Onco-hematology Molecular Testing Market Size to Reach USD 1.5 billion by 2031 with a 12.5% CAGR, Boosted by Next-Generation Blood Cancer Diagnostics| Exclusive Report by Transparency Market Research, Inc.
Transparency Market Research
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Transparency Market Research
Increasing Incidence of Hematological Cancers and Advances in Molecular Diagnostic Technologies such as Next-Generation Sequencing (NGS) and Polymerase Chain Reaction (PCR) Bolstering Onco-hematology Molecular Testing Market Size
Wilmington, Delaware, United States, Transparency Market Research, Inc., Oct. 03, 2024 (GLOBE NEWSWIRE) -- According to a report published by Transparency Market Research, the global onco-hematology molecular testing market (نطاق سوق الاختبارات الجزيئية لأمراض الدم والأورام ) was worth US$ 511.3 Mn in 2022 and is expected to reach US$ 1.5 Billion by 2031, at a CAGR of 7.8 % between 2023 and 2031.
Onco-hematology molecular testing is a specialized diagnostic process meant to identify genetic mutations and molecular markers in blood-related cancers such as leukemia, lymphoma, and myeloma. These tests are crucial for detecting the genetic abnormalities driving the growth of cancerous cells. The insights gained from molecular testing are pivotal in making precise diagnoses, determining prognosis, and guiding personalized treatment plans, often with targeted therapies.
Onco-hematology Molecular Testing Market Overview
Onco-hematology molecular testing offers several significant benefits in the diagnosis and treatment of blood-related cancers such as leukemia, lymphoma, and multiple myeloma. By identifying specific genetic mutations and molecular markers, this type of testing enables more accurate and early diagnosis of hematological malignancies.
It also aids in determining prognosis and personalized treatment plans, particularly with the use of targeted therapies designed to attack specific genetic abnormalities. Additionally, it allows clinicians to monitor disease progression, and treatment response, and detect minimal residual disease (MRD), which is critical in preventing relapse.
Several key factors are driving the growth of the onco-hematology molecular testing market. One major growth factor is the increasing incidence of hematological cancers globally. As the number of cancer cases continues to rise, the need for more precise and early diagnostic tools has become essential, boosting demand for molecular testing. According to the American Cancer Society's data for 2023, the U.S. reported 59,610 new cases of leukemia and 20,380 new cases of acute myeloid leukemia (AML) in 2023.
Advances in molecular diagnostic technologies, such as next-generation sequencing (NGS) and polymerase chain reaction (PCR), have significantly improved the accuracy and speed of testing, making it a vital tool in modern cancer care.
Additionally, the growing trend toward personalized medicine is another significant factor propelling the market. Physicians and oncologists increasingly rely on molecular testing to customize treatments based on the genetic make-up of a patient's cancer. The availability of targeted therapies, such as tyrosine kinase inhibitors and immunotherapies, has increased the demand for molecular testing to identify patients who would benefit the most from these treatments.
Regulatory approvals and government support for precision oncology testing are also contributing to market growth. Many countries are investing in cancer research and diagnostic infrastructure, increasing accessibility to advanced testing technologies. Furthermore, the increasing affordability and reimbursement for molecular diagnostics in various healthcare systems are encouraging their adoption, particularly in developed regions. Expanding healthcare infrastructure in emerging markets like Asia-Pacific is also providing growth opportunities as awareness about molecular testing grows in these regions.
• North America generated the largest market value in 2023. The region is also expected to maintain its dominance during the forecast period.
The onco-hematology molecular testing market in North America is experiencing significant growth due to several key factors. Firstly, the rising incidence of hematological malignancies, such as leukemia and lymphoma, has driven demand for precise diagnostic tools. As healthcare providers increasingly recognize the importance of early detection and personalized treatment strategies, molecular testing has become essential for accurate disease characterization and monitoring.
Another critical factor is the rapid advancements in molecular diagnostics technology. Innovations in next-generation sequencing (NGS), polymerase chain reaction (PCR), and other molecular techniques have enhanced the sensitivity and specificity of tests. This has not only improved patient outcomes but also increased the adoption of these tests in clinical settings. The integration of artificial intelligence and machine learning in data analysis further streamlines testing processes, making molecular testing more efficient and accessible.
Moreover, there is a growing emphasis on personalized medicine, with healthcare policies increasingly supporting targeted therapies. This shift toward tailored treatment regimens necessitates comprehensive molecular profiling of hematological cancers, propelling the market for molecular testing. Additionally, the presence of established pharmaceutical companies and research institutions in North America fosters collaboration and innovation in developing advanced testing methodologies.
Prominent Players Operating in the Onco-hematology Molecular Testing Industry
Asusragen, Inc., Bio-Rad Laboratories, Inc., ICON pic, Illumina, Inc., Integrated DNA Technologies, Inc. (ArcherDx, Inc.), Invivoscribe, Inc., QIAGEN N.V., Thermo Fisher Scientific, Inc. and Cepheid are some of the leading key players operating in the industry.
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