Technological Advancements in Molecular Diagnostic Tools to spur the global Hemato Oncology Testing Market
Like any other cancer, the treatment for blood cancer needs to be personalized to each patient. The treatment plan depends specifically on blood cancer type, its stage, and several other factors. Hemato oncology testing plays a vital role in the process of identification and thus growing prevalence of blood cancer is supporting the demand for hemato oncology testing.
Many people are unaware of blood cancer owing to its disparate nature. Every year more than 900,000 people across the world are diagnosed with blood cancer. Such a huge prevalence of the disease is spurring the growth of the global hemato oncology testing market. Further, factors such as an increase in demand for personalized medicines, rise in the development of drug-diagnostic models, and the presence of advanced molecular techniques for hemato oncology diagnosis are propelling the growth of the market. Additionally, next generation sequencing (NGS) has become a fundamental tool in the evaluation of hematologic malignancy.
For hemato oncology testing, there is increase in the use of PCR-based assays as it is highly sensitive in detecting genetic mutations in blood samples and bone marrow of the patient. All such factors are majorly contributing to the growth of the global market. In addition to this, heavy investment by the market players to launch assays and kits is also equally contributing to the overall market growth. For instance, in July 2021, Thermo Fisher Scientific expanded its hematology oncology NGS portfolio with a new suite of Ion Torrent Oncomine immune repertoire assays ultimately allowing researchers to better evaluate blood cancers. Furthermore, constant advancement in the technologies used for diagnosis may offer advantageous opportunities for the growth of the global market over the forecast period.
The global hemato oncology testing market is classified into product & services, cancer type, technology, end-user, and region. Based on product & services, the global market is divided into assay kits and services. The cancer type segment comprises lymphoma, leukemia, and others. By technology, the market is segregated into PCR, cytogenetic, NGS, IHC, and others. Based on end-user, the global market is split into clinical laboratories, academic & research institutes, hospitals, and others.
The global hemato oncology testing market is expected to be led by North America. This is attributed to favorable reimbursement policies, increase in the prevalence of leukemia & lymphoma, and advanced molecular diagnostic tools. In addition to this, increase in focus on personalized medicines is also one of the factor that is fueling the market in this region. Asia Pacific is predicted to be the fastest growing region and register the highest CAGR value during the forecast period.
The global Hemato oncology testing market was estimated at 2 (USD Billion) in 2019 and is projected to be valued at 4.5 (USD Billion) by 2025 at a CAGR of 15.1%.
The predominant players that are operating in the growth of the global hemato oncology testing market are Bio-Rad Laboratories, Inc., QIAGEN N.V., Thermo Fisher Scientific, Inc., Abbott Laboratories, F. Hoffmann-La Roche Ltd. Adaptive Biotechnologies, Asuragen, Inc., Invivoscribe, Inc., MolecularMD, and Illumina, Inc.
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