Global Hemato Oncology Testing Market Size (2024 - 2029)

The Hemato Oncology Testing Market is experiencing growth driven by factors such as the increasing incidence of hematologic cancers and the rising demand for personalized therapy. The market's expansion is supported by the normalization of cancer care post-pandemic and the introduction of innovative products and services. Despite challenges like unfavorable reimbursement scenarios, the market is poised for growth due to the heightened need for hemato oncology testing and personalized medicine, particularly in developed regions.

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Market Size of Global Hemato Oncology Testing Industry

Hemato Oncology Testing Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
CAGR 5.00 %
Fastest Growing Market Asia Pacific
Largest Market North America

Major Players

Hemato Oncology Testing Market Major Players

*Disclaimer: Major Players sorted in no particular order

Hemato Oncology Testing Market Analysis

The Hemato Oncology Testing Market is expected to register a CAGR of nearly 5% during the forecast period.

The COVID-19 outbreak significantly impacted the availability of hospital resources for cancer care worldwide. For instance, according to an article published by Hematological Oncology in October 2022, the COVID-19 pandemic introduced significant changes in oncologic practice globally, including lymphoma care with a substantial burden on patients and healthcare providers and the potential worsening of patient outcomes. Moreover, according to an article published by the Journal of Clinical Oncology in September 2022, a study was conducted in the United States, which showed that the number of newly diagnosed multiple myeloma patients decreased by 22% during the initial pandemic. However, in the later phase of the pandemic, there was an increase in the demand for cancer diagnostics, including hematological cancers. Thus, the market witnessed significant challenges during the initial phase of the pandemic, but as the SARS-CoV-2 cases started to decline, cancer care went back to normal, and the market witnessed significant growth over time.

The factors that are driving the market growth are the increasing incidence of hematologic cancer and the growing demand for personalized therapy. According to an article updated by PubMed Central in April 2022, leukemia is considered one of the most common cancers in children younger than five years of age, and it accounts for a high percentage of deaths, creating a significant burden on individuals, families, and countries. The occurrence of leukemia in children is leading to the increase in demand for hemato oncology testing, thereby driving the demand for products and services associated with it.

Besides, the growing demand for personalized therapy is also significantly contributing to the market growth. Personalized medicine aims to provide tailor-made therapies to individual patients depending on the molecular basis of the disease, and it has become popular over recent years. The rise in the prevalence of various types of cancer, affordability of personalized medicine therapy in cancer drugs and various other disease indications, fewer side-effects of personalized medicine, and high adoption in developed markets are factors that are creating demand for personalized therapy. Moreover, various firms are conduction studies to prove the effectiveness of personalized medicine in blood-related cancer. For instance, in September 2021, the UC Cancer Center researchers joined a national collaborative, personalized medicine clinical trial for developing personalized treatments for blood and bone cancer.

Additionally, the launch of products is also propelling the market's growth. For instance, in May 2022, Genes2Me launched next-generation sequencing (NGS) based clinical panels for oncology, personalized medicine, and hereditary diseases in India. Furthermore, in October 2021, Sysmex Inostics developed a new liquid biopsy test for the detection of minimal residual disease (MRD) in acute myeloid leukemia (AML). The new test, AML-MRD-SEQ, uses a targeted next-generation sequencing (NGS) panel that covers 68 regions across 20 genes, including established MRD markers such as NPM1.

However, unfavorable reimbursement scenarios may slow down the growth of the studied market.

Hemato Oncology Testing Industry Segmentation

As per the scope of the report, hemato-oncology refers to the science which is associated with the diagnosis, treatment, and prevention of blood-related diseases and cancer. The Hemato Oncology Testing Market is segmented by Product & Services (Assay Kits and Reagents, Services), Cancer Type (Leukemia, Lymphoma, Multiple Myeloma, and Others), Technology (Polymerase chain reaction (PCR), Immunohistochemistry (IHC), Next-Generation Sequencing (NGS), and Other Technology), End-User (Hospitals, Academic & Research Institutes, and Other End-Users) and Geography (North America, Europe, Asia-Pacific, Middle East and Africa, and South America). The market report also covers the estimated market sizes and trends for 17 countries across major regions globally. The report offers the value (in USD million) for the above segments.

