Hemato Oncology Testing Market to Generate $8,594 Million Revenue by 2030

Growing at a CAGR of 15.0% between 2022 and 2030, the hemato oncology testing market value is expected to reach USD 8,594.0 million by 2030. The industry benefits from the notably high occurrence of hematological cancers, increasing count of collaborations among the players, rising public awareness about technologically advanced procedures for treatment, and established reimbursement scenarios. Another major driver is the continuously growing spending on the medical infrastructure.

The count of clinical trials for hematological malignancies has also surged over the past few years, and healthcare providers are now encouraged to use hemato oncology testing. The sector will also grow as more centers that offer diagnostic tests and services begin to function.

Moreover, due to the growing geriatric community, increasing incidence of hematological cancers, rising health expenditure per capita, and improving healthcare infrastructure, emerging markets, such as India, China, and Brazil, present significant growth opportunities for the players operating in the sector.

Leukemia To Maintain Its Dominance over the Sector

On the basis of cancer type, the leukemia category held the largest share, around 60%, in 2022. This is because of the high count of people suffering from this illness, out of whom those who have acute myeloid leukemia (AML) are quite significant. But, the rapid surge in the population of elderly citizens could result in a shift of the prevalence from AML toward CLL, as the older generation is at a higher risk of the latter.

On the other hand, younger people are at a risk of acute lymphoblastic leukemia. Moreover, gender also tends to influence the incidence of ALL; males are more prone to this disease than females. Hence, the aforementioned factors, as well as the rise in the mortality due to this disease, are expected to drive the market in this category.

Moreover, it is the most-common type of malignancy in kids below five years of age. Additionally, it accounts for the highest mortality rate among preschoolers, because the factors responsible for this disease are still not known properly, and studies are still going on to identify its exact cause and deliver a novel and impactful treatment.

Lymphoma is predicted to display the highest growth rate, over 17%, during the forecast time frame. This is due to the high incidence of this condition in high-income nations and a high death rate in low-income countries. At the epidemiological level, incidence and mortality are correlated with the GDP per capita, consumption of nicotine, obesity, and high blood pressure. Although there is low mortality, incidence is rising, particularly among females, younger people, and people from Asian nations.

Furthermore, it is the most-common cancerous condition observed in teenagers and young adults aged 15 to 39 years. The advancements in diagnostic and therapeutic procedures due to the robust research studies are likely to create a positive impact on this sector.

APAC To Exhibit Fast Growth in Blood Cancer Testing Volume

APAC is expected to witness a high CAGR, around 18%, during the forecast time frame. This can be credited to the notable rise in the patient population, surge in the investments in healthcare facilities, and high count of research activities being carried out by various academic and research institutes.

The top players in the market include Abbott Laboratories, F. Hoffman-La Roche AG, QIAGEN N.V., Thermo Fisher Scientific Inc., Bio-Rad Laboratories Inc., Illumina Inc., ICON plc, Integrated DNA Technologies, Invivoscribe Inc., and ARUP Laboratories.