It is estimated to grow at a CAGR of 7.6% from 2020 to 2027.
According to The Insight Partners market research study titled “Hematology Analyzers and Reagents Market Forecast to 2027 – COVID-19 Impact and Global Analysis – by Product and Service, Application, and End User,” the market is expected to reach US$ 13,007.87 million by 2027 from US$ 7,252.54 million in 2019. It is estimated to grow at a CAGR of 7.6% from 2020 to 2027. The report highlights the trends prevailing in the global hematology analyzers and reagents market and the factors driving the market along with those that act as deterrents to its growth.
Based on product and service, the global hematology analyzers and reagents market is segmented into hematology products and services, hemostasis products and services, and immunohematology products and services. In 2019, the hematology products and services segment held the largest market share. The same segment is also expected to dominate the market by 2027 as it has diverse testing volumes that helps deliver accurate results. Moreover, these instruments are generally used in medical laboratories to detect protein or enzymes, and count blood cells in order to help in the diagnosis of illness and genetic defects.
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A few prominent players operating in the hematology analyzers and reagents market are Clinical Diagnostic Solutions, Inc.; Shenzhen Mindray Bio-Medical Electronics Co., Ltd.; Danaher; BIO-RAD LABORATORIES INC.; Abbott; Diatron; ERBA Diagnostics Inc.; EKF Diagnostics; HORIBA Medical; and Biosystems S.A.
Market players are bringing new and innovative products and services to sustain their position in the hematology analyzers and reagents market. For instance, in January 2020, Beckman Coulter launched the DxH 560 AL, a tabletop analyzer geared to reduce the time and resource constraints faced by small to mid-sized laboratories. Such developments are expected to bolster the market growth during the forecast period.
The COVID-19 pandemic is estimated to have a significant positive impact on the hematology analyzers and reagents market. Majority of the pharmaceutical companies across the world are engaged in the development of vaccines for COVID-19. Moreover, companies are now focusing on the development of the antibody-specific COVID-19 blood tests, which is anticipated to have a positive impact on the other segments of the market in the coming months. However, disruptions in the supply chain caused due to the halt in global operations are hindering the market growth.
The hematology analyzers and reagents market is segmented on the basis of product and service, application, end user, and geography. By geography, the market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South and Central America. The report offers insights and in-depth analysis of the hematology analyzers and reagents market emphasizing on various parameters such as market trends, technological advancements, market dynamics, and competitive landscape analysis of leading market players across the world.
Technological Advancements in Hematology Analyzers
The players operating in the hematology analyzers and reagents market are highly competitive and have been introducing novel products and reagents. For instance, in May 2020, Beckman Coulter introduced DxH 690T hematology analyzer in the US to streamline workflow as well as minimize the downtime in medium-sized laboratories. Moreover, in August 2020, IDEXX Laboratories, Inc. introduced ProCyte OneHematology Analyzer that helps to deliver workflows with simplicity and consistency at the point of care. The company has also announced its plans for the global rollout of this product by early 2021. In addition, in July 2017, Sysmex launched the XN-L automated hematology analyzers in the US. Later in September 2018, it also launched XS-500ix in the Chinese market; the new product is an automated hematology analyzer of its XS-Series. Furthermore, in September 2020, Agappe Diagnostics, in collaboration with L&T Technology Services Limited, introduced its first indigenously developed hematology analyzer Mispa Count X. The launches of such new products are fueling the growth of the hematology analyzers and reagents market.
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