The global hemato oncology testing market size is expected to reach USD 7.2 billion by 2027, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 14.6% from 2020 to 2027. Key drivers for the market include rising incidences of leukemia, lymphoma, myeloproliferative neoplasms, and multiple myeloma. Also, growing collaborations among various major players and research organizations, and an increasing number of research activities conducted by academic and research institutes to develop technologically advanced hemato oncology tests is anticipated to fuel market growth.
The
rising prevalence of lymphoma and myeloma is anticipated to propel the market
growth during the forecast period. According to a report published by the
American Cancer Society, it is estimated that there over 32,270 new cases of
multiple myeloma which included 14,740 women and 17,530 men in 2018. Whereas,
over 12,830 deaths were recorded in 2018 that included 5,640 women and 7,190
men. Therefore, a rise in the prevalence of the above-mentioned diseases is
expected to enhance the usage of hemato oncology testing products.
An
increase in the number of product launches is also a major factor contributing
to the growth of the market. For instance, in October 2018, MedGenome launched
the IGHV gene mutation testing. This test enables health care professionals to
access the prognosis of chronic lymphocytic leukemia, and further manage the
disease by personalized therapy.
The
FDA approval of Invivoscribe’s LeukoStrat companion diagnostic test in conjugation
with Novartis’s Rydapt for detection and treatment of AML has been a key factor
in the rising number of manufacturers opting for the development of related
products. The CE approved assay was launched in 2017, being the first companion
diagnostic to be used for the detection of AML. Similarly, in the year 2018,
Invivoscribe announced the U.S. FDA's approval for LeukoStrat CDx FLT3 Mutation
Assay and XOSPATA, an AML drug manufactured by Astellas Pharma.
Growing
collaborations among market players and academic and research organizations are
anticipated to boost growth during the forecast period. For instance, in May
2018, Invivoscribe Technologies Inc. collaborated with the American University
of Beirut Medical Center (AUBMC) in order to design and build a new center for
excellence treatment in the Middle East region for advanced research in hemato
oncology testing as well as treatment.
Full Research Report On Hemato Oncology Testing Market Visit Here:
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Hemato Oncology
Testing Market Report Highlights
- Lymphoma held a dominant
share in terms of revenue in the cancer type segment owing to a rise in
the prevalence of Hodgkin and Non-Hodgkin Lymphoma
- The services segment
captured the largest market share due to an increase in the incidence rate
and rising awareness regarding various treatment therapies such as personalized
medicines
- The PCR segment dominated
the market in terms of revenue share in 2019 and witnessed exponential
growth owing to its ease in use, affordability, the accuracy and
efficiency provided, rise in the number of product launches and approval,
technological advancements of testing products, and easy availability
- The hospitals segment
witnessed exponential growth in 2019 owing to the availability of hemato
oncology diagnostic tests and the presence of healthcare professionals to
conduct diagnostic tests and monitor the disease
- In North America, the market
is expected to witness exponential growth during the forecast period owing
to a rise in the prevalence of multiple myeloma, the growing number of
awareness and screening campaigns, and the launch of technologically
advanced products for the diagnosis of hemato oncology
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Hemato Oncology
Testing Market Segmentation
Grand View Research has segmented
the global hemato oncology testing market report on the basis of cancer type,
product, technology, end-use, and region:
Hemato Oncology
Testing Cancer Type Outlook (Revenue, USD Million, 2016 - 2027)
- Leukemia
- Acute Myeloid Leukemia
(AML)
- Acute Lymphocytic Leukemia
(ALL)
- Chronic Lymphocytic
Leukemia
- Chronic Myeloid Leukemia
- Lymphoma
- Non-Hodgkin Lymphoma
- Hodgkin Lymphoma
- Myeloproliferative Neoplasms
- Polycythemia vera (PV)
- Essential thrombocythemia
(ET)
- Myelofibrosis (MF)
- Other Cancers
Hemato Oncology
Testing Product Outlook (Revenue, USD Million, 2016 - 2027)
- Assay Kits and Reagents
- Services
Hemato Oncology
Testing Technology Outlook (Revenue, USD Million, 2016 - 2027)
- PCR
- Real-time qPCR
- Digital PCR
- IHC
- NGS
- Cytogenetics
- Other Technologies
Hemato Oncology
Testing End-use Outlook (Revenue, USD Million, 2016 - 2027)
- Hospitals
- Academic & Research
Institutes
- Others
Hemato Oncology
Testing Regional Outlook (Revenue, USD Million, 2016 - 2027)
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Italy
- Spain
- Russia
- Asia Pacific
- Japan
- China
- India
- South Korea
- Australia
- Singapore
- Latin America
- Brazil
- Mexico
- Argentina
- MEA
- South Africa
- Saudi Arabia
- UAE
List of Key Players
of Hemato Oncology Testing Market
- F. Hoffman-La Roche Ltd
- Abbott Laboratories
- EntroGen, Inc.
- Qiagen N.V.
- Cepheid
- Thermo Fisher Scientific,
Inc.
- Bio-Rad Laboratories, Inc.
- Illumina, Inc.
About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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