Hemato Oncology Testing Market | Ongoing Trends and Recent Developments | Major Key Players like Abbott Laboratories (US), Thermo Fisher Scientific, Inc. (US)

Growth in the Hemato Oncology Testing Market is driven by the rising global prevalence of hematologic cancer, growing awareness regarding personalized medicines, and increasing collaborations for developing new assays. On the other hand, Uncertain reimbursement scenario in different regions is expected to restrain the growth of this market during the forecast period.

What the Market Looks Like?

Predicted to grow at a CAGR of 14.8% during the forecast period, the Hemato Oncology Testing Market is projected to reach USD 4.0 billion by 2024 from USD 2.0 billion in 2019.

Based on product & services, the hemato oncology testing is segmented into services and assay kits. In 2018, the services segment accounted for the largest share of the hemato oncology testing. This is mainly due to the increasing prevalence & incidence of leukemia, non-Hodgkin lymphoma, and myeloma cancers. Apart from this, rising awareness regarding advanced treatment therapies such as personalized medicine is also driving the growth of this segment.

Based on the technology, the market has been segmented further into five subsegments, viz., PCR, IHC, NGS, cytogenetics, and other technologies. Among these, the PCR segment is estimated to dominate the market in 2019, due to the extensive use of this technology owing to its ease of use and easy availability of assay kits. However, NGS is expected to grow at the highest growth rate in the coming years due to its advantages, such as more specificity and sensitivity.

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What Drives the Hemato Oncology Testing Market?

The growth of the global market for Hemato Oncology Testing is primarily influenced by the following factors:

• Increasing Incidence of Hematologic Cancer
• Increasing Collaborations
• Increasing Conferences on Personalized Medicine

Geographical growth scenario of Hemato Oncology Testing Market:

Geographically, the hemato oncology testing is segmented into North America, Europe, Asia Pacific (APAC), and the Rest of the World (RoW). While North America dominated the market in 2018, Asia Pacific is expected to register the highest CAGR in the market during the forecast period. Growth in the APAC market is driven mainly by the large patient population and increasing focus of major players on expanding in this region will drive market growth.

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Leading market players and strategies adopted:

Prominent players in the Hemato Oncology Testing Market include F. Hoffmann-La Roche Ltd. (Switzerland), Abbott Laboratories (US), Thermo Fisher Scientific, Inc. (US), QIAGEN N.V. (Germany), Bio-Rad Laboratories, Inc. (US), Illumina, Inc. (US), MolecularMD (Ireland), Invivoscribe, Inc. (US), Asuragen, Inc. (US), Adaptive Biotechnologies (US), ArcherDx, Inc. (US), and ARUP Laboratories Inc. (US).

F. Hoffmann-La Roche Ltd. (Switzerland) was the leading player in the market in 2018. The company offers a full range of tests for the diagnosis of hemato-oncology cancers, such as leukemia, lymphoma, and myeloma, among others. Its active presence across the globe, robust distribution channels, and brand image help the company to maintain a dominant position in the market.

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