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(Health-NewsWire.Net, December 07, 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.
In the secondary research process, various secondary sources such as annual reports, press releases & investor presentations of companies, white papers, certified publications, articles by recognized authors, gold-standard & silver-standard websites, regulatory bodies, and databases (such as D&B Hoovers, Bloomberg Business, and Factiva) were referred to in order to identify and collect information for this study.
According to the new market research report “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″, published by MarketsandMarkets™, 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%.
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Growth in this market is driven mainly by the rising prevalence of lymphoma & myeloma cancers, growing focus on personalized medicine, and increasing collaborations for developing assays.
The services segment accounted for the largest share of the product & services segment in the Hemato Oncology Testing Market in 2018.
Based on product & services, the market is segmented into assay kits and services. In 2018, the services segment accounted for the largest share of the product & services segment in the Hemato Oncology Testing Market. The large share of this segment can be attributed to the rising prevalence of hematologic cancers and increasing aging population.
Availability of robust infrastructure and high-end equipment for conducting hemato oncology tests are the supporting factors for clinical laboratories segment
Based on end-user, the Hemato Oncology Testing Market has been segmented into four types, i.e., clinical laboratories, hospitals, academic & research institutes, and other end-users. Other end-users include CROs and pharmaceutical & biotechnological companies. Clinical laboratories accounted for the largest share of the market in 2018. This segment is expected to grow at the highest rate in the coming years. This is mainly due to the presence of advanced diagnostic equipment such as analyzers and the presence of skilled professionals to perform these tests.
North America accounted for the largest share of the Hemato Oncology Testing Market in 2018
North America accounted for the largest share of the Hemato Oncology Testing Market in 2018. The large share of this segment can primarily be attributed to the high incidences of hematologic cancer, aging population, awareness regarding advanced treatment methods, and the strong presence of industry players in the region. These trends are likely to drive market growth during the forecast period.
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Some of the leading 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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