(PharmaNewsWire.Com, March 03, 2021 ) The study involved four major activities in estimating the current size of the hemato oncology testing market. Exhaustive secondary research was done to collect information on the market and its different subsegments. The next step was to validate these findings, assumptions, and market sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size.
Major Growth Drivers:
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.
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.
Recent Developments:
1. In May 2018, Adaptive Biotechnologies (US) collaborated with Sanofi, SA. (US), to utilize Adaptive’s clonoSEQ Assay to measure MRD status in response to isatuximab 2. In July 2018, Abbott Laboratories (US) received FDA approval for its Abbott RealTime IDH1 kit 3. In May 2018, Invivoscribe, Inc. (US) partnered with the American University of Beirut Medical Center (AUBMC) (Lebanon) to create a new center of excellence facility in the Middle East
“The services segment accounted for the largest share of the hemato oncology testing in 2018”
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.
“NGS segment is expected to grow at the highest growth rate during the forecast period”
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.
“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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