Hemato Oncology Testing Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Market Overview

The Hemato Oncology Testing Market is expected to register a CAGR of nearly 5% during the forecast period.

The COVID-19 outbreak has significantly impacted the availability of hospital resources worldwide. This has been primarily managed by dramatically reducing inpatient and outpatient services for other diseases and implementing infection prevention and control measures. The number of hemato cancer testing procedures declined precipitously, with countries worldwide being affected by the pandemic. For instance, an article titled, ‘Hemato-Oncology Care in COVID-19 Pandemic: Crisis within a Crisis’ published on May 2020 reported that the armamentarium necessary for the management of hemato-oncology testing, included all types of blood components, antibiotics, antifungals, chemotherapy; well-trained staff (doctors, laboratory staff, nurses, counselors); financial, and social work support; all of which are often can be used were in short of supply. Also, the lack of beds in most health facilities leads to admission delays, and overutilization of available space, thereby, increasing the infection rates. Thus, the market witnessed significant challenges during the initial phase of lockdown, but as the SARS-CoV-2 cases started decreasing, and with ease in the government lockdown policies, the shortage of hemato oncology testing products were fulfilled and the market witnessed significant growth over time.

The factors that are driving this market are the increasing incidence of hematologic cancer and the growing demand for personalized therapy. The International Agency for Research on Cancer, GLOBOCAN 2020 database reported that globally 475 thousand leukemia cases were reported in 2020 and this number is expected to increase to 692 thousand by 2040. Similarly, in 2022 the Centre for Disease Control and Prevention (CDC) reported the prevalence of Hodgkin’s lymphoma in 2020 was 3.5/1,00,000 for young adults, 2.5/1,00,000 for middle-aged adults, and 3.5/1,00,000 for older adults. Such a high rate of hematologic cancer cases is leading to the increase in demand for hemato oncology testing, thereby driving the demand for products and services associated with it. Thus, the high incidence of hematology cancer cases is driving the studied market.

The growing demand for personalized therapy is also significantly driving the market. Personalized medicine aims to provide tailor-made therapies to individual patients, depending on the molecular basis of the disease, and it has become popular over recent years. The rise in the prevalence of various types of cancer, affordability of personalized medicine therapy in cancer drugs and various other disease indications, fewer side-effects of personalized medicine therapy, high adoption in developed markets, and development of innovative drugs are factors driving this personalized medicine segment. For instance, in August 2022, the Medical Device Innovation Consortium launched its somatic reference samples (SRS) initiative with a pilot project to improve the validation and regulatory review process for cancer diagnostics based on next-generation sequencing (NGS). These diagnostic tests need to be validated for accurate clinical use, and reference samples are essential to the validation process. Additionally, the launch of products is also propelling the growth of the market. For instance, in May 2022 Genes2Me launched next-generation sequencing (NGS) based clinical panels for oncology, personalized medicine, and hereditary diseases in India.

Thus, due to the aforesaid-mentioned reasons, the market is expected to witness significant growth over the forecast period. However, unfavorable reimbursement scenarios may slow down the growth of the studied market.

Scope of the Report

As per the scope, hematology-oncology refers to the science which is associated with the diagnosis, treatment, and prevention of blood-related diseases and cancer. The Hemato Oncology Testing Market is segmented by Product & Services (Assay Kits and Reagents, Services), Cancer Type (Leukemia, Lymphoma, and Other Cancers), Technology (Polymerase chain reaction (PCR), Immunohistochemistry (IHC), Next-Generation Sequencing (NGS), and Other Technology), End-User (Hospitals, Academic & Research Institutes, Other End-Users) and Geography (North America, Europe, Asia-Pacific, Middle East, and Africa, and South America). The market report also covers the estimated market sizes and trends for 17 countries across major regions globally. The report offers the value (in USD million) for the above segments.

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Key Market Trends

Services Segment is Expected to Witness Significant Growth over the Forecast Period.

The services segment is expected to dominate the global hemato oncology test market over the forecast period. This can be attributed to increasing awareness of advanced therapies such as personalized medicine and the rising prevalence 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. 

Precision medicine is a new tailor also known as individualized medicine is a healthcare approach that is based on each patient’s unique genetic makeup as opposed to traditional medicine. For instance, in May 2022, the Qatar Genome Program (QGP), a division of the Qatar Foundation (QF), and Thermo Fisher Scientific entered into a partnership to advance genomic research and clinical applications of predictive genomics in Qatar as a step toward extending the advantages of precision medicine across Arab populations globally.

Also, the global high prevalence of leukemia, non-Hodgkin's lymphoma, and myeloma cancer is driving the growth of the studied market. For instance, in 2020 the International research for Research on Cancer, GLOBOCAN database reported that the global incidence of non-Hodgkin's lymphoma was 544 thousand in 2020 and this number is expected to increase by 834 thousand in 2040. The same source also quoted that the global incidence of myeloma cancer was 325 thousand in 2020 and this number is expected to increase to 510 thousand by 2040. Thus, the high incidence of non-Hodgkin's lymphoma and myeloma cancer globally is increasing the demand for hemato oncology services testing, thereby propelling the growth of the studied market. 

Furthermore, the new product launches, technological advancements, and recent development are also leading to the growth of this segment. For instance, in August 2020 Thermo Fisher Scientific announced the introduction of hematology-oncology assays for the Ion Torrent Genexus System. Hence all these factors will help in driving the segment growth.

Thus, due to the aforesaid mentioned reasons, the segment is expected to witness significant growth over the forecast period, thereby fueling the growth of the studied market.

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