Hemato Oncology Testing Market

F. Hoffmann-La Roche Ltd. (Switzerland) and Abbott Laboratories (US) were the Leading Player in Hemato Oncology Testing Market

The hemato oncology testing market is projected to reach USD 4.0 billion by 2024 from USD 2.0 billion in 2019, growing at a CAGR of 14.8%. Market growth is driven mainly by the rising incidences & prevalence of hematologic cancers such as leukemia & lymphoma, increasing collaborations for developing new assays, and the growing number of conferences on personalized medicines. High growth in emerging economies such as China, India, and Brazil; and collaborations for drug-diagnostics development are providing opportunities for players operating in this segment. However, uncertain reimbursement and complex regulatory frameworks are expected to restrain the growth of this market during the forecast period.

The hemato oncology testing market is highly fragmented in nature. The leading players in the hemato oncology testing market include F. Hoffmann-La Roche Ltd. (Switzerland), Abbott Laboratories (US), Thermo Fisher Scientific, Inc. (US), QIAGEN N.V. (Germany), Bio-Rad Laboratories, Inc. (US), Illumina, Inc. (US), MolecularMD (Subsidiary of ICON Plc. (Ireland), Invivoscribe, Inc. (US), Asuragen, Inc. (US), Adaptive Biotechnologies (US), ArcherDx, Inc. (US), and ARUP Laboratories Inc. (US). The key strategies followed by most companies in the hemato oncology testing market are collaborations and partnerships.

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F. Hoffmann-La Roche Ltd. (Switzerland) was the leading player in the hemato-oncology testing market in 2018. The company offers a full range of tests for the diagnosis of hemato-oncology cancers, such as leukemia, lymphoma, and myeloma, among others. Its active presence across the globe, robust distribution channels, and brand image help the company to maintain a dominant position in the hemato-oncology testing market. Roche has been focusing on emerging markets, the Asia Pacific, in particular, to increase its presence and revenues. Asia Pacific contributed to 26% of the total sales of the company in 2018. The company has also been investing 11-13% of its total revenue for R&D activities since the past three years.

Abbott Laboratories (US) was the second-largest player in the hemato-oncology testing market in 2018. It offers kits for chronic lymphocytic leukemia (CLL) and acute myeloid leukemia (AML). Over the last few years, the company has been investing approximately 6-9% of its total revenue on R&D. As a result, the company has been able to introduce products, such as Abbott RealTime IDH1 and Abbott RealTime IDH2 assay kits, into the market. Abbott has a strong presence in the US, where the geography contributed to 36% of its total revenue in 2018.

Related Reports:

Hemato Oncology Testing Market by Product & Services (Assay Kits, Services), Cancer (Leukemia (Acute Lymphoblastic, Acute Myeloid), Non-Hodgkin’s Lymphoma), Technology (PCR, NGS, IHC), End-User (Clinical Laboratories, Hospitals) - Global Forecast to 2024

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Report Code
MD 7180
RI Published ON
6/20/2019
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