Hemato Oncology Testing Market Future Trends, Strategy, Research, Development

Posted on 2023-10-17 by Polaris Market Research in Healthcare // 0 Comments

New York, United States, 2023-Oct-17 — /EPR Network/ —Hemato oncology is overlaying of these two specialist branches of medicine concerned with diagnosing, treating, and studying cancers of blood cells, bone marrow, and related tissues. Blood cancers include leukemia, lymphoma, and myeloma. The rapid rise in the hemato oncology testing market can be attributed to a complete blood count assisting in comprehending if any types of blood cells are at a depleted or elevated level. For instance, an extremely high white blood cell count can point out the possibility of leukemia which is an uncommonly excessive production of specific white blood cells.

According to the research report, the global Hemato Oncology Testing Market was estimated at USD 2,108.69 million in 2021 and is expected to reach USD 7,647.57 million by 2030, to grow at a CAGR of 15.4% during the forecast period.

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The rising prevalence of lymphoma and myeloma is expected to push the market’s growth during the forecast period. As per the American Cancer Society, Non-Hodgkin Lymphoma (NHL) is approximated to be one of the most common forms of cancer in the US, accounting for nearly 4.0% of all cancers in the country. A matched 74,200 individuals comprising 41,090 men and 33,110 women, were diagnosed with NHL in 2019.

What Does the Report Include?

The report presents the analytical description of the market along with prevalent trends and future estimations to determine the imminent investment pockets
The report presents information related to key drivers, restraints, and opportunities with a detailed analysis of the market share
Porter’s five forces analysis displays the potency of buyers and sellers in the market
The report provides a detailed market analysis based on competitive intensity and how the competition will take shape in the coming years

Growth Driving Factors

The propagation of sequencing techniques to push the market

The propagation of sequencing techniques such as NGS due to the growing cost of development and sequencing of human genome projects in the arena of genomics is anticipated to push the growth of the market. The hemato oncology testing market size is expanding due to prominent companies in the customized medicine market space are generally involved in multiple investment programs about precision medicine. In addition, companies offer several molecular decision support systems that merge genomics and clinical data so that the gaps are reduced in the precision medicine market.

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The escalation in the obtainability of advanced molecular techniques for the diagnosis of hemato oncology is also one of the prominent factors contributing to the development of the market for hemato oncology testing. Hemato oncology testing market sales are soaring due to the introduction of advanced molecular techniques, which have been pivotal in addressing apprehension in the context of blood cancer prognosis, treatment course, and diagnosis.

Recent Developments

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

Segmental Analysis

The service segment is expected to grow moderately

Based on product and service, the service segment is anticipated to grow moderately due to the speedily increasing case of non-Hodgkin lymphoma, myeloma, and leukemia and the growth in the development of several new and progressive tests for the diagnosis of these diseases. Hemato oncology testing market demand is increasing due to increasing consciousness towards the obtainability of several innovative treatment therapies involving personalized medicines is further anticipated to push the growth of the market in the years to come.

The Lymphoma segment dominated the global market

Based on cancer type, the lymphoma segment dominated the global market holding a significant market share. Hemato oncology testing market trends include the rising prevalence of Non-Hodgkin and Hodgkin Lymphoma globally, along with a quick surge in the global geriatric population. Factors such as immune system deficiency, lower immunity, and growing cases of autoimmune diseases are the main reasons causing lymphoma cancer amongst the aged population which results in a growing need for oncology testing and raising the segment growth forward.

Geographic Overview

Growing penetration of AI in myeloid leukemia to drive the North American market

North America held the largest hemato oncology testing market share due to several supportive initiatives undertaken by key market players and research organizations in the region. In addition, the growing penetration of using artificial intelligence for precise detection of myeloid leukemia with higher dependability is driving regional market growth.

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Asia Pacific is expected to surface as the fastest-growing region in the market during the projected period on account of the growing prevalence of blood cancer and related issues, along with an increasing number of research and development activities conducted by the research institutes in the region. Further growing healthcare expenditure and consumer consciousness towards the obtainability of progressive diagnostic techniques are fuelling the market’s growth.

Competitive Insight

Some prominent hemato oncology testing market key players include 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.

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