Hematologic Malignancies Testing Market - A Global and Regional Analysis: Focus on Product, Platform, Disease, End User, and Region - Analysis and Forecast, 2024-2033

Hematologic Malignancies Testing Market - A Global and Regional Analysis: Focus on Product, Platform, Disease, End User, and Region - Analysis and Forecast, 2024-2033

Global Hematologic Malignancies Testing Market Industry Overview

The global hematologic malignancies testing market was valued at $3,546.3 million in 2023 and is expected to reach $13,509.5 million by 2033, growing at a CAGR of 14.09% during the forecast period 2024-2033. The hematologic malignancies testing market focuses on diagnostic tools and technologies for detecting and monitoring blood cancers such as leukemia, lymphoma, and myeloma. With the growing incidence of these cancers and advancements in diagnostic methods, the market is rapidly expanding. Key technologies include next-generation sequencing (NGS), polymerase chain reaction (PCR), flow cytometry, and immunohistochemistry. These tools are crucial for accurate diagnosis, prognosis, and treatment planning.

The growth of the hematologic malignancies testing market is driven by several factors, such as the rising burden of hematological cancer, growing research publications, and clinical trials in hematologic malignancies testing, leading to increased demand for hematologic malignancies tests and products. Additionally, increased funding and community support for early detection and treatment create a demand for hematological malignancy testing kits and services, and continuous advancements in hematologic malignancy have led to the development of more effective and innovative tests and kits. Moreover, the expanding availability of these supplements through various distribution channels, including online platforms and retail stores, has further facilitated market expansion and accessibility to consumers worldwide.

Market Introduction

The hematological malignancies testing market focuses on diagnostic tools and technologies used to identify and monitor cancers of the blood, including leukemia, lymphoma, and myeloma. This market is growing significantly, driven by the rising incidence of these cancers, technological advancements in diagnostics, and a focus on early detection and personalized medicine. The rising prevalence of hematologic malignancies globally highlights substantial growth potential in the healthcare sector. GLOBOCAN projects a 56.37% increase in these cancers by 2050 compared to 2022. As these diseases become more widespread across various regions, there is expected to be a growing need for advanced diagnostic tools, effective therapeutic interventions, and comprehensive supportive care services to meet the increasing healthcare demands.

The growing emphasis on personalized oncology and targeted therapies for hematological cancer treatment has fuelled demand for companion diagnostics tests on hematologic malignancies testing. Facilitation of its adoption in clinical practices by government approvals and reimbursement policies has paved the way for their integration into standard oncology care. As awareness about early cancer detection and its non-invasive diagnostic method continues to rise, the hematologic malignancies testing market is poised for further expansion and diversification in the coming years.

Industrial Impact

The growth of the hematologic malignancies testing market has not only provided relief to individuals having cancer symptoms but has also had a notable industrial impact. Manufacturers and suppliers of these products have witnessed increased demand, leading to expanded production capacities and job creation within the industry.

Market Segmentation:

Segmentation 1: by Product

Kits
Services

Services Segment to Dominate the Hematologic Malignancies Testing Market (by Product)

The services segment is expected to dominate the hematologic malignancies testing market by product. This is primarily due to the complexity of tests and the advanced technology required in performing the hematologic malignancies testing. The service providers not only perform the tests but also handle data analysis.

Segmentation 2: by Platform

Polymerase Chain Reaction (PCR)
Next-Generation Sequencing (NGS)
Fluorescence In-Situ Hybridization (FISH)
Immunohistochemistry (IHC)
Flow Cytometry
Other Platforms

Polymerase Chain Reaction (PCR) Segment to Dominate the Hematologic Malignancies Testing Market (by Platform)

The polymerase chain reaction (PCR) segment is anticipated to dominate the hematologic malignancies testing market by platform. This predominance results from its rapid turnaround times and high sensitivity and specificity, which are essential for detecting and quantifying specific genetic changes linked to various hematologic cancers.

