Hematology Oncology Market – Trends Forecast Till 2030

Market Snapshot

Market Overview

The global Hematology Oncology market size was estimated at USD 4.30 billion in 2023 and is projected to reach USD 11.04 billion in 2030 at a CAGR of 14.41% during the forecast period 2023-2030.

Hematology oncology is a medical specialty that focuses on the diagnosis, treatment, and management of blood disorders (hematology) and cancer (oncology). Hematology oncologists are trained to handle conditions such as leukemia, lymphoma, multiple myeloma, and other blood related cancers, as well as solid tumors. They use a combination of chemotherapy, radiation therapy, targeted therapy, immunotherapy, and other advanced treatments to provide comprehensive care to patients with these conditions.

The hematology oncology market is expected to grow during the forecast period. This growth can be attributed to the rise in the prevalence of lymphoma and myeloma, rise in the healthcare infrastructure and rise in the geriatric population all over the world. Moreover, the availability of more sophisticated molecular techniques for the diagnosis of hemato oncology has also increased. In addition, increased demand for laboratory automation, and more awareness of preventative healthcare are expected to drive the market during the forecast period.

However, the high cost of cancer treatment and the lack of skilled professionals and proper healthcare infrastructure might hamper the growth of the market during the forecast period.

The COVID-19 pandemic has had a significant impact on the hematology oncology market. The pandemic led to a decrease in cancer screenings and diagnoses, as people were less likely to go to the doctor for fear of contracting COVID-19. Moreover, even for patients who were diagnosed with cancer during the pandemic, treatment was often delated due to hospital capacity constraints and staffing shortages. In addition, the cost of healthcare also increased due to increased demand for treatment, shortages of medications and supplies, and higher prices for medical equipment.

Delvens Industry Expert's Standpoint

The hematology oncology market is expected to grow during the forecast period. This growth can be attributed to several factors. The global cancer incidence is rising, due to a number of factors, including aging populations, environmental factors and unhealthy lifestyles. Moreover, there have been significant advances in cancer treatment in recent years, with the development of new and more effective drugs and therapies. In addition, there is a growing awareness of cancer, both among the general public and among healthcare providers. However, the high cost of cancer care might hamper the growth of the market during the forecast period.

Market Portfolio

Key Findings

• Based on the product, the market is segmented into hematology analyzers, hematology reagents, flow cytometers, hematology cell counters, slide strainers, coagulation analyzers, hematology testing, centrifuges, hemoglobin meters, others. The hematology analyzers dominated the market in this segment. This is due to the increasing demand for hematology analyzers for the diagnosis and monitoring of blood disorders. Hematology analyzers are used to detect and measure blood cells, including red blood cells, white blood cells and platelets. They are also used to test for blood clotting disorders.

• Based on the drug class type, the market is segmented into chemotherapy, targeted therapy, immunotherapy, hormonal therapy. Chemotherapy dominated the market in this segment. This is due to the long history of use of chemotherapy drugs for the treatment of cancer.

• Based on oncology indication, the market is bifurcated into lung cancer, stomach cancer, colorectal cancer, breast cancer, prostate cancer, liver cancer, esophagus cancer, cervical cancer, kidney cancer, bladder cancer, others. Leukemia dominated the market in this segment. This is due to the high incidence of leukemia, the development of new leukemia treatments, and the increased demand for personalized cancer therapies.
   
• Based on end users, the market is segmented into hospitals, clinical testing institutes, patient self- testing, other end- users. Hospitals dominated the market in this segment. This is because cancer diagnosis and treatment are most prevalent in hospital scenarios. They use drugs to diagnose, treat and provide supportive care to cancer patients.
   
• The market is also divided into various regions such as North America, Europe, Asia-Pacific, South America, and Middle East and Africa. North America is estimated to account for the largest market share during the forecast period. In North America, the rising prevalence of leukemia, lymphoma and multiple myeloma as well as the strong presence of key players is driving the growth of the market.

Regional Analysis

North America to Dominate the Market

• North America is estimated to account for the largest market share during the forecast period. This growth can be attributed to the rise in incidence of leukemia, lymphoma, and multiple myeloma within the region.
   
• Moreover, the strong presence of the key players in the region is driving the growth of the market further.

Competitive Landscape

• Agilent Technologies Inc.
• Beijing Genomics Institute
• Caris Life Sciences
• Eurofins Scientific
• F. Hoffmann-La Roche Ltd.
• Foundation Medicine Inc.
• Illumina, Inc.
• Myriad Genetics Inc.
• Oxford Nanopore Technologies plc.
• PacBio
• Paradigm Diagnostics Inc.
• Partek Incorporated
• Perkin Elmer Inc.
• Qiagen
• Thermo Fisher Scientific Inc.

Recent Developments

• In June 2022, Thermo Fisher Scientific Inc. expanded its extensive line of automated connective tissue disease tests by releasing the new EliA RNA Pol III and EliA Rib-P blood tests to assist in the diagnosis of Systemic Sclerosis and Systemic Lupus Erythematosus (SLE).
   
• In 2022, F. Hoffman-La Roche Ltd. Received FDA approval for the cobras EZH2 mutation test as a companion diagnostic for patients with follicular lymphoma.

Reasons to Acquire

• Increase your understanding of the market for identifying the most suitable strategies and decisions based on sales or revenue fluctuations in terms of volume and value, distribution chain analysis, market trends, and factors.
   
• Gain authentic and granular data access for the Hematology Oncology Market to understand the trends and the factors involved in changing market situations.
   
• Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future.
   
• In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns.

Report Scope