The Global Hemato Oncology Testing Market reached USD 280 million in 2022 and is projected to witness lucrative growth by reaching up to USD 620 million by 2030. The market is growing at a CAGR of 4.8% during the forecast period (2023-2030).
Hematology is the study of the physiology of blood and the diseases related to it and oncology is the study of all kinds of cancer. Hematology-oncology is the overlap of these two specialist categories of medicine associated with diagnosing, curing, and studying cancers of the blood cells, bone marrow, and related tissues.
The Growing Cases of Cancer are Driving the Global Hemato Oncology Market During the Forecast Period.
Cancer is one of the primary causes of death worldwide, making up for around 10 million deaths in 2020. About one-third of deaths from cancer are because of tobacco consumption, alcohol consumption, high body mass index, low fruit, and lack of physical activity. Infections such as human papillomavirus (HPV) and hepatitis, are the cause of nearly 30% of cancer cases in low- and lower-middle-income countries.
The most typical cancer in 2020 was breast cancer causing over 2.26 million cases, lung cancer accounted for around 2.21 million cases, colon and rectum caused over 1.93 million cases, prostate leading to approximately 1.41 million cases, while skin (non-melanoma) causing nearly 1.20 million cases); and the stomach cancer accounting more than 1.09 million cases. Thus, the growing cases of cancer globally are boosting the global hemato-oncology testing market growth.
The Unfavorable and Uncertain Reimbursement Scenario is Hampering the Global Hemato Oncology Testing Market Growth.
According to an article published in Precision Oncology, an American Society of Clinical Oncology Journal, there is limited medical coverage and low reimbursement remain barriers, and broader reimbursement policies are required to adopt pan-cancer NGS testing that profits patients in clinical practice. Thus, hampering the global heamto oncology testing market growth during the forecast period.
The COVID-19 Analysis includes Pre-COVID Scenario, COVID Scenario and Post-COVID Scenario along with Pricing Dynamics (Including pricing change during and post-pandemic comparing it with pre-COVID scenarios), Demand-Supply Spectrum (Shift in demand and supply owing to trading restrictions, lockdown, and subsequent issues), Government Initiatives (Initiatives to revive market, sector or Industry by Government Bodies) and Manufacturers Strategic Initiatives (What manufacturers did to mitigate the COVID issues will be covered here).
The global hemato oncology testing market is segmented based on product, application and region.
Owing to the Versatility and Cost-effectiveness of the Sodium Gluconate Product
The hemato-oncology testing instruments are estimated to grow at a high CAGR during the forecast period, owing to the increasing product approvals and lunches. For instance, in May 2022, Cellia Science is designing an analyzer that leverages deep-ultraviolet cell analysis and machine learning intending to allow faster hematology testing for oncology patients at the point of care.
Also, in November 2022, Boule was granted IVDR certification for Medonic M32 and Swelab Alfa Plus hematology instruments. These Class B devices can therefore be CE marked with our Notified Body BSI’s four-digit code 2797. Thus, from the data mentioned above it is estimated that the health-oncology instrument segment will grow at a high CAGR during the forecast period.
The Increased Initiatives and Research Activities by Distinct Authorities or Organizations Boost European Market Growth.
The European heamto oncology testing market is expected to hold the majority of the market share throughout the forecast period, owing to the increased initiatives and research activities by distinct authorities or organizations. For instance, researchers from the Universities of Edinburgh and Glasgow investigated how variations in fitness advantage that happen in blood production might give hints to the threat of developing leukemia based on the type of mutation that occurs. Also, the 2022 ELN genetic-risk classification made changes that acknowledge advances in the understanding of disease biology and AML-associated gene Mut.
This provided a path for risk stratification with the same effectiveness as the previous, 2017 one. The analyses both confirm and challenge the prognostic relevance of some of the newly added features. Thus, the data indicate that the European hemato-oncology market will hold the majority of the market share throughout the forecast period.
The major global players in the market include F. Hoffman-La Roche Ltd., Abbott Laboratories, Qiagen N.V., Thermo Fisher Scientific, Inc., Illumina, Inc., Bio-Rad Laboratories, Inc., ICON PLC, Archerdx, Inc., Invivoscribe, Inc., and Adaptive Biotechnologies.
Why Purchase the Report?
The Global Hemato Oncology Testing Market Report Would Provide Approximately 53 Tables, 54 Figures and 195 Pages.
Target Audience 2023