The new report by Expert Market Research titled, ‘Global Haemato Oncology Testing Market Size, Share, Price, Trends, Growth, Report and Forecast 2021-2026’, gives in-depth analysis of the global haemato oncology testing market, assessing the market based on its segments like cancer type, technology, application, and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analyzing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2016-2026): –
• Forecast CAGR (2021-2026): 17%
The increasing global prevalence of haematological cancer, increased awareness of tailored medications, and increased partnerships to create innovative assays are driving the global haemato cological testing market. On the other side, it is projected that an uncertain reimbursement scenario may limit the market’s growth in various areas over the projection period. The services sector accounts for the majority of haemato oncology testing. This is attributed to an increase in the prevalence and incidence of leukemia, non-Hodgkin lymphoma, and myeloma cancer. This segment’s rise is also fuelled by increased knowledge of innovative medicines such as personalized medicine. The Asia Pacific market’s growth is primarily driven by the vast patient population, and the industry’s growth will be fuelled by a growing focus on expanding in this region.
Industry Definition and Major Segments
Hemotology is a branch of medicine that focuses on the treatment, causes, and other issues related to blood. Oncology, on the other hand, is concerned with the study of cancer’s treatment, diagnosis, and other issues. The treatment of illnesses, blood problems, and tumors is known as hematolo-oncology.
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The industry can be divided based on cancer type as:
• Leukaemia
• Lymphoma
• Hodgkin Lymphoma
• Others
The industry can be divided based on technology as
• PCR
• IHC
• NGS
• Cytogenetics
• Others
The industry can be broadly categorised based on application into:
• Clinical Laboratories
• Hospitals
• Academic and Research Institutes
• Others
Based on region, the market is segmented into:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Market Trends
The market will develop as the number of cases of hematologic cancer rises and people become more aware of improved treatment options. Increased cases of myeloma and lymphoma will also have a favorable impact on the industry. Patients with leukemia are continually monitoring the state of their minimum residual disease, which is likely to have a favorable impact on the market. Market expansion will also be aided by favorable reimbursement policies for hemato oncology testing products. In the forecast period, expanding manufacturer collaboration, increasing conferences on tailored pharmaceuticals, and growing demand for innovative treatment alternatives will all generate new opportunities for the hemato oncology testing market. After non-lymphoma Hodgkin’s and leukemia, multiple myeloma is the third most prevalent hematological malignancy, characterized by uncontrolled development of a clone of plasma cells within the bone marrow. Leukemia, lymphoma, and myeloma made about 10% of the anticipated 1,762,450 new cancer cases diagnosed in the United States in 2019. Government and non-government organizations are working to raise disease awareness and early detection. As a result, increased awareness improves demand for product testing, propelling the market forward. For the diagnosis of various forms of malignancies, hospitals and diagnostic facilities process a vast number of samples. A major driver of the market is expected to be the rapid increase in the burden of sample processing in healthcare institutions as a result of the increasing prevalence and incidence of cancer among the population. Fluid biopsies, real-time cancer diagnostics, digital PCR, immunohistochemistry, molecular testing, next-generation sequencing (NGS), and cytogenetics are examples of new breakthrough technologies that improve the efficiency and precision of cancer diagnoses and prevention which is anticipated to lead the market growth. The market will most certainly benefit from public-private partnerships and the drive toward molecular pathology.
Key Market Players
The major players in the market are F. Hoffmann-La Roche Ltd. [Roche Holding AG], Abbott [NYSE: ABT], Qiagen, Thermo Fisher Scientific Inc., Illumina, Inc., Bio-Rad Laboratories, Inc., MolecularMD [ICON plc], ArcherDX, Inc., Arup Laboratories, Asuragen, Inc., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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