by The hematology market entails diagnosis and treatment of various blood-related disorders. Hematology analyzers aid comprehensive blood count and identification of abnormalities at a cellular level. Such devices analyze parameters like hemoglobin, hematocrit, red blood cell (RBC) count, white blood cell (WBC) count, and platelet count. Advances in flow cytometry and fluorescence techniques have enhanced specificity and throughput of hematology analyzers. Point-of-care hematology devices provide rapid testing and are increasingly adopted in hospitals, clinics, and home care settings for quick diagnosis.
The global hematology market is estimated to be valued at US$ 2.19 Bn in 2023 and is expected to exhibit a CAGR of 6.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Rapid Diagnosis Adoption: Growing prevalence of blood disorders coupled with increasing healthcare expenditure is fueling demand for rapid and accurate hematology testing. Point-of-care hematology devices offer test results within 5-20 minutes, aiding timely clinical decision-making. Their rising adoption in ambulatory surgical centers, emergency rooms, and physician offices is boosting the market growth.
Growing Disease Burden: Rising incidence of blood cancers, anemia, genetic blood disorders, and infectious diseases is raising the requirement of hematology analysis. As per the National Cancer Institute, there will be around 1.9 million new cancer cases diagnosed in the US in 2023, out of which over 200,000 will be blood cancers. This mounting disease burden will augment sales of hematology instruments over the forecast period.
Segment Analysis
The hematology market can be segmented into instruments, reagents and software & services. The reagents segment is dominating the market owing to high demand for reagents for blood count test applications. Reagents are essential components for various hematology tests and procedures such as complete blood count, hematology analysis, blood typing etc. This segment also accounts for the highest revenue share.
PEST Analysis
Political: Regulations pertaining to medical devices and diagnostics play a critical role in governing the hematology market. Favorable reimbursement policies for CBC tests are boosting the market growth.
Economic: Rising healthcare expenditure, growing per capita income and the subsequent increase in demand for diagnostic procedures are the key factors fueling the growth of this market.
Social: Growing awareness regarding early disease diagnosis is responsible for the increased focus on regular health checkups including hematology tests. This is positively impacting the market size.
Technological: Automation and digitization are revolutionizing the hematology market. Advanced hematology analyzers with features like enhanced accuracy, high throughput and artificial intelligence are increasingly being adopted.
Key Takeaways
Global Hematology Market Size is expected to witness high growth supported by factors like rising incidences of blood disorders, growing elderly population and launch of advanced hematology products.
The regional market is led by North America due to superior healthcare infrastructure and availability of reimbursement. Europe holds the second position in terms of revenue share owing to increasing government and private funding for healthcare.
Key players operating in the hematology market are Shaanxi Undersun Biomedtech Co., Ltd., Tocris Bioscience (Bio-Techne Corporation), BioOrigin, Nature’s Sunshine Products, Inc., Organic Herb Inc., Damin Foodstuff (Zhangzhou) Co., Ltd., Nutra Green Biotechnology Co., Ltd., Xian Yuensun Biological Technology Co., Ltd., Guangxi Yiyuan Biotechnology Co., Ltd., Changsha Heking Bio-Tech Co., Ltd., Hangzhou Botanical Technology Co., Ltd., Novoherb Technologies, Jiangsu Changhai Food Additive Co., Ltd., Xian Sost Biological Science & Technology Co., Ltd., Xi’an Plant Bio-Engineering Co., Ltd. These key players are focusing on new product launches and expansion strategies to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
