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How has the hemato oncology testing market grown in recent years?

The market size for hemato oncology testing has seen a fast-paced growth recently. The market, which was at $3.5 billion in 2024, is expected to rise to $3.96 billion in 2025 with a compound annual growth rate (CAGR) of 13.3%. Factors such as a rise in cancer cases, heightened awareness and screening initiatives, increased spending on healthcare, a growing preference for personalized medicine, and a surge in blood disorder cases have all contributed to this growth during the historic period.

How is the hemato oncology testing market size expected to evolve during the forecast period?

In the coming years, the hemato oncology testing market is forecasted to witness notable expansion, growing to “$6.83 billion in 2029 with a compound annual growth rate (CAGR) of 14.6%. Reasons contributing to this growth in the future include trends in personalized medicine, incorporation of artificial intelligence, increasing aged population, progress in genomic research, and higher demand for early cancer detection. Among the major trends expected in this period, there are advancements in genomic testing technology, the application of liquid biopsy in non-invasive tests, collaborations and partnerships in the field, established regulations and standardization, and progress in technology.

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Which key drivers are propelling the hemato oncology testing market’s growth?

The surge in hematologic cancer incidences is projected to fuel the expansion of the hemato oncology testing market. Hematologic cancer encompasses a variety of cancers originating in the blood that impact the blood itself, bone marrow and lymphatic system, including conditions like leukemia, lymphoma, and myeloma. Early detection of these diseases, possible through hemato oncology testing, can help reduce their impact. For example, the American Cancer Society, a US-centric voluntary health organization committed to cancer eradication, predicts that leukemia will affect 59,610 Americans and lead to 23,710 fatalities in 2023. Moreover, new cases of non-Hodgkin lymphoma are predicted to impact 80,550 individuals in the United States, resulting in 20,180 deaths. Consequently, the escalating incidences of hematologic cancers are pushing the hemato oncology market’s progression.

What are the market segments in the hemato oncology testing industry?

The hemato oncology testing market covered in this report is segmented –

1) By Product And Services: Assay Kits And Reagents, Services

2) By Cancer Type: Leukemia, Lymphoma, Multiple Myeloma, Other Cancers

3) By Technology: Polymerase Chain Reaction (PCR), Immunohistochemistry (IHC), Next-Generation Sequencing (NGS), Other Technologies

4) By End User: Hospitals, Academic And Research Institutes, Other End Users

Subsegments:

1) By Assay Kits And Reagents: PCR Kits, Next-Generation Sequencing (NGS) Kits, Flow Cytometry Reagents, ELISA Kits, Antibodies

2) By Services: Testing Services, Consultation Services, Data Analysis Services

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Which leading companies are shaping the growth of the hemato oncology testing market?

Major companies operating in the hemato oncology testing market include F. Hoffmann-La Roche Ltd., Abbott Laboratories, Thermo Fisher Scientific Inc., Illumina Inc., Invivoscribe Inc., Qiagen N.V., Bio-Rad Laboratories Inc., Archerdx Inc., ARUP Laboratories Inc., Asuragen Inc., Adaptive Biotechnologies Corp., Cepheid Inc., EntroGen Inc., CORE Diagnostics Inc., Genoptix Inc., GenPath Diagnostics, NeoGenomics Laboratories Inc., Siemens AG, Sysmex Corporation, Laboratory Corporation of America Holdings, Agilent Technologies, Danaher Corporation, Grifols SA, Diaorin SpA, HTG Molecular Diagnostics Inc., Admera Health

What key trends are currently impacting the hemato oncology testing market’s development?

Leading firms in the hemato-oncology testing market are introducing innovative technologies like next-generation sequencing (NGS) to enhance the precision and efficiency of genetic analysis. These developments also enable detailed profiling of hematologic malignancies and pave the way for personalized treatment plans based on the unique needs of each patient. NGS, a high-throughput DNA sequencing technology, enables rapid, cost-effective analysis of whole genomes or specific DNA regions. For instance, in October 2024, NeoGenomics Inc., a US-based company specializing in cancer diagnostics and genomic testing, launched a NGS tool named AML Express, specifically designed for fast detection of mutations related to Acute Myeloid Leukemia (AML). This advanced diagnostic system offers high accuracy and quick results, thereby assisting oncologists to make prompt, targeted treatment decisions. AML Express aims to enhance patient outcomes by offering precise mutation insights specific to AML genetic profiles.

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Which geographic areas are influencing the growth of the hemato oncology testing market?

North America was the largest region in the hemato oncology testing market in 2024.Asia-Pacific is expected to be the fastest-growing region in the global hemato oncology testing market report during the forecast period. The regions covered in the hemato oncology testing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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