Hemato Oncology Testing Market is Dominated by Hospitals

by Vijay K. Web Marketing

The size of the hemato oncology testing market was USD 2,812.7 million in 2022, and it will reach USD 8,594.0 million by 2030, growing at a compound annual growth rate of 15% by the end of this decade, as stated by P&S Intelligence.

Hematological malignancy frequency has significantly spiked over time. There are numerous individuals who are either suffering from multiple myeloma, lymphoma, or leukemia or in remission.

The older generation is further susceptible to chronic illnesses and will develop this disease. According to the WHO, between 2010 and 2021, the share of people aged 65 or more in the worldwide population increased from 8% to 10%.

The service category dominated the hemato oncology testing market, with about 65% share. This is due to the increasing occurrence of non-Hodgkin’s lymphoma, multiple myeloma, and leukemia. According to a May 2022 article in HT, yearly, 1.24 million people globally are detected with blood cancers.

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North America led the way by generating around 40% of the total revenue. The growing incidence of lymphoma, leukemia, and multiple myeloma, particularly in the U.S., is majorly accountable for this.

Likewise, a rise in Hodgkin’s lymphoma frequency will promote the industry expansion in the years to come.

Also, the spike in co-development actions, progressions in personalized therapies, and expansion of novel assay tests act as the significant contributors to the progress of the market in the region.

It is due to the increasing cases of various hematological malignancies, the demand for hemato oncology testing will be on the rise in the years to come.