Abbott Laboratories (US) was the second-largest player in the market in 2018. Over the last few years, the company has been investing approximately 6-9% of its total revenue on R&D. As a result, the company has been able to introduce products, such as Abbott RealTime IDH1 and Abbott RealTime IDH2 assay kits, into the market.
What the Market Looks Like?
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. Based on region, the hemato oncology testing is segmented into North America, Europe, Asia Pacific (APAC), and the Rest of the World (RoW).
Growth in this market is driven by the rising global prevalence of hematologic cancer, growing awareness regarding personalized medicines, and increasing collaborations for developing new assays. On the other hand, Uncertain reimbursement scenario in different regions is expected to restrain the growth of this market during the forecast period.
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What Drives the Market?
The growth of the Hemato Oncology Testing Market is primarily influenced by the following factors:
- Increasing Incidence of Hematologic Cancer
- Increasing Collaborations
- Increasing Conferences on Personalized Medicine
Available Customizations:
With the given market data, MarketsandMarkets offers customizations as per the company’s specific needs. The following customization options are available for the report:
Product Analysis: Product matrix, which gives a detailed comparison of the product portfolios of each company
Geographic Analysis: Further breakdown of the European, Asia Pacific, and the Rest of the World markets into their respective countries
Company Information: Detailed analysis and profiling of additional market players (up to 5)
Opportunities Assessment: A detailed report underlining the various growth opportunities presented in the market
Based on product & services, the hemato oncology testing is segmented into services and assay kits. In 2018, the services segment accounted for the largest share of the hemato oncology testing. This is mainly due to the increasing prevalence & incidence of leukemia, non-Hodgkin lymphoma, and myeloma cancers. Apart from this, rising awareness regarding advanced treatment therapies such as personalized medicine is also driving the growth of this segment.
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