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Hemato Oncology Testing Market Size
Hemato Oncology Testing Market size was valued at USD 3.2 billion in 2023 growing at a CAGR of 14.2% from 2024 to 2032. The market's growth is primarily fueled by the rising prevalence of hematological malignancies, such as myeloma and lymphoma, driving an increased demand for specialized diagnostic tests.
For example, a report from the American Cancer Society highlights that non-Hodgkin lymphoma (NHL) ranks among the most prevalent cancers in the U.S., constituting roughly 4% of all cancer cases. Moreover, the report notes that in 2023, approximately 80,620 individuals (44,590 males and 36,030 females) received NHL diagnosis. Consequently, advancements in diagnostic technology, coupled with heightened awareness of hematologic cancers and the advantages of early detection, have spurred a rise in screening and diagnostic testing, further propelling the market's growth.
Hemato oncology testing is a specialized medical diagnostic field dedicated to detecting, diagnosing, and monitoring blood-related cancers, including leukemia, lymphoma, and multiple myeloma. These tests aim to pinpoint genetic mutations, chromosomal abnormalities, and other biomarkers linked to hematologic malignancies.
How much is the hemato oncology testing industry worth?
The global hemato oncology testing market was valued at USD 3.2 billion in 2023 and will grow at 14.2% CAGR during 2024-2032, fueled by the rising prevalence of hematological malignancies.
Why is the demand for hemato oncology testing kits & reagents rising?
The kits & reagents segment in the market recorded USD 1.7 billion in 2023 and will expand through 2032, driven by rising demand for personalized medicine, which tailors treatments to a patient's genetic and molecular profile.
Who are the major global hemato oncology testing industry players?
Abbott Laboratories, ARUP Laboratories, Bio-Rad Laboratories Inc, Danaher Corporation (Integrated DNA Technologies, Inc.), Entrogen Inc, F. Hoffmann-La Roche Ltd, and Illumina, Inc among others.
Why is the hemato oncology testing industry growing in North America?
North America hemato oncology testing market recorded 45.6% share in 2023 and will grow rapidly through 2032, driven by the rising rates of hematological cancers, including leukemia, lymphoma, and multiple myeloma,