Segmentation 3: by Disease

Leukemia
Lymphoma
Multiple Myeloma
Myeloproliferative Neoplasms
Myelodysplastic Syndrome

Leukemia Segment to Dominate the Hematologic Malignancies Testing Market (by Diseases)

The leukemia segment is expected to dominate the hematologic malignancies testing market based on diseases. This predominance results from the high prevalence and incidence of leukemia, which elevates the demand for diagnostic testing. The complexity of leukemia, with its various subtypes requiring specific diagnostic methods, further intensifies the need for comprehensive testing.

Segmentation 4: by End User

Specialty Clinics and Hospitals
Diagnostic Laboratories
Reference Laboratories

Specialty Clinics and Hospitals Segment to Dominate the Hematologic Malignancies Testing Market (by End User)

The specialty clinics and hospitals segment of the hematologic malignancies testing market by end user is expected to lead the market. This leadership stems from their integrated patient care models that ensure timely and coordinated diagnosis and treatment, which are critical for hematologic malignancies. These facilities feature advanced infrastructure to support sophisticated diagnostic tools and employ specialized personnel essential for interpreting complex test results.

Segmentation 5: by Region

North America
U.S.
Canada
Europe
Germany
U.K.
France
Italy
Spain
Denmark
Rest-of-Europe
Asia-Pacific
Japan
India
China
South Korea
Australia
Singapore
Rest-of-Asia-Pacific
Latin America
Brazil
Mexico
Rest-of-Latin America
Middle East and Africa
K.S.A.
U.A.E.
South Africa
Rest-of-Middle East and Africa

The North America region is positioned to hold a significant share of the global market for several compelling reasons. North America's growth has been driven by high rates of hematologic malignancies in the U.S. and Canada. Europe and Asia-Pacific are expected to see substantial growth, with China showing strong performance and increased adoption in Japan and India. Strategic partnerships in Latin America and other regions are tackling infrastructure challenges, thereby creating opportunities for manufacturers and service providers worldwide.

Recent Developments in the Hematologic Malignancies Testing Market

In May 2024, Bruker Corporation acquired ELITech Group with an expectation of generating revenue of $100 million by ELITech Group from the remainder of 2024.
In April 2024, QIAGEN N.V. announced the launch of the QIAseq Targeted RNA-seq Panel for T-cell receptors, emphasizing their critical role in the adaptive immune system's function of recognizing and eliminating abnormal cells, including cancer cells.
In February 2024, Precipio, Inc. announced the signing of a distribution agreement with Cardinal Health for its HemeScreen molecular assay products. Under the agreement, Cardinal Health will market and distribute Precipio’s HemeScreen portfolio of molecular assays to its customer base, primarily comprising acute healthcare systems (hospital networks), reference laboratories, and physician-owned laboratories.
In January 2024, Illumina, Inc. announced it signed an agreement with Janssen Research & Development, LLC (Janssen). This collaboration marks the first step in developing Illumina's novel molecular residual disease (MRD) assay, a whole-genome sequencing (WGS) multi-cancer research solution that detects circulating tumor DNA (ctDNA) to enhance understanding of disease persistence or recurrence after clinical intervention.

Demand – Drivers, Challenges, and Opportunities

Market Demand Drivers:

Rising Incidence of Hodgkin Lymphoma, Non-Hodgkin Lymphoma, Multiple Myeloma, and Leukemia Facilitating the Demand for Hematologic Malignancy Testing Kits and Services: The increasing prevalence of hematologic malignancies globally highlights significant growth potential in the healthcare sector. GLOBOCAN projects a 56.37% rise in these cancers by 2050 compared to 2022. As these diseases become more common across various regions, there will be a critical need for advanced diagnostic tools, effective therapeutic interventions, and comprehensive supportive care services to meet the growing healthcare demands.

Market Challenges:

Challenges in Integrating NGS into Clinical Practice for Hematologic Malignancies: Integrating next-generation sequencing (NGS) into clinical diagnostics for hematologic malignancies encounters significant challenges, hindering market growth. Despite its potential to transform disease classification, risk assessment, and treatment decisions, the complexity of interpreting and applying NGS-derived molecular genetic data remains a major obstacle. The phenotypic and genetic diversity of acute and chronic myeloid malignancies requires advanced expertise and sophisticated bioinformatic tools to differentiate clinically relevant driver mutations from incidental passenger mutations.

