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(Health-NewsWire.Net, June 12, 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.
What the Hemato Oncology Testing Market Looks Like?
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. Asia Pacific to register the highest growth rate during the forecast period (2019–2024)
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.
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.
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What Drives the Hemato Oncology Testing Market?
The growth of the global market for Hemato Oncology Testing Market is primarily influenced by the following factors:
1. Increasing Incidence of Hematologic Cancer
2. Increasing Collaborations
3. Increasing Conferences on Personalized Medicine
4. Geographical growth scenario of Hemato Oncology Testing Market:
North America accounted for the largest share of the Ambulatory surgical centers market, followed by Europe. The large share of this region can be attributed to the high adoption of Ambulatory surgical centers for reducing the soaring healthcare costs, increasing volume of surgical procedures performed, and the presence of significant market players, such as Epic Systems Corporation (US), Cerner Corporation (US), McKesson Corporation (US), Philips Healthcare (Netherlands), and Allscripts Healthcare Solutions, Inc. (US).
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Leading market players and strategies adopted
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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Mr. Aashish Mehra
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