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Hemato Oncology Testing Market Is Developing At A CAGR Of 14.2% By 2027| Revenue Forecast, Company Share, Competitive Landscape, Growth Factors, And Trends | MarketsandMarkets™

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Hemato Oncology Testing Market Is Developing At A CAGR Of 14.2% By 2027| Revenue Forecast, Company Share, Competitive Landscape, Growth Factors, And Trends | MarketsandMarkets™

March 15
13:56 2023
Hemato Oncology Testing Market Is Developing At A CAGR Of 14.2% By 2027| Revenue Forecast, Company Share, Competitive Landscape, Growth Factors, And Trends | MarketsandMarkets™
Abbott Laboratories was the leading player in the hemato-oncology testing market. In Abbott’s worldwide Diagnostics business, sales increased by 42.7%. It offers kits for chronic lymphocytic leukemia (CLL) and acute myeloid leukemia (AML).
global Hemato Oncology Testing Market boasts a total value of $2.9 billion in 2022 and is projected to register a growth rate of 14.2% to reach a value of $5.6 billion by 2027

Hemato Oncology Testing Industry Overview

The global hematology oncology testing market is projected to reach a value of USD 5.6 billion by 2027. This growth is attributed to the increasing prevalence of cancer and the rising demand for hematology oncology tests for early diagnosis, prognosis, and risk assessment of the disease.

Hematology oncology tests are used to diagnose and monitor cancer, detect abnormalities in the blood, evaluate the efficacy of chemotherapy, and monitor the progression of the disease. Additionally, the increasing prevalence of cancer has led to the growing demand for hematology oncology tests.

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Key Industry Insights & Findings from the report:

  • The rise in the adoption of advanced technologies, such as real-time PCR and next-generation sequencing (NGS), has enabled more accurate diagnosis of hematologic cancers and improved patient outcomes. This has further contributed to the growth of the market.
  • The increasing incidence of hematologic cancer has led to an increased demand for hemato oncology testing, which is expected to drive the growth of the market. According to the World Health Organization (WHO), the global cancer incidence is estimated to reach 24.6 million by 2035.
  • The increasing awareness programs and government initiatives aimed at increasing the adoption of hemato oncology testing is expected to drive the growth of the market over the forecast period.
  • The rising demand for point-of-care (POC) testing is expected to provide growth opportunities for the market. POC testing is used to diagnose hematologic cancers at an early stage, as it does not require the sample to be sent for laboratory testing.
  • The increasing focus of key players on the development of novel diagnostics tests for hematologic cancer is expected to drive the growth of the market. For instance, Thermo Fisher Scientific Inc. launched the Thermo Scientific Oncomine Heme Panel, a real-time PCR-based next-generation sequencing (NGS) test for the diagnosis of hematologic cancers.

Furthermore, the growing awareness and acceptance of personalized medicine and the increasing investment in research and development of new technologies are expected to drive the market growth. The rising prevalence of chronic diseases and the increasing demand for early diagnosis and treatment are two of the major factors driving the growth of the hematology oncology testing market.

The introduction of advanced technologies such as gene sequencing, next-generation sequencing, and real-time PCR has enabled the development of highly sensitive and accurate tests for the detection of cancer. This has created an opportunity for the development of advanced hematology oncology tests.

Key Market Players

The major players operating in the Hemato oncology testing market Abbott Laboratories (US), F. Hoffman-La Roche (Switzerland), QIAGEN (Germany), Thermo Fisher Scientific (US), Illumina (US), Bio-Rad Laboratories (US), MolecularMD (Ireland), ArcherDX (US), ARUP Laboratories (US), Asuragen (US), Invivoscribe (US), Adaptive Biotechnologies (US), Amoy Diagnostics (China), ELITechGroup (France), Vela Diagnostics (Singapore), Gentronix (UK), BioIVT (US), SAGA Diagnostics (Sweden), Olink (Sweden) and Cancer Diagnostics (US).

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This research report categorizes the hemato oncology testing market based on Product and Services type, Cancer type, technology, and region.

By Product & Service

  • Services
  • Assay Kits

By Cancer Type

  • Introduction
  • Leukemia
  • lymphoma
  • Other cancers

By Technology

  • Introduction
  • PCR
  • IHC
  • NGS
  • Cytogenetics
  • Others Technologies

by End User

  • Introduction
  • Clinical laboratories
  • Hospitals
  • Academic & Research Institutes
  • Other End Users

By Region

  • Introduction
  • North America
  • Europe
  • Asia Pacific
  • Rest of the World

Recent Developments:

  • F. Hoffmann-La Roche Ltd. (Switzerland) received FDA approval for the cobras EZH2 mutation test as a companion diagnostic for patients with follicular lymphoma
  • F. Hoffmann-La Roche Ltd. (Switzerland) and Illumina Inc. (US) entered into a 15-year non-exclusive partnership with Illumina to broaden the adoption of NGS-based testing in oncology.
  • QIAGEN N.V. (Germany) and Denovo Biopharma LLC (US) collaborated to develop a blood-based companion diagnostic (CDx) test for treatment of diffuse large B-cell lymphoma (DLBCL), one of the most common lymphoid cancers.
  • Illumina, Inc. (US) acquired GRAIL (US) QIAGEN collaborated with DeNovo to develop a blood-based companion diagnostic (CDx) test for treatment of diffuse large B-cell lymphoma (DLBCL), one of the most common lymphoid cancers.
  • Thermo Fisher Scientific Inc. (US) and First Genetics JCS (Russia) came into a strategic partnership with First Genetics to focus on commercializing NGS-based diagnostics in Russia.

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