Market Opportunities:

Leveraging AI for Enhanced Diagnostics in the Hematologic Malignancies Testing Market: Integrating artificial intelligence (AI) into the diagnosis of hematologic malignancies offers a significant business opportunity in the global hematologic malignancies testing market. Researchers at the Ohio State University Comprehensive Cancer Center have demonstrated AI's potential to accurately differentiate between two rare blood cancers, prefibrotic primary myelofibrosis (prePMF) and essential thrombocythemia (ET). This distinction is crucial for determining appropriate treatment and enrolling patients in clinical trials, a task that traditional diagnostic methods find challenging.

How Can This Report Add Value to an Organization?

Product/Innovation Strategy: The global hematologic malignancies testing market has been segmented based on various categories, such as products, platforms, diseases, end users, and regions.

Growth/Marketing Strategy: Partnerships, alliances, funding, and business expansions together accounted for the maximum number of key developments of the total developments in the ‘Hematologic Malignancies Testing Market’ between January 2020 and May 2024.

Competitive Strategy: The global hematologic malignancies testing market is a highly fragmented market, with many smaller and private companies constantly entering the market. Key players in the hematologic malignancies testing market analyzed and profiled in the study involve established players that offer various kinds of products and services.

Methodology

Key Considerations and Assumptions in Market Engineering and Validation

The base year considered for the calculation of the market size is 2023. A historical year analysis has been done for the period FY2019-FY2022. The market size has been estimated for FY2023 and projected for the period FY2024-FY2033.
The scope of this report has been carefully derived based on interactions with experts in different companies across the world. This report provides a market study of hematologic malignancies testing.
The market contribution of hematologic malignancy testing anticipated to be launched in the future has been calculated based on the historical analysis of the solutions.
Revenues of the companies have been referenced from their annual reports for FY2022 and FY2023.
The market has been mapped based on the available hematologic malignancies testing products. All the key companies with significant offerings in this field have been considered and profiled in this report.

Primary Research:

The primary sources involve industry experts in hematologic malignancies testing, including the market players offering products and services. Resources such as CEOs, vice presidents, marketing directors, and technology and innovation directors have been interviewed to obtain and verify both qualitative and quantitative aspects of this research study.

The key data points taken from the primary sources include:

validation and triangulation of all the numbers and graphs
validation of the report’s segmentation and key qualitative findings
understanding the competitive landscape and business model
current and proposed production values of a product by market players
validation of the numbers of the different segments of the market in focus
percentage split of individual markets for regional analysis

Secondary Research

Open Sources

Certified publications, articles from recognized authors, white papers, directories, and major databases, among others
Annual reports, SEC filings, and investor presentations of the leading market players
Company websites and detailed study of their product portfolio
Gold standard magazines, journals, white papers, press releases, and news articles
Paid databases

The key data points taken from the secondary sources include:

segmentations and percentage shares
data for market value
key industry trends of the top players of the market
qualitative insights into various aspects of the market, key trends, and emerging areas of innovation
quantitative data for mathematical and statistical calculations

Key Market Players and Competition Synopsis

The companies profiled have been selected based on inputs gathered from primary experts and analyzing company coverage, product portfolio, and market penetration.

Based on product, the hematologic malignancies testing market service segment players leading the market captured around 58.36% of the market's presence as of 2023. Kits, on the other hand, accounted for approximately 41.64% of the market presence in 2023, respectively.

Some prominent names established in this market are:

Abbott Laboratories
Adaptive Biotechnologies
ARUP Laboratories
Bio-Rad Laboratories, Inc.
F. Hoffmann-La Roche Ltd.
ICON plc
Illumina, Inc.
Invitae Corporation
Invivoscribe Inc.
Laboratory Corporation of America Holdings
NeoGenomics Laboratories
OHSU’s Knight Diagnostic Laboratories
QIAGEN N.V.
Quest Diagnostics
Sysmex Corporation
Tempus Labs, Inc
Bio-Techne
DiaSorin S.p.A
Foundation Medicine, Inc.
Thermo Fisher Scientific, Inc.
ELITech Group
Vela Diagnostics
Amoy Diagnostics Co., Ltd.
Integrated DNA Technologies, Inc.

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