Global Hemato Oncology Testing Market Size To Grow USD 9.4 Billion By 2032 | CAGR of 8.13%
Category: HealthcareGlobal Hemato Oncology Testing Market Size To Grow USD 9.4 Billion By 2032.
According to a research report published by Spherical Insights & Consulting the Global Hemato Oncology Testing Market Size is to grow from USD 4.3 Billion in 2022 to USD 9.4 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 8.13% during the forecast period.
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Browse key industry insights spread across 200 pages with 150 market data tables and figures & charts from the report on "Global Hemato Oncology Testing Market, By Product (Assay Kits & Reagents, and Services), By Cancer Type (Leukemia, Lymphoma, and Multiple Myeloma), By Technology (Polymerase Chain Reaction (PCR), Next-Generation Sequencing (NGS), Immunohistochemistry (IHC), & Others), By End User (Hospitals, Academic & Research Institutes, & Others), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022– 2032." Get Detailed Report Description Here: https://www.sphericalinsights.com/reports/hemato-oncology-testing-market
Hemato oncology testing is a form of medical testing used to diagnose blood disorders and cancer. Such illnesses include hemophilia, thalassemia, sickle cell disease, iron deficiency anemia, leukemia, and different organ cancers. It also supports disease treatment and prevention, as well as disease research. Furthermore, the market is being driven by the increasing popularity of sequencing technologies such as NGS as research costs rise and the sequencing of the Human Genome Project in the field of Genomics. Increased investment in R&D activities by leading precision medicine organizations is a significant driver driving global market development.
The growing availability of advanced molecular technologies for hemato oncology diagnosis is one of the key factors driving the growth of the hemato oncology testing market. Improved molecular technologies have been crucial in addressing issues regarding blood cancer prognosis, therapeutic course, and diagnosis. Immunophenotyping, for example, is based on the analysis of leukocyte cancer cells and aids in the categorization of cancer types. Cytogenetic methods, such as ABL/BCR gene PCR or FISH, can also be used to diagnose chronic myeloid leukemia. Furthermore, according to an article published in Precision Oncology, an American Society of Clinical Oncology publication, restricted medical coverage and poor reimbursement remain impediments, and broader reimbursement policies are necessary to embrace pan-cancer NGS testing that helps patients in clinical practice. As a consequence, the global hemto oncology testing market's growth will be restricted throughout the forecast period.
Covid 19 Impacts
The breakout of the COVID-19 pandemic has had a substantial influence on the expansion of the hemato-oncology testing business. Because of lockdowns implemented in many nations throughout the world to stop the spread of the pandemic, well-trained professionals are scarce, and financial and social work assistance, blood components, antibiotics, antifungals, and chemotherapy. In addition, the shortage of hospitality beds in most health facilities leads to fewer admission delays and higher infection rates.
The services segment is dominating the largest market share over the forecast period.
The global hemato oncology testing market is bifurcated into product segments such as assay kits & reagents and services. The services segment, among these, is expected to have significant growth potential during the forecast period, owing to the rapidly increasing prevalence of non-Hodgkin lymphoma, myeloma, and leukemia, as well as the growth in the development of numerous new and improved diagnostics for the detection of these illnesses. Furthermore, increasing awareness of the availability of several innovative treatment choices, including personalized medicines, is expected to fuel sector market development in the coming years.
The lymphoma segment is influencing the market with the largest market share during the forecast period.
The global hemato oncology testing Market is divided into several forms of cancer, including leukemia, lymphoma, and multiple myeloma. Because of the increased frequency of non-Hodgkin and Hodgkin lymphoma worldwide, as well as the rapid increase in the global elderly population, the lymphoma segment is dominating the market with the largest revenue share during the forecast period, which can be attributed to the category market's rise. Immune system insufficiency lowered immunity, and increased incidences of autoimmune disorders are important causes of lymphoma cancer in the aged population, resulting in an increase in demand for oncology testing and propelling the market forward.
The hospital segment is dominating the market with the largest market share during the forecast period.
The worldwide hemato oncology testing market is classified into numerous categories based on end users, including hospitals, academic & research institutes, and others. The hospital segment is dominating the market with the largest revenue share during the forecast period due to the increasing prevalence of blood malignancies, the availability of specialized laboratory settings, and the significant presence of healthcare experts for conducting diagnostic tests are important factors driving the category market's growth. Furthermore, increased investment in healthcare infrastructure development, particularly in emerging markets such as India and China, is likely to drive market expansion in the coming years.
North America led the market with the largest market share over the forecast period
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North America is expected to lead substantial market expansion during the forecast period. This is due to the presence of major market competitors, advantageous reimbursement policies, and high healthcare spending. Furthermore, greater acceptance of tailored medications and technological improvements in genetic testing are driving market revenue growth in this sector. Additionally, there has been a rise in the number of leukemia and lymphoma patients, increasing awareness of individualized care, an increase in the adult population, and increased collaboration for the development of novel assay kits.
Asia Pacific is predicted to experience strong revenue market growth throughout the forecast period because of rising cancer prevalence and healthcare infrastructure in countries such as India and China. Furthermore, the availability of low-cost testing services, growing healthcare spending, and increased cancer diagnostic awareness are expected to drive market revenue growth in this domain.
Major vendors in the Global Hemato Oncology Testing Market include F. Hoffman-La Roche Ltd, Abbott Laboratories, EntroGen, Inc., Qiagen N.V., Cepheid, Thermo Fisher Scientific, Inc., Bio-Rad Laboratories, Inc., Illumina, Inc., and Others.
Key Target Audience
- Market Players
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
Recent Development
- In June 2022, Burning Rock Biotech Limited acquired CE certification for their OverC multi-cancer detection blood test. The OverC Multi-Cancer Detection Blood Test is a high-quality in vitro diagnostic technology based on next-generation sequencing (NGS).
Market Segment
This study forecasts revenue at global, regional, and country levels from 2022 to 2032. Spherical Insights has segmented the Global Hemato Oncology Testing Market based on the below-mentioned segments:
Global Hemato Oncology Testing Market, By Product
- Assay Kits & Reagents
- Services
Global Hemato Oncology Testing Market, By Cancer Type
- Leukemia
- Lymphoma
- Multiple Myeloma
Global Hemato Oncology Testing Market, By Technology
- Polymerase Chain Reaction (PCR)
- Next-Generation Sequencing (NGS)
- Immunohistochemistry (IHC)
- Others
Global Hemato Oncology Testing Market, By End User
- Hospitals
- Academic & Research Institutes
- Others
Hemato Oncology Testing Market, By Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
About the Spherical Insights & Consulting
Spherical Insights & Consulting is a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.
Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements.
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