Hematology Diagnostics Market Demand 2022-2030: Increasing Prevalence of Blood Disorders Including Cancer Is a Key Factor Driving Industry Revenue Growth
The global hematology diagnostics market size is expected to reach USD 10.20 Billion in 2030 and register a revenue CAGR of 4.93% during the forecast period, according to latest report by Reports and Data. Demand for hematological diagnostics is expected to increase, owing to rising awareness about blood disorders among healthcare providers and patients, which is expected to drive market revenue growth over the forecast period.
Hematology diagnostic procedures are widely used to diagnose blood-related disorders such as anemia, blood cancer such as leukemia, and bleeding disorders such as blood clotting disorders and hemophilia. Apart from disease detection, hematology diagnostics aid in proper blood count and characterization of blood cells. The widely used hematology diagnostic systems include hemostasis, immunohematology, hematology reagents, and hematology rapid tests.
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Hematology refers to the study of blood, blood-related diseases, and blood components, and hematology diagnostics include a wide array of advanced hematology tests performed using whole blood, urine, serum, cerebrospinal fluid, and other bodily fluids. These tests involve use of different In Vitro Diagnostic (IVD) technologies, such as flow cytometry, blood analysis, immunodiagnostics, hemostasis, and molecular diagnostics, to diagnose problems pertaining to blood and its components, including red blood cells, white blood cells, lymph, plasma, and platelets.
Use of hematology diagnostics has increased in recent times, owing to increasing incidence of blood disorders. Factors such as an aging population, technological developments, and increasing need for better healthcare facilities are likely to boost the global hematology diagnostics market. The global market is also being driven by increasing government initiatives across the world to boost healthcare infrastructure. However, high costs of diagnostics and lack of coverage for diagnostic procedures in health insurance plans in many countries are two major challenges limiting revenue growth of the global hematology diagnostics market. Moreover, lack of public awareness about hematology diagnostics is also expected to restrict market revenue growth to some extent.
Some Key Highlights from the Report:
- Based on product type, the consumables segment is expected to account for largest revenue share and register the fastest growth rate during the forecast period, due to low manufacturing costs, increasing availability of consumables for certain analyzer tests, and increase in the number of tests needed by consumers. In hematology analyzers, consumables are utilized to lyse red blood cells from blood samples prior to leukocyte examination. Direct dependency of hematology tests on consumables is one of the main factors to drive revenue growth of the segment during the forecast period. Rising awareness about blood disorders among healthcare professionals and patients is also expected to increase demand for hematology analyzers and in turn, demand for consumables.
- Based on test type, the full blood count testing segment is expected to register a significantly faster growth rate over the forecast period. Full blood count tests are useful for general evaluation of health during routine check-ups, and they evaluates three major components found in the blood - white blood cells, red blood cells, and platelets. Several conditions, such as anemia, allergy, vitamin and iron deficiencies, and infections, can be easily diagnosed with the help of these tests.
- Based on end user, the hospitals & clinics segment is expected to register the fastest revenue CAGR over the forecast period. Hospitals & clinics segment is expected to lead in terms of revenue share over the forecast period, due to increase in demand for hematology diagnostics among individuals who require routine blood testing, such as diabetics and cancer patients. Moreover, This segment is expected to register a rapid growth rate, which can be attributed to a larger patient influx in hospitals as compared to other healthcare facilities and increasing number of registered hospitals across the globe.
- The Asia-Pacific market is expected to register the fastest revenue growth rate in the global market during the forecast period. Rapid urbanization, increasing incidence of chronic diseases, such as cancer and hematological diseases, particularly in developing countries including India and China, and improving healthcare infrastructure are some major factors driving revenue growth of the market in Asia-Pacific. According to the National Institute of Cancer Prevention and Research (NICPR), over 1.1 million cancer cases are recorded in India each year. Thus, high prevalence of cancer in various countries in the region is expected to increase demand for hematology diagnostics in Asia-Pacific.
The global market comprises various market players operating at regional and global levels. These key players are adopting various strategies such as R&D investments, license agreements, partnerships, merger and acquisitions, collaborations, and joint ventures to gain robust footing in the market.
Top Companies Profiled in the Report:
Abbott Laboratories, Beckman Coulter, Inc., Ortho Clinical Diagnostics, Siemens Healthineers, Sysmex Corporation, Boule Diagnostics, F. Hoffmann-La Roche Ltd., Mindray Medical International Limited, Drew Scientific Inc., Bio-Rad Laboratories Inc., HemoCue AB, Horiba Ltd., EKF Diagnostics, and Nihon Kohden Corporation, among others.
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Hematology Diagnostics Market Segmentation:
Product Type Outlook (Revenue, USD Billion; 2019-2030)
Test Type Outlook (Revenue, USD Billion; 2019-2030)
- Full Blood Count Testing
- Hemoglobin Testing
- Blood Glucose Testing
- Renal Profiling
- Vitamin B12 Deficiency Testing
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Rest of Asia Pacific)
- Latin America (Brazil, Rest of LATAM)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)
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This study aims to define market sizes and forecast the values for different segments and countries in the coming eight years. The study aims to include qualitative and quantitative perspectives about the industry within the regions and countries covered in the report. The report also outlines the significant factors, such as driving factors and challenges, that will determine the market’s future growth.
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