The Onco-hematology Molecular Testing Market Size is valued at USD 497.67 Mn in 2022 and is predicted to reach USD 1280.06 Mn by the year 2031 at a 11.2 % CAGR during the forecast period for 2023-2031.
The field of medicine known as oncology is dedicated to understanding the causes, diagnosis, prognosis, monitoring, and prevention of various forms of cancer. Molecular diagnostics is now the industry norm for the precise and prompt detection of cancer. In the detection, management, surveillance, and prevention of a variety of malignancies, molecular diagnostics play a crucial role.
Additionally, the use of molecular diagnostics opens the door to personalised cancer treatment. Understanding disease mechanisms is important for the pharmaceutical sector, which deals with numerous forms of tumours, to find the next revolutionary targeted therapy. This is possible thanks to molecular diagnostics, which recognise particular genotypes that foretell a patient's body's reaction to a given treatment.
The market for oncology molecular diagnostics is expanding as a result of the rising incidence of cancer patients in the world and the increased need for diagnosis. According to the WHO, cancer caused over 10 Mn deaths in 2020. In addition, the American Cancer Society projects that by 2040, there will be 16.3 Mn cancer deaths worldwide and 27.5 Mn new instances of the disease. Such high numbers imply that the predicted increased cancer prevalence is a factor in the expanding demand for early detection and preventative therapy. The need for cancer molecular diagnostics is gradually rising as a result of the considerations outlined above.
Competitive Landscape:
Some major key players in the Onco-hematology Molecular Testing Market:
- Asusragen, Inc.
- Bio-Rad Laboratories, Inc.
- ICON plc
- Illumina, Inc.
- Integrated DNA Technologies, Inc. (ArcherDx, Inc.)
- Invivoscribe, Inc.
- QIAGEN N.V.
- Thermo Fisher Scientific, Inc.
- Cepheid
Market Segmentation:
The Onco-hematology Molecular Testing market is segmented on the basis of By Blood Cancer Type, By Technology, By Blood Cancer Biomarker, By End-User. As per the Blood Cancer Type, the market is divided into Chronic Myeloid Leukemia, Myeloproliferative Neoplasms, Acute Myeloid Leukemia, and Acute Lymphoblastic Leukemia. Chronic Myeloid Leukemia includes Polycythemia Vera, Essential, Thrombocythaemia, and Myelofibrosis.
According to the segment Technology, the market is segmented into qPCR, dPCR, Next-Generation Sequencing, and Others. Also, by Blood Cancer Biomarker segment, the market is divided into BCR-ABL1 Mbcr, JAK2, CALR, MPL, PML-RARA, NPM1, RUNX1-RUNX1T1, CBFB-MYH11, and BCR-ABL1 mbcr. The last segment is End-User, which comprises the National Reference Lab / Specialty Lab, University Hospital / Oncology Center, and Community Hospital / IDN (Regional/National).
Based On Product, The Services Segment Is Accounted As A Major Contributor In The Onco-Hematology Molecular Testing Market
The services category is expected to hold a major share in the global Onco-hematology Molecular Testing market due to the rising prevalence of non-Hodgkin lymphoma, myeloma, and leukaemia, the services sector, which had the biggest revenue share of 57.3% in 2019, dominated the market for hemato oncology testing in 2019. Personalised medications and other treatment modalities are among those whose increasing awareness is predicted to fuel segment expansion during the forecast period.
The Breast Cancer Segment Witnessed Growth At A Rapid Rate
The global market for oncology molecular diagnostics is expected to be dominated by the breast cancer segment over the forecast period as a result of factors like an ageing population, an increase in breast cancer prevalence, and increased awareness of women's health and breast cancer. Breastcancer.org reports that 1 in 8 American women will be detected with invasive breast cancer at some point in their lives and that there will likely be 266,120 new cases this year. This is projected to increase the demand for molecular diagnostics for breast cancer.
In The Region, The North America Onco-Hematology Molecular Testing Market Holds A Significant Revenue Share
The North America Onco-hematology Molecular Testing market is expected to be the highest. Due to the quick implementation of cutting-edge diagnostic techniques, the adoption of sedentary lifestyles, and favourable health reimbursement, North America is predicted to lead the worldwide oncology molecular diagnostics market over the forecast period.
The American Cancer Society (ACS) estimates that 91,270 cases of melanoma, or skin cancer, will be diagnosed in 2018, further boosting the oncology molecular diagnostics market in North America. Melanoma is the most prevalent type of cancer in the U.S. Because of the region's growing elderly population, greater research into precision medicine, and huge unmet cancer requirements, the market for oncology molecular diagnostics is predicted to develop significantly in the next years.
Onco-hematology Molecular Testing Market Report Scope
|
Report Attribute |
Specifications |
|
Market Size Value In 2022 |
USD 497.67 Mn |
|
Revenue Forecast In 2031 |
USD 1280.06 Mn |
|
Growth Rate CAGR |
CAGR of 11.2% from 2023 to 2031 |
|
Quantitative Units |
Representation of revenue in US$ Mn and CAGR from 2023 to 2031 |
|
Historic Year |
2019 to 2022 |
|
Forecast Year |
2023-2031 |
|
Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
|
Segments Covered |
By Blood Cancer Type, By Technology, By Blood Cancer Biomarker, By End-User |
|
Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico ;The UK; France; Italy; Spain; China; Japan; India; South Korea; South East Asia; South Korea; South East Asia |
|
Competitive Landscape |
Asuragen, Inc., Bio-Rad Laboratories, Inc., ICON plc, Illumina, Inc., Integrated DNA Technologies, Inc. (ArcherDx, Inc.), Invivoscribe, Inc., QIAGEN N.V., Thermo Fisher Scientific, Inc., and Cepheid |
|
Customization Scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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