Hemato Oncology Testing Market Size Worth $7.2 Billion By 2027: Grand View Research, Inc.

Hemato Oncology Testing Market Size Worth $7.2 Billion By 2027: Grand View Research, Inc.

PR Newswire

SAN FRANCISCO, Nov. 2, 2020

SAN FRANCISCO, Nov. 2, 2020 /PRNewswire/ -- The global hemato oncology testing market size is expected to reach USD 7.2 billion by 2027, according to a new report by Grand View Research, Inc. The market is expected to expand at 14.6% CAGR from 2020 to 2027. Key drivers for the market include rising incidences of leukemia, lymphoma, myeloproliferative neoplasms, and multiple myeloma. Also, growing collaborations among various major players and research organizations, and an increasing number of research activities conducted by academic and research institutes to develop technologically advanced hemato oncology tests is anticipated to fuel market growth.

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Key suggestions from the report:

Read 142 page research report with ToC on "Hemato Oncology Testing Market Size, Share & Trends Analysis Report By Product (Assay Kits & Reagents, Services), By Cancer Type (Leukemia, Lymphoma, MPNs), By Technology, By End-use, By Region, And Segment Forecasts, 2020 – 2027" at: https://www.grandviewresearch.com/industry-analysis/hemato-oncology-testing-market

The rising prevalence of lymphoma and myeloma is anticipated to propel the market growth during the forecast period. According to a report published by the American Cancer Society, it is estimated that there over 32,270 new cases of multiple myeloma which included 14,740 women and 17,530 men in 2018. Whereas, over 12,830 deaths were recorded in 2018 that included 5,640 women and 7,190 men. Therefore, a rise in the prevalence of the above-mentioned diseases is expected to enhance the usage of hemato oncology testing products.

An increase in the number of product launches is also a major factor contributing to the growth of the market. For instance, in October 2018, MedGenome launched the IGHV gene mutation testing. This test enables health care professionals to access the prognosis of chronic lymphocytic leukemia, and further manage the disease by personalized therapy.

The FDA approval of Invivoscribe's LeukoStrat companion diagnostic test in conjugation with Novartis's Rydapt for detection and treatment of AML has been a key factor in the rising number of manufacturers opting for the development of related products. The CE approved assay was launched in 2017, being the first companion diagnostic to be used for the detection of AML. Similarly, in the year 2018, Invivoscribe announced the U.S. FDA's approval for LeukoStrat CDx FLT3 Mutation Assay and XOSPATA, an AML drug manufactured by Astellas Pharma.

Growing collaborations among market players and academic and research organizations are anticipated to boost growth during the forecast period. For instance, in May 2018, Invivoscribe Technologies Inc. collaborated with the American University of Beirut Medical Center (AUBMC) in order to design and build a new center for excellence treatment in the Middle East region for advanced research in hemato oncology testing as well as treatment.

Grand View Research has segmented the global hemato oncology testing market report on the basis of cancer type, product, technology, end-use, and region:

List of Key Players of Hemato Oncology Testing Market

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About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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