Status : Published | Published On : Sep, 2024 | Report Code : VRHC1289 | Industry : Healthcare | Available Format : | Page : 198 |
Industry Overview
The global Hematologic Malignancies Testing market was estimated at USD 3.3 billion in 2023 and is expected to grow up to USD 13.6 billion by 2030, registering a CAGR of 14.7% during the forecast period ranging between 2025 and 2030.
Global Hematologic Malignancies Testing Market: Industry Overview
Hematologic malignancies refer to specific types of blood cancers such as leukemia, myeloma, and lymphoma. These diseases need effective detection and proper monitoring of the treatment, and these need advanced diagnostic techniques, such ashematologic malignancies testing. These tests help in determining the presence and typeof blood cancers. The healthcare professionals can then create tailor treatment plans based on the severity of the disease. The demand for such testing is expected to grow during the forecast period due to the rising prevalence of cancer on a global scale. This will fuel the growth of the market during the projected period, coupled with the rising awareness among patients regarding early diagnosis. Furthermore, advanced technologies, including flow cytometry, molecular diagnostics, and next-generation sequencing (NGS) offer more precise and faster results, which drives the market forward.
Report Metric |
Details |
Historical Period |
2018 - 2023 |
Base Year Considered |
2024 |
Forecast Period |
2025 - 2030 |
Market Size in 2023 |
U.S.D. 3.3 Billion |
Revenue Forecast in 2030 |
U.S.D. 13.6 Billion |
Growth Rate |
14.7% |
Segments Covered in the Report |
By Test Types, By Technology, By Application, By Theraphy, By End User |
Report Scope |
Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Impact of COVID-19; Companies’ Strategic Developments; Market Share Analysis of Key Players; Company Profiling |
Regions Covered in the Report |
North America, Europe and Asia Pacific |
Despite the significant growth potential, the market faces significant challenges, such as the strict regulatory frameworks and high cost of advanced tests, this restricts widespread adoption and growth of the market. Nevertheless, significant growth in the research activities and healthcare investments along with the growing government initiativesin developing economies offer significant opportunities for market growth.
Global Hematologic Malignancies Testing Industry Dynamics
Global Hematologic Malignancies Testing Market Trends / Growth Drivers:
Increasing shift towards personalized medicine
There are several trends witnessed in the global Hematologic Malignancies Testing market and is shaping its future. For example, the rising shift toward personalized medicine is a significant trend since these diagnostic tests facilitate tailoring care plans for individual patients. Advancement in technologies such as NGS and liquid biopsy are also worth noting, which enable non-invasive testing, real-time disease progression monitoring, and improvement in the testing landscape. Furthermore, the industry is also witnessing a growing initiative of collaboration among the pharmaceutical firms and diagnostic companies for improving diagnostics.
One of the significant growth drivers of the global Hematologic Malignancies Testing market is the rising prevalence of leukemia, lymphoma, and other hematologic malignancies. This significant rise in such diseases pushes the demand for advanced, accurate, and faster diagnostic testing, thereby pushing the market forward. Furthermore, the notable swing toward personalized medicine has also driven the demand for precise testing tools like NGS and molecular diagnostics to identify genetic mutations and design targeted treatment plans. The significant rise in government funding for cancer research and healthcare modifications to improve early detection is also contributing to the market expansion.
Global Hematologic Malignancies Testing Market Challenges:
Stringent regulations and high cost of advanced diagnostic tools
While the market has a significant growth potential, there are a few specific challenges that hinder its expansion. For example, the high cost of advanced diagnostic tools such as molecular testing and NGS limits its adoption and widespread use particular in low- and middle-income economies. Furthermore, the stringent regulatory frameworks add to the complexity and delays the approval processes. This prevents new technologies from entering the market and, therefore, restricts its expansion. Additionally, lack of professional personnel to conduct such complex tests, healthcare infrastructure limitations, inconsistent reimbursement policies further impede market growth.
Global Extra High Voltage (EHV) Cables Market Opportunities
Improved healthcare infrastructure and higher investments
Nonetheless, developing markets present significant growth prospects to the global Hematologic Malignancies Testing market, predominantly in Asia-Pacific and Latin American regions. This is mainly due to the rapidly improving healthcare infrastructure and higher investments. It is also attributed to technological innovations, AI-driven diagnostics, higher accessibility and cost-effectiveness, higher prevalence of cancer, and strategic partnerships with governments and research institutions to create better testing solutions.
Global Hematologic Malignancies Testing Market Segmentation
VynZ Research provides an analysis of the key trends in each segment of the global Hematologic Malignancies Testing Market report, along with forecasts at the global, regional and country levels from 2025-2030. Our report has categorized the market based on test types, technology, application, theraphy, end user.
