Rockville, Jan. 24, 2023 (GLOBE NEWSWIRE) -- As per the latest industry analysis by Fact.MR, a market research and competitive intelligence provider, the global hemato oncology testing market is valued at US$ 4.33 billion in 2023 and is predicted to reach US$ 23.64 billion by the end of 2033.
Hematology is the study of diseases affecting the blood and bone marrow, and it covers their diagnosis, prevention, and treatment. Oncology is a branch of medicine that focuses mostly on the treatment and identification of cancer. Diabetes, cancer, cardiovascular diseases, and blood-related diseases are some of the disorders that are often treated using hematology.
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Worldwide rising prevalence of cancer such as lymphoma and myeloma is boosting the sales of hemato oncology testing products and services. After non-lymphoma Hodgkin's and leukaemia, multiple myeloma is the third most prevalent kind of haematological malignancy. It is defined by the unchecked development of a clone of plasma cells within the bone marrow.
Public and private organisations are working on raising awareness of the disease and early detection. Thus, rising awareness increases the need for testing products, which drives up market growth. The effectiveness and accuracy of cancer diagnosis and prevention are improving due to the introduction of new cutting-edge technologies such as fluid biopsies, real-time cancer diagnostics, digital PCR, molecular testing, next-generation sequencing (NGS), immunohistochemistry, and cytogenetics.
North America and Europe are currently dominating the global hemato oncology testing market due to the presence of leading companies and advanced healthcare facilities. Asia Pacific market is expected to expand at the fastest pace during the forecast period.
Key Takeaways from Market Study
- Global demand for hemato oncology testing is expected to increase at a CAGR of 18.5% during the next 10 years.
- China’s market is predicted to expand at a CAGR of 24% during the forecast period.
- Sales of hemato oncology testing products and services in Germany are predicted to rise at a CAGR of 15% through 2033.
- Demand for assay kits & reagents is predicted to evolve rapidly at a CAGR of 20% from 2023 to 2033.
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Recent Developments
- The Medical Device Innovation Consortium began its somatic reference samples (SRS) effort in August 2022 with a pilot study to enhance the regulatory evaluation and validation of cancer diagnostics based on next-generation sequencing (NGS). Reference samples are crucial to the validation procedure of these diagnostic tests to ensure their accuracy for clinical application.
- Personalized medicine, genetic illnesses, and oncology clinical panels based on next-generation sequencing (NGS) were introduced by Genes2Me in India in May 2022.
- Burning Rock Biotech Limited's OverC multi-cancer detection blood test achieved CE certification in June 2022. A high-quality in vitro diagnostic tool based on next-generation sequencing (NGS) is the OverC Multi-Cancer Detection Blood Test.
Competitive Landscape
Key players in the hemato oncology testing market are focused on developing advanced testing technologies. The sector is competitive and to maintain their market position leading companies are adopting strategies such as collaborations, mergers, new product launches, and more.
- For instance, the Mount Sinai Million Health Discoveries Program, a new human genome sequencing research initiative with the Regeneron Genetics Center (RGC), was launched in August 2022 by Mount Sinai Health System and the Icahn School of Medicine. The RGC's extensive gene sequencing capabilities and scientific research know-how is planned to be combined with Mount Sinai's huge and diversified patient population by the collaborative team.
- The iHope Genetic Health programme, which was launched in November 2021 by SAN DIEGO and Genetic Alliance, aims to give tens of thousands of people affected by genetic disorder access to whole-genome sequencing (WGS).
- To provide accessibility to precision oncology biomarker testing, Thermo Fisher Scientific introduced CE-IVD (IVDD) next-generation sequencing test and analytic software in August 2022.
Key Players
- Abbott Laboratories
- Adaptive Biotechnologies
- Archerdx, Inc.
- Arup Laboratories, Inc.
- Asuragen, Inc.
- Bio-Rad Laboratories, Inc.
- F. Hoffman-La Roche Ltd.
- Illumina, Inc.
- Invivoscribe, Inc.
- Molecularmd (Subsidiary of Icon PLC)
- Qiagen N.V.
- Sanofi SA
- Thermo Fisher Scientific, Inc.
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Key Segments of Hemato Oncology Testing Industry Research
- By Component :
- Services
- Assay Kits & Reagents
- By Technology :
- Polymerase Chain Reaction (PCR)
- Immunohistochemistry (IHC)
- Next-generation Sequencing (NGS)
- Cytogenetics
- By Cancer Type :
- Leukemia
- Lymphoma
- Hodgkin Lymphoma
- Myeloproliferative Neoplasms
- By End User :
- Hospitals
- Academic & Research Institutes
- Clinical Laboratories
- By Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- MEA
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global hemato oncology testing market, presenting historical demand data (2018-2022) and forecast statistics for the period of 2023-2033.
The study divulges essential insights on the market on the basis of component (services, assay kits & reagents), technology (polymerase chain reaction (PCR), immunohistochemistry (IHC), next-generation sequencing (NGS), Cytogenetics), cancer type (leukemia, lymphoma, Hodgkin lymphoma, myeloproliferative neoplasms), and end user (hospitals, academic & research institutes, clinical laboratories), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and MEA).
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