Market Size of Global Hemato Oncology Testing Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | 5.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Hemato Oncology Testing Market Analysis
The Hemato Oncology Testing Market is expected to register a CAGR of nearly 5% during the forecast period.
The COVID-19 outbreak significantly impacted the availability of hospital resources for cancer care worldwide. For instance, according to an article published by Hematological Oncology in October 2022, the COVID-19 pandemic introduced significant changes in oncologic practice globally, including lymphoma care with a substantial burden on patients and healthcare providers and the potential worsening of patient outcomes. Moreover, according to an article published by the Journal of Clinical Oncology in September 2022, a study was conducted in the United States, which showed that the number of newly diagnosed multiple myeloma patients decreased by 22% during the initial pandemic. However, in the later phase of the pandemic, there was an increase in the demand for cancer diagnostics, including hematological cancers. Thus, the market witnessed significant challenges during the initial phase of the pandemic, but as the SARS-CoV-2 cases started to decline, cancer care went back to normal, and the market witnessed significant growth over time.
The factors that are driving the market growth are the increasing incidence of hematologic cancer and the growing demand for personalized therapy. According to an article updated by PubMed Central in April 2022, leukemia is considered one of the most common cancers in children younger than five years of age, and it accounts for a high percentage of deaths, creating a significant burden on individuals, families, and countries. The occurrence of leukemia in children is leading to the increase in demand for hemato oncology testing, thereby driving the demand for products and services associated with it.
Besides, the growing demand for personalized therapy is also significantly contributing to the market growth. 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, and high adoption in developed markets are factors that are creating demand for personalized therapy. Moreover, various firms are conduction studies to prove the effectiveness of personalized medicine in blood-related cancer. For instance, in September 2021, the UC Cancer Center researchers joined a national collaborative, personalized medicine clinical trial for developing personalized treatments for blood and bone cancer.
Additionally, the launch of products is also propelling the market's growth. For instance, in May 2022, Genes2Me launched next-generation sequencing (NGS) based clinical panels for oncology, personalized medicine, and hereditary diseases in India. Furthermore, in October 2021, Sysmex Inostics developed a new liquid biopsy test for the detection of minimal residual disease (MRD) in acute myeloid leukemia (AML). The new test, AML-MRD-SEQ, uses a targeted next-generation sequencing (NGS) panel that covers 68 regions across 20 genes, including established MRD markers such as NPM1.
However, unfavorable reimbursement scenarios may slow down the growth of the studied market.
