Growth in this market is driven mainly by the rising prevalence of lymphoma & myeloma cancers, growing focus on personalized medicine, and increasing collaborations for developing assays.
Hemato oncology is typically referred to as the science associated with the treatment, diagnosis, and prevention of blood-related diseases and cancers.
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Based on product & services, the market is segmented into assay kits and services. In 2018, the services segment accounted for the largest share of the product & services segment in the hemato oncology testing market. The large share of this segment can be attributed to the rising prevalence of hematologic cancers and increasing aging population.
Based on end-user, the hemato-oncology testing market has been segmented into four types, i.e., clinical laboratories, hospitals, academic & research institutes, and other end-users. Other end-users include CROs and pharmaceutical & biotechnological companies. Clinical laboratories accounted for the largest share of the market in 2018. This segment is expected to grow at the highest rate in the coming years. This is mainly due to the presence of advanced diagnostic equipment such as analyzers and the presence of skilled professionals to perform these tests.
North America accounted for the largest share of the hemato oncology testing market in 2018. The large share of this segment can primarily be attributed to the high incidences of hematologic cancer, aging population, awareness regarding advanced treatment methods, and the strong presence of industry players in the region. These trends are likely to drive market growth during the forecast period.
Key Market Players
Some of the leading 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).
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Expected Revenue Growth:
[116 Pages Report] The hemato oncology testing market is projected to reach USD 4.0 billion by 2024 from USD 2.0 billion in 2019, at a CAGR of 14.8% during the forecast period.
F. Hoffmann-La Roche Ltd. (Switzerland) was the leading player in the hemato-oncology testing 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.