By Product & Services
Assay Kits and Reagents
Services
By Cancer Type
Leukemia
Lymphoma
Multiple Myeloma
Others
By Technology
Polymerase chain reaction (PCR)
Immunohistochemistry (IHC)
Next-Generation Sequencing (NGS)
Other Technology
By End User
Hospitals
Academic & Research Institutes
Other End-Users
Geography
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
France
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
Rest of Asia-Pacific
Middle East and Africa
GCC
South Africa
Rest of Middle East and Africa
South America
Brazil
Argentina
Rest of South America
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Global Hemato Oncology Testing Market Size Summary

The hemato-oncology testing market is poised for steady growth, driven by the increasing incidence of hematologic cancers and the rising demand for personalized therapy. The market experienced initial challenges due to the COVID-19 pandemic, which affected cancer care resources and led to a temporary decline in new diagnoses. However, as the situation normalized, the demand for cancer diagnostics, including those for hematological cancers, rebounded. The growing prevalence of conditions such as leukemia, non-Hodgkin lymphoma, and myeloma, particularly in children, has significantly boosted the need for hemato-oncology testing. Personalized medicine, which offers tailored therapies based on the molecular characteristics of diseases, is gaining traction, further propelling market expansion. The introduction of innovative products and services, such as next-generation sequencing panels and liquid biopsy tests, is also contributing to market growth.

North America stands out as a key region for the hemato-oncology testing market, attributed to the high incidence of blood cancers, an aging population, and a strong presence of industry players. The region's market growth is supported by initiatives from organizations like the Leukemia & Lymphoma Society, which provide substantial funding for blood cancer research and patient support. The competitive landscape of the market is characterized by the presence of major players such as F. Hoffmann-La Roche Ltd, Abbott, QIAGEN, Thermo Fisher Scientific Inc., and Illumina Inc., who are actively engaging in strategies like acquisitions, partnerships, and new product launches to maintain their market positions. Despite the fragmented nature of the market, these companies are driving innovation and expanding their offerings to meet the growing demand for advanced hemato-oncology testing solutions.

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Global Hemato Oncology Testing Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Market Overview

    2. 1.2 Market Drivers

      1. 1.2.1 Increasing Incidence of Hematologic Cancer

      2. 1.2.2 Growing Demand for Personalized Therapy

    3. 1.3 Market Restraints

      1. 1.3.1 Unfavorable Reimbursement Scenario

    4. 1.4 Porter Five Forces

      1. 1.4.1 Threat of New Entrants

      2. 1.4.2 Bargaining Power of Buyers/Consumers

      3. 1.4.3 Bargaining Power of Suppliers

      4. 1.4.4 Threat of Substitute Products

      5. 1.4.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION (Market Size by Value - USD million)

    1. 2.1 By Product & Services

      1. 2.1.1 Assay Kits and Reagents

      2. 2.1.2 Services

    2. 2.2 By Cancer Type

      1. 2.2.1 Leukemia

      2. 2.2.2 Lymphoma

      3. 2.2.3 Multiple Myeloma

      4. 2.2.4 Others

    3. 2.3 By Technology

      1. 2.3.1 Polymerase chain reaction (PCR)

      2. 2.3.2 Immunohistochemistry (IHC)

      3. 2.3.3 Next-Generation Sequencing (NGS)

      4. 2.3.4 Other Technology

    4. 2.4 By End User

      1. 2.4.1 Hospitals

      2. 2.4.2 Academic & Research Institutes

      3. 2.4.3 Other End-Users

    5. 2.5 Geography

      1. 2.5.1 North America

        1. 2.5.1.1 United States

        2. 2.5.1.2 Canada

        3. 2.5.1.3 Mexico

      2. 2.5.2 Europe

        1. 2.5.2.1 Germany

        2. 2.5.2.2 United Kingdom

        3. 2.5.2.3 France

        4. 2.5.2.4 Italy

        5. 2.5.2.5 Spain

        6. 2.5.2.6 Rest of Europe

      3. 2.5.3 Asia-Pacific

        1. 2.5.3.1 China

        2. 2.5.3.2 Japan

        3. 2.5.3.3 India

        4. 2.5.3.4 Australia

        5. 2.5.3.5 South Korea

        6. 2.5.3.6 Rest of Asia-Pacific

      4. 2.5.4 Middle East and Africa

        1. 2.5.4.1 GCC

        2. 2.5.4.2 South Africa

        3. 2.5.4.3 Rest of Middle East and Africa

      5. 2.5.5 South America

        1. 2.5.5.1 Brazil

        2. 2.5.5.2 Argentina

        3. 2.5.5.3 Rest of South America

Global Hemato Oncology Testing Market Size FAQs

The Global Hemato Oncology Testing Market is projected to register a CAGR of 5% during the forecast period (2024-2029)

Abbott, QIAGEN, F. Hoffmann-La Roche Ltd, Illumina Inc. and Thermo Fisher Scientific Inc. are the major companies operating in the Global Hemato Oncology Testing Market.

Hemato Oncology Testing Market Report Snapshots

Hemato Oncology Testing Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)