Global Hemato Oncology Testing Market to 2027: Increasing Incidence of Hematologic Cancer Drives Growth

Rhea-AI Summary

The global Hemato Oncology Testing market is poised for significant growth, expected to reach USD 5.6 billion by 2027 from USD 2.9 billion in 2022 at a CAGR of 14.2%. This growth is driven by the rising incidence of hematologic cancers, an increase in clinical collaborations, and a growing emphasis on personalized medicine.

The services segment dominated the market in 2021, attributed to the need for continuous patient monitoring. The lymphoma segment displayed the highest CAGR among cancer types, supported by the increasing prevalence of lymphoma and an aging population. Technologically, PCR showed the highest growth within the testing market due to its ease of use.

Geographically, the Asia-Pacific region is expected to see the most robust growth, fueled by a rising geriatric population and enhanced healthcare demand.

Positive

• Projected market growth from USD 2.9 billion in 2022 to USD 5.6 billion by 2027.
• CAGR of 14.2% indicates strong market potential.
• Highest growth rate seen in the services segment, driven by continuous monitoring needs.
• The lymphoma segment recorded the highest CAGR by cancer type.
• PCR technology dominates due to its user-friendliness and availability.

Negative

• Unfavorable reimbursement scenarios may hinder revenue growth.
• Complex regulatory frameworks may delay approval processes.
• High capital investments leading to low cost-benefit ratios for biomarkers.

DUBLIN, April 24, 2023 /PRNewswire/ -- The "Hemato Oncology Testing Market by Product & Services (Services, Assay Kits), Cancer (Leukemia (Acute Myeloid, Acute Lymphocytic), Lymphoma (Non-Hodgkin, Hodgkin), Technology (PCR, NGS), End User - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.

The global Hemato oncology testing market is projected to reach USD 5.6 billion by 2027 from an estimated USD 2.9 Billion in 2022, at a CAGR of 14.2%.

The growth in this market is attributed to the growing incidence of hematologic cancer, increasing collaborations, and the increasing number of conferences on personalized medicine.

The Services segment accounted for the highest growth rate in the Hemato oncology testing market, by product and services type, during the forecast period

On the basis of products & services type, the global hemato oncology testing market is segmented into services and assay kits.

In 2021, The services segment accounted for the largest share of the global hemato oncology testing market in 2021. This can be attributed to the increase in the number of hematologic cancer significantly.

Hence the the patient needs continuous monitoring and testing during the treatment, the increasing collaboration between the companies for conducting the clinical trails on the hematologic cancers requires the hemato oncology testing products and the raising number of the diagnostic centers for diagnostic testing procedures is expected to boost the demand for the the services segment in the hemato oncology testing product market .

Lymphoma segment accounted for the highest CAGR by cancer type, during the forecast period

By cancer type, the global leukaemia, lymphoma, and other cancers market. In 2021, the lymphoma segment dominated the global market. This can be attributed to factor such as the increasing prevalence lymphoma and the rising geriatric population across the globe is supporting the increasing incidence of the lymphoma cases which is a major driving factor for this market.

The PCR segment accounted for the highest growth rate in the Hemato oncology testing market, by technology type, during the forecast period

Based on type, the Hemato oncology testing market technology is segmented into PCR, IHC, NGS, cytogenetics, and other technologies.

In 2021, the PCR segment dominated hemato oncology testing market. Factors supporting the growth of the segment is the wide use of this technology owing to its ease of use and easy availability of assay kits.

The Asia-Pacific market is expected to grow at the highest CAGR during the forecast period.

The Hemato oncology testing market is segmented into - North America, Europe, the Asia Pacific and ROW. The Hemato oncology testing market in several Asia-Pacific countries is expected to witness high growth during the forecast period. Market growth will be driven by the rising geriatric population, increasing demand for quality healthcare, and the growing focus on cancer biomarkers by various stakeholders in their respective healthcare systems.

Market Dynamics

Drivers

• Increasing Incidence of Hematologic Cancer
• Increasing Collaborations Between Companies for Developing New Diagnostics
• Growth in the Number of Private Diagnostic Centers
• Increasing Conferences on Personalized Medicine

Restraints

• Unfavorable Reimbursement Scenario
• Complex Regulatory Frameworks Delaying the Approval of New Molecular Diagnostic Tests
• High Capital Investments and Low Cost-Benefit Ratio for Biomarkers

Opportunities

• Emerging Markets
• Drug Diagnostics Co-Development

Challenges

• Intellectual Property Rights Protection Issues
• Shortage of Trained Professionals

Companies Mentioned

• Abbott Laboratories
• Adaptive Biotechnologies.
• Amoy Diagnostics Co. Ltd
• Archerdx, Inc.
• Arup Laboratories Inc.
• Asuragen, Inc. a Bio-Techne Brand
• Bio-Rad Laboratories, Inc.
• Bioivt
• Cancer Diagnostics
• Elitechgroup
• F. Hoffman-La Roche Ltd.
• Gentronix
• Illumina, Inc.
• Invivoscribe, Inc.
• Molecularmd (Subsidiary of Icon plc)
• Olink
• Qiagen N.V.
• Saga Diagnostics
• Thermo Fisher Scientific, Inc.
• Vela Diagnostics

For more information about this report visit https://www.researchandmarkets.com/r/4c2zjy

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FAQ

What is the projected growth of the Hemato Oncology Testing market by 2027 for OLK?

The Hemato Oncology Testing market is projected to reach USD 5.6 billion by 2027.

What is the estimated market size of Hemato Oncology Testing in 2022 for OLK?

The estimated market size for Hemato Oncology Testing in 2022 is USD 2.9 billion.

What factors are driving growth in the Hemato Oncology Testing market for OLK?

The growth is driven by increasing incidence of hematologic cancer and collaborations in personalized medicine.

Which segment is expected to grow the fastest in Hemato Oncology Testing for OLK?

The services segment is expected to grow the fastest due to continuous monitoring needs.

How does the lymphoma segment compare to other cancer types in the Hemato Oncology Testing market for OLK?

The lymphoma segment has the highest CAGR among cancer types, reflecting its increasing prevalence.