Hematology Diagnostics Market Size is Expected to Reach at USD 12.3 Billion by 2030, Registering a CAGR of 5.8%, Owing to Increasing Incidence of Blood Disorders
The Global Hematology Diagnostics Market Size is predicted to reach USD 12.3 Billion by 2030 from USD 7.5 Billion in 2021, at a CAGR of 5.8% between 2022 and 2030, as per the Acumen Research and Consulting
In recent years, technical improvements and the introduction of new product kinds have been the key factors driving the worldwide hematology diagnostics market size. The growing emphasis on the effective diagnosis of rising incidences of blood disorders in both developing and developed nations is fueling global expansion in the hematology diagnostics market. Growing health concerns, an increasing number of diseases, and continuous innovations in wound care, as well as various benefits provided by hematology diagnostics such as less pain, optimal moisture level maintenance, and faster wound closure, have all contributed to global hematology diagnostics market growth.
Similarly, early disease detection and increased awareness are driving market expansion. However, the market may face obstacles such as limited awareness among the people in underdeveloped nations and expensive expenditures of highly automated devices.
Hematology Diagnostics Market Statistics
- Global hematology diagnostics market value was worth USD 7.5 Billion in 2021, with a 5.8% CAGR from 2022 to 2030
- North America hematology diagnostics market share occupied around 44.8% in 2021
- According to one study, around 100,000 people in the United States die from blood clots each year
- By product, the consumables category capture over 64.7% of total market share in 2021
- Technological development of point-of-care testing devices, propel the hematology diagnostics market revenue
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Hematology Diagnostics Market Trends
According to recent studies, roughly 172,910 persons in the United States alone were diagnosed with blood malignancies such as lymphoma, leukemia, or myeloma in 2017. As a result, the global demand for advanced hematology analyzers is increasing fast. In addition, almost 1,290,773 people in the United States are either in remission or are living with myeloma, lymphoma, or leukemia. Increased awareness and knowledge of these disorders among healthcare professionals and patients have led to the use of sophisticated hematological diagnostic devices over the years. Aside from that, the increased acceptance of the aim of care-testing techniques, inventive advancements resulting in progressively exact outcomes and simple-to-use gadgets, and the simple accessibility of a wide range of tests are expected to drive the hematological diagnostics market.
Hematology Diagnostics Market Segmentation
The hematology diagnostics market can be segmented into several categories, including product, test type, and end-use.
- Based on the product, the market is categorized into consumables (stains, reagents, and others), and instrument (flow cytometers, analyzers, and others). The consumables segment is expected to maintain its dominance throughout the forecast period due to rising demand for consumables due to the growth in blood disorders and other infectious diseases. On the other hand, growing automation & technological improvements are some of the major variable driving the expansion of the segment. For example, sophisticated instruments give dependability, sensitivity, ease of operation, specificity, and safety.
- Based on the test type, the industry is divided into hematocrit, blood count, hemoglobin, and platelet function. Blood count accounted for the lion's share of revenue in 2021 and is expected to grow at a healthy CAGR over the projected period. Complete Blood Count (CBC) tests are useful for assessing general well-being in addition to routine check-ups. These tests are useful for diagnosing allergies, anemia, iron and vitamin shortages, and infections. Unusual CBC test results in prompt additional non-hematological corroborative testing that can diagnose diseases like chronic infections, blood cancers, acute infectious diseases, autoimmune and bone marrow problems, spleen and liver conditions, and other malignancies. Such widespread application is expected to boost the market growth.
- Based on the end-use, the market is classified into diagnostic labs, hospitals, and others. According to the hematology diagnostics market forecast, the diagnostic labs segment is estimated to grow significantly over the next several years.
Hematology Diagnostics Market Regional Overview
Geographically, the global hematology diagnostics market can be divided into Europe, Latin America, Asia Pacific, North America, and the MEA. According to a hematology diagnostics industry analysis, North America held the largest market share in 2021. This expansion can be attributed to key aspects such as an ever-increasing aging population, a perfect financing situation, innovative technology facilities, and the introduction of cutting-edge technologies for the POC test. Besides this, Asia-Pacific is predicted to expand at the fastest CAGR throughout the projection period. Growing per capita expenditure and increased adoption of modern diagnostic products, together with government initiatives to improve medical services, are expected to drive regional market development.
Hematology Diagnostics Market Players
Some of the major hematology diagnostics market companies are EKF Diagnostics, F. Hoffmann-La Roche Ltd., Beckman Coulter, Inc., Abbott Laboratories, HORIBA, Ltd., Boule Diagnostics, Drew Scientific, Sysmex Corporation, Ortho Clinical Diagnostics, and Bio-Rad Laboratories. To address the strong competition, these companies have used new product innovations, acquisitions and mergers, and collaborations.
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