The hematology diagnostics market size surpassed US$ 3.2 billion in 2019 and expected to reach US$ 5.3 billion by 2027 at a CAGR of 5.9% during the forecast period from 2020 to 2027.
Growing Rise in prevalence of blood disorders, increase in consolidation among market players and diagnostic laboratories, introduction of fully automated hematology analyzers and rapid technological advancements have increased the growth of the global hematology diagnostics market. The market in the North America is likely to expand at significant CAGR due to ease of usage, numerous technological advancements in instruments, and favourable reimbursement scenario.
The global hematology diagnostics market is growing significantly due to the rising prevalence of blood-related disorders, cancer, and infectious diseases. Additionally, increasing awareness of these targeted diseases along with its diagnosis and screening by diagnostic centers, hospitals, private firms, and social media are the key factors driving the market growth internationally. Currently, more than 1.3 million individuals in the U.S. are living with leukemia, myeloma or lymphoma.
Leading Revenue Contributors to Global Market
Geographically, the markets in Europe and North America are presently the leading contributors of revenue to the global market, chiefly owing to the high prevalence of blood disorders, high awareness regarding available screening methods for blood-related conditions, and high expenditure on healthcare and wellness. Of the key hematology instruments examined in the report, the segment of hematology analyzers presently accounts for the dominant share in the overall market, thanks to the increased adoption of fully-automated hematology analyzers for more accurate results and reduced turnaround times.
Rising Global Prevalence of Blood Cancer to Drive Need for Effective Diagnostic Measures
The chief factor to have helped the global hematology diagnostics market achieve vast stride in terms of technological advancements and introduction of new product varieties at a steady pace in the recent years is the vast rise in focus on the effective diagnosis of the rising cases of blood disorders in developed as well as developing economies. Studies show that blood cancers such as leukemia, lymphoma, or myeloma affected nearly 172,910 people in the U.S. alone in 2017. Cases diagnosed with these cancers are likely to have held a nearly 10% share in the estimated 1,688,780 new cancer cases diagnosed in the country in 2017.
Moreover, nearly 1,290,773 people are either in the remission form or are living with myeloma, leukemia, or lymphoma in U.S. Increased awareness and understanding regarding these conditions among healthcare professionals as well as patients have also led to the increased adoption of hematology diagnostics devices over the years. Apart from this, the increased adoption of point-of-care-testing methods, technological advancements leading to more accurate results and easy-to-use devices, and the easy availability of a vast range of tests are also likely to drive the hematology diagnostics market. However, the market could face headwinds in the form of low awareness among population in developing economies and the high cost of advanced and automated instruments.
The company profiling of key players in the global Hematology Diagnostics market includes company overview, major business strategies and revenues. The key players of the market are Abbott Laboratories, Ortho Clinical Diagnostics, Sysmex Corporation, Boule Diagnostics, F. Hoffmann-La Roche Ltd., Drew Scientific, Bio-Rad Laboratories, EKF Diagnostics, and Beckman Coulter, Inc.
The report analyzes and forecasts the hematology diagnostics market at global and regional levels. The market has been forecast based on volume (Tons) and value (US$ Mn) from 2019 to 2026. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report comprises a detailed value chain analysis, which provides a comprehensive view of the global hematology diagnostics market. The Porter’s Five Forces model has also been included to help understand the competitive landscape of the market. The study encompasses market attractiveness analysis, wherein various applications have been benchmarked based on their market size, growth rate, and general attractiveness.
The study provides a decisive view of the hematology diagnostics market by segmenting it in terms of form and application. The segment has been analyzed based on the present and future trends. Regional segmentation includes the current and projected demand in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
The report provides size (in terms of volume and value) of hematology diagnostics market for the base year 2018 and the forecast between 2019 and 2026. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
Market by Product
Market by Test Type
Market by End Use
Market by Geography
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
Primary research represents a bulk of research efforts, supplemented by extensive secondary research. Annual reports, press releases, and relevant documents of key players operating in various application areas have been reviewed for competition analysis and market understanding.
Secondary research also includes recent trends, technical writing, Internet sources, and statistical data from government websites, trade associations, and agencies. These have proved to be reliable, effective, and successful approaches for obtaining precise market data, capturing market participants’ insights, and recognizing business opportunities.
The study objectives of this report are: