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“Hemato oncology testing market to register a CAGR of 14.8% from 2019 to 2024”
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% during the forecast period. Growth in this market is mainly driven by the rising incidences & prevalence of leukemia, increasing collaborations for developing new assay kits, and the growing focus on personalized medicine.
“Services accounted for the larger share of the hemato oncology testing market in 2018”
Based on product & service, the market is segmented into assay kits and services. In 2018, the services segment accounted for a larger share of this market majorly due to the high prevalence of leukemia & lymphoma. The market is set to grow on account of increasing collaborations between hemato oncology testing product manufacturers and pharmaceutical companies.
“Leukemia accounted for the largest share of the hemato oncology testing market in 2018”
Based on cancer type, the hemato oncology testing market has been segmented into three types? leukemia, lymphoma, and other cancers. Leukemia accounted for the largest share in 2018 and is anticipated to witness the highest growth rate during the forecast period due to the need for continuous monitoring of leukemia patients. In addition, increasing awareness about checking the status of minimal residual disease (MRD) in leukemia patients is another factor supporting market growth.
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“North America dominates the hemato oncology testing market”
North America, which includes the US and Canada, accounted for the largest share of the hemato oncology testing in 2018. The large share of this market segment can be attributed to the availability of reimbursement for hemato oncology testing products, increasing awareness regarding advanced treatment theories, and the strong presence of industry players in the region.
Breakdown of supply-side primary interviews, by company type, designation, and region:
- By Company Type: Tier 1: 70% , Tier 2: 20%, and Tier 3: 10%
- By Designation: C-level: 30%, Director-level: 20%, and Others: 50%
- By Region: North America: 35%, Europe: 24%, Asia: 25%, and the RoW: 16%
The major players operating in this market are 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).
- This report studies the hemato oncology testing market based on product & service, cancer type, technology, end user, and region.
- The report also analyzes factors (such as drivers, restraints, challenges, and opportunities) affecting market growth. It evaluates the opportunities and challenges in the market for stakeholders and provides details of the competitive landscape for market leaders.
- The report also studies micro-markets with respect to their growth trends, prospects, and contributions to the total hemato oncology testing market.
- The report forecasts the revenue of the market segments with respect to four major regions.
Reasons To Buy the Report:
The report provides insights on the following pointers:
- Market Penetration: Comprehensive information on the hemato oncology testing offered by the top 12 players in the market. The report analyzes the hemato oncology testing market by product and region
- Market Development: Comprehensive information about lucrative emerging markets. The report analyzes the markets for various hemato oncology testing across key geographic regions
- Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the hemato oncology testing market
- Competitive Assessment: In-depth assessment of market shares and strategies of the leading players in the hemato oncology testing market