May 2024 | Report Format: Electronic (PDF)
Hemato Oncology Testing Market Growth & Trends
The global hemato oncology testing market size is expected to reach USD 8.0 billion by 2030, growing at a CAGR of 12.54% from 2023 to 2030, according to a new report by Grand View Research, Inc. The rising prevalence of myeloma and lymphoma is expected to fuel market growth during the projected period. According to the American Cancer Society, there will be about 34,470 new instances of multiple myeloma diagnosed in the United States in 2022, including 15,370 women and 19,100 men. In 2022, there will be a total of 12,640 deaths, including 5,550 women and 7,090 males. Thus, a rise in the prevalence of these diseases is expected to increase the usage of hemato-oncology testing products.
The market is experiencing a notable trend of growth and innovation. With advancements in technology and an increased understanding of molecular mechanisms in cancer, there is a growing demand for specialized tests to diagnose and monitor hematological malignancies and solid tumors. The market is witnessing a shift toward personalized medicine, where precise and targeted therapies are tailored to individual patients based on their genetic profiles. This has led to the development of companion diagnostic tests and the integration of Next-Generation Sequencing (NGS) and other advanced molecular techniques in hemato oncology testing. The market is expected to continue expanding as precision medicine approaches and gains prominence and new technologies further enhance diagnostic capabilities.
Growing collaborations among major companies and research organizations, as well as an increase in the number of research activities conducted by academic and research institutes to create technologically superior hemato oncology tests, are expected to drive market growth. For instance, in March 2022, Sanofi collaborated with Blackstone Life Sciences to advance the treatment of multiple myeloma by investing USD 328.91 million. This will further accelerate the testing and treatment of multiple myeloma.
An increase in the number of product launches is another major factor driving market growth. For instance, in July 2021, Thermo Fisher Scientific extended its hematology-oncology NGS portfolio by adding a new collection of Ion Torrent Oncomine immune range assays. With this launch, the company aimed to help researchers in getting a better analysis of blood cancers.
Furthermore, the increasing involvement of the research community in developing precision medicine is further accelerating market growth. For instance, in September 2021, the University of Cincinnati Cancer Center launched a personalized medicine trial named Beat AML for patients with acute myeloid leukemia (AML). The UC has collaborated with several institutes for this study. Thus, the rising focus on personalized therapy has helped significantly increase awareness about blood cancers and their subtypes, facilitating market growth.
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Hemato Oncology Testing Market Report
Hemato Oncology Testing Market Report Highlights
- In terms of cancer type, lymphoma dominated the market in 2022 with the largest revenue share of 46.66% owing to an increase in the prevalence of Hodgkin and Non-Hodgkin Lymphoma
- In terms of product, the services segment held the largest revenue share of 58.23% in 2022 owing to an increase in the incidence rate of cancer and increased awareness about various treatment options such as tailored medicines
- Based on technology, the PCR segment dominated the market in 2022 with the largest revenue share of 31.08% and witnessed exponential growth owing to its ease of use, accuracy, affordability, and efficiency, as well as an increase in the number of product launches and approvals
- In terms of end-use, the hospitals segment is anticipated to witness the fastest CAGR of 12.8% during the forecast period. It also held the largest revenue share of 75.07% in 2022 owing to the accessibility of hemato oncology diagnostic tests and the existence of healthcare experts to perform diagnostic tests and monitor the disease
- North America is expected to witness the fastest CAGR of 13.6% during the forecast period owing to a rise in the prevalence of multiple myeloma, growing awareness, and the launch of technologically advanced products for the diagnosis of hemato oncology
Hemato Oncology Testing Market Segmentation
Grand View Research has segmented the global hemato oncology testing market based on cancer type, product, technology, end-use, and region:
Hemato Oncology Testing Cancer Type Outlook (Revenue, USD Million, 2018–2030)
- Leukemia
- Acute Myeloid Leukemia (AML)
- Acute Lymphocytic Leukemia (ALL)
- Chronic Lymphocytic Leukemia
- Chronic Myeloid Leukemia
- Lymphoma
- Non-Hodgkin Lymphoma
- Hodgkin Lymphoma
- Myeloproliferative Neoplasms
- Polycythemia vera (PV)
- Essential thrombocythemia (ET)
- Myelofibrosis (MF)
- Other Cancers
Hemato Oncology Testing Product Outlook (Revenue, USD Million, 2018–2030)
- Assay Kits and Reagents
- Services
Hemato Oncology Testing Technology Outlook (Revenue, USD Million, 2018–2030)
- PCR
- Real-time qPCR
- Digital PCR
- IHC
- NGS
- Cytogenetics
- Other Technologies
Hemato Oncology Testing End-use Outlook (Revenue, USD Million, 2018–2030)
- Hospitals
- Academic & Research Institutes
- Others
