(PharmaNewsWire.Com, June 03, 2020 ) 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 this market during the forecast period.
Hemato Oncology Testing Market by Product & Services (Assay Kits, Services), Cancer (Leukemia (Acute Lymphoblastic, Acute Myeloid), Non-Hodgkin’s Lymphoma), Technology (PCR, NGS, IHC), End-User (Clinical Laboratories, Hospitals) - Global Forecast to 2024
What Drives the Market?
1. Increasing Incidence of Hematologic Cancer
2. Increasing Collaborations
3. Increasing Conferences on Personalized Medicine
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.
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.
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
1. What are the growth opportunities in the hemato oncology testing across major regions in the future?
2. Emerging countries have immense opportunities for the growth and adoption of hemato oncology testing. Will this scenario continue during the next five years?
3. What are the new trends and advancements in the hemato oncology testing?
4. What initiatives are being undertaken by market players?
5. Which of the segments will drive the market growth in the future?
“Asia Pacific to register the highest growth rate during the forecast period (2019–2024)”
Based on region, 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.
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).
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