Onco-hematology Molecular Testing Market Current Scenario with Future Trends Analysis to 2031

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Onco-hematology Molecular Testing Market- (By Blood Cancer Type, (Chronic Myeloid Leukemia, (Polycythemia Vera, Essential, Thrombocythaemia, Myelofibrosis), Myeloproliferative Neoplasms, Acute Myeloid Leukemia, Acute Lymphoblastic Leukemia), By Technology (qPCR, dPCR, Next-Generation Sequencing, Others), By Blood Cancer Biomarker(BCR-ABL1 Mbcr, JAK2, CALR, MPL, PML-RARA, NPM1, RUNX1-RUNX1T1, CBFB-MYH11, BCR-ABL1 mbcr), By End-user (National Reference Lab / Specialty Lab, University Hospital / Oncology Center, Community Hospital / IDN (Regional/National))) Trends, Industry Competition Analysis, Revenue and Forecast To 2031."

According to the latest research by InsightAce Analytic, the Global Onco-hematology Molecular Testing Market is valued at US$ 497.67 Mn in 2022, and it is expected to reach US$ 1280.06 Mn by 2031, with a CAGR of 11.2% during a forecast period of 2023-2031.

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The science involved in treating, diagnosing, and preventing conditions related to the blood, consisting cancer, is known as hemato oncology. During the projection period, it is anticipated that the increased incidence of lymphoma and myeloma will fuel market expansion. According to the American Cancer Society, NHL(Non-Hodgkin lymphoma) is considered to be one of the most prevalent forms of cancer, accounting for around 4.0% of all cancer cases in the United States. Oncology molecular diagnostics looks at the biological molecules of cancer cells to find them. Specific genetic sequences in DNA, RNA, and cell proteins are detected and measured using various tests on blood, saliva, and cancer tissue samples. Oncology molecular diagnostics help with quick analysis and detailed information delivery, which is subsequently applied to the individualization of cancer treatment. These diagnostics are employed in point-of-care (POC) and clinical cancer detection tests. Pathogens and infectious illnesses are also detected in given blood samples using blood banks.

List of Prominent Players in the Onco-hematology Molecular Testing Market:
• Asusragen, Inc.
• Bio-Rad Laboratories, Inc.
• ICON plc
• Illumina, Inc.
• Integrated DNA Technologies, Inc. (ArcherDx, Inc.)
• Invivoscribe, Inc.
• QIAGEN N.V.
• Thermo Fisher Scientific, Inc.
• Cepheid

Market Dynamics:
Drivers-
The rising incidence of various cancers, the shift to precision medicine, the rising demand for preventive care, the rising demand for automated and advanced cancer diagnostic techniques, and favourable health reimbursement are all expected to contribute to the growth of the global oncology molecular diagnostics market. The World Health Organisation estimates that 18.0 Mn new cancer cases will be identified worldwide in 2018, which is anticipated to significantly drive the global market for oncology molecular diagnostics. However, high molecular diagnostics costs, budgetary restrictions, and the need for specialized facilities are the main things that can prevent the global market for oncology molecular diagnostics from expanding.

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Challenges:
The global availability of hospital resources for cancer care was dramatically influenced by the COVID-19 pandemic. For instance, the COVID-19 pandemic reportedly brought about significant changes in oncologic practice around the world, including lymphoma care with a significant burden on patients and healthcare providers and the potential worsening of patient outcomes, according to an article published by Haematological Oncology in October 2022. The number of people with multiple myeloma who received a new diagnosis fell by 22% during the initial pandemic, according to a study conducted in the United States and reported in a September 2022 article in the Journal of Clinical Oncology. However, there was an upsurge in demand for cancer diagnostics, notably those for haematological cancers, in the pandemic's final stages.

Regional Trends:
In addition to leading regional growth, North America contributes significantly to global sales. The high occurrences of hematologic cancer, the ageing population, awareness of new treatment options, and the significant presence of industry players in the area are the main causes of this segment's sizeable share. Leukaemia, lymphoma, and multiple myeloma are becoming more common, which is fostering industry expansion in the area. For instance, according to figures from the Canada Cancer Society for 2022, around 6,700 Canadians had a leukaemia diagnosis in 2021, of which 4,000 were men and 2,700 were women.

Recent Developments:
• In Mar 2023, Servier and QIAGEN partnered to create a new mIDH1 companion diagnostic test to help Servier's onco-hematology portfolio. This test was used with Servier's tailored treatments for Acute Myeloid Leukaemia (AML) that were on the market and still being researched.
• In Apr 2021, Kartos Therapeutics and Illumina announced a new oncology partnership to create a TP53 companion diagnostic based on NGS. The TSO 500 with peripheral whole blood as a diagnostic sample type was first used in this companion diagnostic for various hematologic purposes.

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Segmentation of Onco-hematology Molecular Testing Market-
• Blood Cancer Type
o Chronic Myeloid Leukemia
 Polycythemia Vera
 Essential Thrombocythaemia
 Myelofibrosis
o Myeloproliferative Neoplasms
o Acute Myeloid Leukemia
o Acute Lymphoblastic Leukemia
• Technology
o qPCR
o dPCR
o Next-Generation Sequencing
o Others
• Blood Cancer Biomarker
o BCR-ABL1 Mbcr
o JAK2
o CALR
o MPL
o PML-RARA
o NPM1
o RUNX1-RUNX1T1
o CBFB-MYH11
o BCR-ABL1 mbcr
• End-user
o National Reference Lab / Specialty Lab
o University Hospital / Oncology Center
o Community Hospital / IDN (Regional/National)
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of Middle East and Africa

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This release was published on openPR.