Hematologic Malignancies Testing Market By Product Type, By Disease Type, By Technology, By End-Use (Hospitals and Institutions), and By Region Forecast to 2032

The global hematologic malignancies testing market size was USD 2.80 Billion in 2022 and is expected to register a rapid revenue CAGR of 15.5% during the forecast period.

Key Pointers

• The leukemia segment accounted for  largest revenue share in 2022.
• The multiple myeloma segment is expected to register a significantly fast revenue growth rate during the forecast period.
• The next-generation sequencing segment is expected to register highest revenue growth rate during the forecast period.
• The fluorescent in situ hybridization segment is expected to account for a significant revenue share during the forecast period. 
• The Asia Pacific market is expected to register fastest revenue growth rate over the forecast period. 
• The Europe market accounted for second largest revenue share attributed to changing complications in hematologic malignancies.

Report Scope of the Hematologic Malignancies Testing Market:

Rising healthcare investments and spending, increasing prevalence of blood cancer, leukemia, and multiple myeloma on a worldwide scale and awareness among patients and healthcare professionals about initial diagnosis, and development of a strong product pipeline are major factors driving market revenue growth. Hematologic malignancies are blood cancers, such as leukemia, lymphoma, and myeloma, which affect blood, bone marrow, and lymph nodes. Hematologic malignancies testing is a medical testing method, which help to diagnose blood cancer.  For instance, according to statistics, approximately every 3 minutes, one person in the U.S. is diagnosed with leukemia, lymphoma, or myeloma and accounts for 9.5% of deaths from cancer in 2021, based on an estimated total of 608,570 cancer deaths.

Industry development is expected to be further boosted by medical care professionals' and customers' increasing awareness of likelihood of receiving aggressive cancer treatment over the forecast period. In addition, a surge in hematologic malignancies-related initiatives for Research & Development (R&D) is also expected to drive market revenue growth. This can be attributed to increase in clinical trials for hematologic oncology malignancies followed by market players performing diagnostic assays through collaborative services.

Hematologic malignancies are basically cancers developed in white blood cells or stem cells. Numerous diseases, including acute leukemia, chronic myeloid neoplasms, and multiple myeloma, have benefited greatly from genetic analysis and Deoxyribonucleic Acid (DNA) testing for diagnosis and treatment. Moreover, detection and treatment of hematologic malignancies have been further enhanced through advancements in technology and medicines, which is also expected to drive market revenue growth. According to studies, hematological malignancies are considered one of the major causes of death in the U.S. Incidence rates of non-hodgkin lymphoma and leukemia have surged by approximately 40% and 25% respectively. This has again led to development of a robust pipeline over the forecast period. Furthermore, clinical trials are being conducted on biologic bb2121 of multiple myeloma at various research institutions in the U.S. All these factors are expected to drive market revenue growth.

Competitive Landscape:

Competitive landscape of the global hematologic malignancies testing market is moderately consolidated with few major companies operating on global and regional levels. Major companies are engaged in product development and strategic alliances to expand their respective product portfolios and gain a robust footprint in the global market. Some major companies in the market report include Invitae Corporation, Bio-Rad Laboratories Inc., Sysmex Corporation, Laboratory Corporation of America Holdings, NeoGenomics Laboratories, Abbott, VYANTbio, Adaptive Biotechnologies, Asuragen Inc., Invivoscribe, Inc., and others.

Hematologic Malignancies Testing Market Segments Covered in the Report: