGR during the forecast period. This growth can be attributed to the specificity and sensitivity offered by this technology. However, the PCR category held the largest market share in 2021 and is expected to show significant growth during the foreseen period.

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Geographic Overview

North America dominated the market in 2021

In terms of geography, hemato oncology testing market in North America accounted for the greatest market share in 2021 with the rising number of initiatives by leading market players and research companies. A surge in the adoption of artificial intelligence for the accurate recognition of myeloid leukemia is boosting regional market growth.

Moreover, Asia Pacific is expected to experience the fastest growth in the market during the forecast period owing to the rising prevalence of blood cancer and related diseases, and growing research & development activities carried out by research institutes in Asia Pacific. In addition, a surge in healthcare expenditure, along with increasing consumer awareness about the accessibility of advanced diagnostic techniques, is boosting the regional market growth.

Browse the Detail Report "Hemato Oncology Testing Market Share, Size, Trends, Industry Analysis Report, By Product & Service (Assay Kits and Services); By Cancer Type; By Technology; By End-User; Region; Segment Forecast, 2022-2030" with in-depth TOC: https://www.polarismarketresearch.com/industry-analysis/hemato-oncology-testing-market

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Polaris Market Research has segmented the hemato oncology testing market report based on product & service, cancer type, technology, end-user, and region:

By Product & Service Outlook

Assay Kits
Services

By Cancer Type Outlook

Leukemia
Lymphoma
Others

By Technology Outlook

PCR
IHC
NGS
Cytogenetics
Others

By End-User Outlook

Clinical Laboratories
Hospitals
Academic & Research Institutes
Others

By Region Outlook

North America (U.S., Canada)
Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
Asia Pacific (Japan, China, India, Malaysia, Indonesia, South Korea)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
The Report Explains the Market Offerings Through the Following Insights
Investigation of market and present status and future estimations of the market.
Detail analysis of segments, sub-segments, and environmental factors for understanding market expansion.
Provides forecast predictions on how the market is estimated to grow during forecast period
Provides a precise overview of the most important aspects impacting market growth such as growth potential, opportunities, drivers, industry-specific challenges, and risks.
Offers competitive landscape analysis throwing attention on world-leading manufacturers with their growth strategy and SWOT analysis.

About Polaris Market Research

Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for PMR's clientele spread across different enterprises. We at Polaris are obliged to serve PMR's diverse customer base present across the industries of healthcare, technology, semi-conductors and chemicals among various other industries present around the world. We strive to provide PMR's customers with updated information on innovative technologies, high growth markets, emerging business environments and latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced and extremely qualified team of experts comprising SMEs, analysts and consultants, we at Polaris endeavor to deliver value-added business solutions to PMR's customers.

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