Hemato Oncology Testing Market to Grow with a CAGR of 8.54% through 2028
Rise in liquid biopsies is expected to drive the
Global Hemato Oncology Testing Market growth in the forecast period, 2024-2028.
According to TechSci Research report, “Hemato
Oncology Testing Market – Global Industry Size, Share, Trends, Competition
Forecast & Opportunities, 2028”, the Global Hemato Oncology Testing
Market stood at USD 2.67 billion in 2022 and is anticipated to grow with a CAGR
of 8.54% in the forecast period, 2024-2028. Hematological
malignancies, which encompass a range of blood and bone marrow cancers, such as
leukemia, lymphoma, and myeloma, have become an increasingly prevalent health
concern worldwide. The foremost driver behind the expansion of the
hemato-oncology testing market is the alarming increase in the incidence of
hematological malignancies. These types of cancer have been on the rise in
recent years, with leukemia, lymphoma, and myeloma being some of the most
commonly diagnosed. Factors such as aging populations and lifestyle changes are
contributing to this upward trend. As more cases are diagnosed, the demand for
accurate and timely diagnostic testing has surged, thus fueling market growth.
Advances in diagnostic technologies have
revolutionized the field of hemato-oncology testing. Traditional methods like
bone marrow aspiration have given way to more sophisticated and precise
techniques. Next-generation sequencing (NGS), flow cytometry, and polymerase
chain reaction (PCR) assays have allowed for a comprehensive examination of
genetic and molecular alterations in blood cells. These technologies provide
deeper insights into the genomic profile of patients, aiding in precise
diagnosis and treatment selection.
Hemato-oncology tests are not only instrumental in the
diagnosis of hematological malignancies but also in monitoring disease
progression and treatment efficacy. The ability to detect minimal residual
disease (MRD) has become a valuable tool in assessing treatment response and
predicting relapse. As early detection and proactive monitoring are essential
in the management of blood cancers, the demand for hemato-oncology testing
continues to grow.
The concept of personalized medicine has gained
prominence in cancer care, and it is a significant driver of the
hemato-oncology testing market. Personalized medicine tailors treatments to the
genetic and molecular characteristics of individual patients. To achieve this,
comprehensive diagnostic information is required, which is provided by
hemato-oncology tests. These tests play a crucial role in identifying specific
mutations and biomarkers that guide physicians in choosing the most effective
and least toxic therapies, improving patient outcomes and quality of life.
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The Global Hemato Oncology Testing Market is segmented
into Cancer Type, Product, Technology, Distribution Channel, Regional
Distribution, And Company.
Based
on the Product, Assay Kits and Reagents emerged as the dominant segment in the
global market for Global Hemato Oncology Testing Market in 2022. Assay
kits and reagents often prove to be more cost-effective than alternative
testing methods, especially when compared to developing in-house assays or
services provided by specialized diagnostic laboratories. The convenience and
cost-efficiency of these products make them attractive to healthcare providers,
including smaller clinics and research institutions with budget constraints. Hemato-oncology
testing encompasses a diverse array of tests, including genetic, molecular, and
immunophenotyping assays. Assay kits and reagents are available for a broad
range of applications, allowing healthcare providers and researchers to choose
the specific products that best suit their testing needs. This versatility
contributes to their widespread utilization.
Assay kits and reagents are instrumental
in research and development efforts in the field of hemato-oncology. They
provide the necessary tools to conduct experiments, screen for specific
biomarkers, and explore new diagnostic and treatment modalities. These products
support innovation and contribute to the advancement of our understanding of
hematological malignancies.
Based on the Technology, next-generation
sequencing (NGS) emerged as the dominant segment in the global market for
Global Hemato Oncology Testing Market in 2022. NGS technology enables
comprehensive genetic and molecular profiling of hematological malignancies. It
can simultaneously analyse multiple genes and detect a wide range of mutations,
rearrangements, and alterations in the patient's DNA. This depth of information
is invaluable in diagnosing and understanding the complexity of these cancers. NGS
allows for the identification of novel or rare mutations that may not be
detectable using traditional testing methods. Hematological malignancies often
involve specific genetic mutations that are critical for diagnosis and
treatment planning. NGS enhances the sensitivity and specificity of mutation
detection.
Hemato-oncology is increasingly moving
towards personalized treatment strategies. NGS plays a pivotal role in this
trend by identifying specific genetic mutations that guide the choice of
targeted therapies and treatment options. This precision medicine approach can
improve treatment efficacy and minimize side effects, which is particularly
important in the context of haematological malignancies.
North America emerged as the dominant
player in the global Hemato Oncology Testing Market in 2022, holding the
largest market share. North America has widespread access to
advanced diagnostic technologies, including next-generation sequencing (NGS),
flow cytometry, and molecular profiling. These technologies enable precise
diagnosis, personalized treatment strategies, and monitoring of hematological
malignancies, contributing to the dominant position of the region in the
market. Like many parts of the world, North America is witnessing a rising
incidence of hematological malignancies. The aging population and other risk
factors contribute to this trend. As a result, there is a growing demand for
hemato-oncology testing to facilitate early diagnosis and effective treatment. North
America has one of the highest levels of healthcare expenditure in the world.
This allows for greater investment in diagnostic and testing services, as well
as research and development activities. It ensures that patients have access to
a wide range of diagnostic and treatment options.
Major companies operating in Global Hemato
Oncology Testing Market are:
- F. Hoffmann-La Roche Ltd
- EntroGen, Inc.
- Qiagen N.V.
- Abbott Laboratories Inc.
- Thermo Fisher Scientific, Inc.
- Bio-Rad Laboratories, Inc.
- Illumina, Inc.
- Amoy Diagnostics Co. Ltd.
- ASURAGEN, INC
- ArcherDX, Inc
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“The Global Hemato
Oncology Testing Market is poised for significant growth in the coming years.
The rising incidence of hematological malignancies, such as leukemia, lymphoma,
and myeloproliferative neoplasms, continues to create a growing demand for
accurate and timely diagnostic testing. Advancements in technology,
particularly in genomic profiling and liquid biopsies, are enhancing the
precision of hemato-oncology testing, leading to more personalized treatment
strategies. The trend of minimal residual disease (MRD) assessment is becoming
a standard practice, further increasing the demand for advanced testing.
Additionally, the adoption of artificial intelligence and machine learning for
data analysis, the emphasis on global standardization, and the increasing accessibility
of telemedicine and digital health solutions are contributing to market growth.”
said Mr. Karan Chechi, Research Director with TechSci Research, a
research-based management consulting firm.
“Hemato Oncology Testing Market - Global
Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented By
Cancer Type (Leukemia, Lymphoma, Myeloproliferative Neoplasms, Other Cancers),
By Product (Assay Kits and Reagents, Services), By Technology (PCR, IHC, NGS,
Cytogenetics, Other) Region and Competition”, has evaluated the future growth
potential of Global Hemato Oncology Testing Market and provides statistics
& information on market size, structure and future market growth. The
report intends to provide cutting-edge market intelligence and help decision
makers take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in Global Hemato Oncology Testing Market.
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