According to the new market research report by MarketsandMarkets, 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.
Growth in this 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 hemato oncology testing market during the forecast period.
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Abbott Laboratories (US) was the second-largest player in the market in 2018. Over the last few years, the company has been investing approximately 6-9% of its total revenue on R&D. As a result, the company has been able to introduce products, such as Abbott RealTime IDH1 and Abbott RealTime IDH2 assay kits, into the market.
The Geographical Landscape of the Market Include:
Based on region, the Hemato-Oncology Testing Services Market 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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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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Key Market Players
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).