Hemato Oncology Testing Market Size Worth $7,647.57 Million By 2030 | CAGR: 15.4%

The global hemato oncology testing market size is expected to reach USD 7,647.57 million by 2030, according to a new study by Polaris Market Research. The report “Hemato Oncology Testing Market Share, Size, Trends, Industry Analysis Report, By Product & Service (Assay Kits and Services); By Cancer Type; Technology; By End-Use; By Region; Segment Forecast, 2022-2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.

Rising introduction to advanced molecular techniques by major companies to address various concerns pertaining to blood cancer prognosis and treatment courses along with the proliferation of advanced sequencing techniques like NGS are key factors influencing the market growth. Moreover, the increasing prevalence and incidence of many types of cancer and blood-related related diseases around the world are encouraging people to opt for hemato oncology tests for better treatment and diagnosis, which has been rising the growth of the market forward in recent years.

For instance, according to the World Health Organization, cancer is a leading cause of death globally accounting for around 10 million deaths in 2020, while the total number of cases estimated around the world was nearly 18.1 million, out of which 9.3 million cases were in men and 8.8 million in women. Similarly, around 900,000 people in the U.S. developed blood clots every year and accounting for around 100,000 casualties every year.   

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Moreover, the affordability of personalized therapy in cancer drugs and many other disease indications, high development of innovative drugs, fewer side-effects of personalized therapy, and high adoption in developed countries such as the United States, Canada, France, and Germany are also likely to influence the growth of the market and expected to contribute positively over the coming years. For instance, in august 2022, Medical Device Innovation Consortium introduced its somatic reference samples along with a pilot project to improve the validation and regulatory review process for the diagnostics of cancer based on NGS.

Hemato Oncology Testing Market Report Highlights

• Services segment is expected to grow moderately in 2021 owing to a rapid rise in the incidence of non-Hodgkin among others.
• Lymphoma segment dominated the global market in 2021, which is accelerated by the rapidly growing geriatric population.
• NGS technology is expected to grow at a significant CAGR throughout the anticipated period on account of various advantages offered like sensitivity and specificity.
• Hospitals segment held the largest market revenue share in 2021 due to the growing availability of specialized laboratory settings and heavily investing in the development of healthcare infrastructure.
• Asia Pacific region is expected to witness the fastest growth throughout the anticipated period, which is mainly driven by rising R&D activities conducted by many large research institutes.
• The global market key players include Abbott Laboratories, Roche, ARUP Diagnostics, Adaptive Biotechnologies, and Thermo Fisher Scientific.

Polaris Market Research has segmented the hemato oncology testing market report based on product & service, cancer type, technology, end-user, and region:

Hemato Oncology Testing, Product & Service Outlook (Revenue - USD Million, 2018 - 2030)

• Assay Kits
• Services

Hemato Oncology Testing, Cancer Type Outlook (Revenue - USD Million, 2018 - 2030)

• Leukemia
• Lymphoma
• Others

Hemato Oncology Testing, Technology Outlook (Revenue - USD Million, 2018 - 2030)

• PCR
• IHC
• NGS
• Cytogenetics
• Others

Hemato Oncology Testing, End-User Outlook (Revenue - USD Million, 2018 - 2030)

• Clinical Laboratories
• Hospitals
• Academic & Research Institutes
• Others

Hemato Oncology Testing, Regional Outlook (Revenue - USD Million, 2018 - 2030)

• North America
  • U.S
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Netherlands
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Indonesia
  • Malaysia
• Latin America
  • Argentina
  • Brazil
  • Mexico
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Israel
  • South Africa