Market Segmentation
Insight by Test Type
Molecular testing segment accounts for the largest share in the market
The global Hematologic Malignancies Testing market is segmented by test type into complete blood count (CBC), flow cytometry, molecular testing, genetic testing, and others. Among all these segments, the molecular testing category holds the largest market share and is expected to dominate the market during the forecast period due to its high accuracy and efficiency in detecting genetic mutations related to blood cancers. Furthermore, within this particular segment, the Next-Generation Sequencing (NGS) is more likely to drive growth due to its ability to provide more comprehensive and faster results. The flow cytometry segment is also projected to grow due to its higher adoption in clinical laboratories and efficiency in diagnosing leukemia and lymphoma.
Insight by Technology
Polymerase chain reaction (PCR) segment accounts for the largest share in the market
Based on technology, the global Hematologic Malignancies Testing market is divided into polymerase chain reaction (PCR), Next-Generation Sequencing (NGS), immunohisto chemistry (IHC), cytogenetics, and others. However, out of all these segmentations, it is the PCR technology segment that currently holds the larger market share and is expected to grow at a higher CAGR during the forecast period due to its widespread adoption and use in detecting genetic mutations and minimal residual diseases. However, the NGS technology is increasingly gaining popularity due to its ability to support in-depth genomic data which leads to more targeted treatments.
Insight by Application
Polymerase chain reaction (PCR) category reports for the largest share in the market
The global Hematologic Malignancies Testing market is also divided by application into leukemia, lymphoma, myeloma, and others. In comparison to all other segments, the leukemia segment dominates the market. This is mainly attributed to its high incidence rate among all hematologic cancers. On the other hand, testing for lymphoma is also likely to witness substantial growth during the forecast period, especially non-Hodgkin lymphoma, due to the developments in diagnostic technologies and growing research activities on this particular type of cancer.
Insight by Theraphy
Chemotherapy section reported for the largest share in the market
Different types of therapies also divide the global Hematologic Malignancies Testing market into different sections, such as chemotherapy, immunotherapy, targeted therapy, and other therapies. Out of all these segments, it is the chemotherapy section that dominates the market with its largest revenue share and is expected to lead during the analysis period. This growth is primarily driven by the improved healthcare infrastructure leading to better accessibility, growing number of cancer diagnoses, the development of new cancer treatments. Furthermore, the continual research and clinical trials continue to extend its application possibilities. However, the immunotherapy section is also expected to grow at a significant rate during the same period due to rising number of cancer diagnoses, improved healthcare infrastructure, higher adoption of targeted therapies, and the approval of novel therapies.
Insight by End User
Diagnostic Laboratories segment accounts for the largest share in the market
Different end users also segregate the global Hematologic Malignancies Testing market into hospitals, diagnostic labs, academic and research institutions and others. Out of them, the diagnostic laboratories section holds the largest share of the market due to the use of sophisticated equipment and rising demand for specialized testing services. The hospitals section, however, is also expected to see significant growth during the projected period due to higher investments by the institutions in-house diagnostic capabilities to offer better patient care and reduce turnaround times.
Global Hematologic Malignancies Testing Market: Geographic Overview
North America dominates the global Hematologic Malignancies Testing market currently mainly due to higher government funding for cancer research, improved healthcare systems, and the presence of key market players.
The European market is however expected to grow at a steady rate during the forecast period due to the growing incidence of blood cancers, higher demand for advanced and early diagnostics, and higher contributions by countries like Germany, France, and the UK due to their robust healthcare infrastructure and rising investments in cancer research.
The Asia-Pacific region of the market is likely to experience growth at the highest CAGR during the projected period due to the growing prevalence of hematologic cancers, higher healthcare investments, improved diagnostic infrastructure in developing countries like India, China, and Japan, as well as the growing awareness of early detection of cancer and expanding patient population.
Global Hematologic Malignancies Testing Market Competitive Insight
The report provides a comprehensive analysis of the competitive landscape in the market. Some of the key players in the market include:
Recent Developments by Key Players:
Eli Lilly and Company has expanded USD 1 billion of its Limerick, Ireland, manufacturing site to increase production of biologic active ingredients along with its recently approved treatment for early symptomatic Alzheimer's disease.
Abbott Label has started its new RFID converting plant in Nashville. This new facility provides cutting-edge RFID solutions and has expand its capabilities to meet evolving needs like high-speed RFID printing and encoding systems, quality control & testing equipment and precision diecutting & converting machinery.
Source: VynZ Research
Hematologic Malignancies Testing Market