The growing incidences of blood disorders coupled with rising geriatric population is surging the market growth of hematology diagnostics across the globe. North America is the largest market of hematology diagnostics with the prevalence of blood disorder cases and enhanced automated technology. According to the Centers for Disease Control and Prevention, around 70,000 to 100,000 Americans had sickle cell disease, a genetic blood disorder in 2019.
According to the MarkNtel Advisors’ research report titled “Global Hematology Diagnostics Market Analysis, 2020”, the CAGR of the market is expected to be around 5.8% during 2020-25. The major factors contributing to the growth of hematology diagnostics are the technological advancements for new automated analyzers and testers, and rising blood-related disorders ranging from children to elders.
With the rising blood disorders such as thalassemia, the demand for hematology testing is surging. Hematology testing is majorly in demand by hospitals and diagnostic centers. With the growing prevalence of disorders such as leukemia and thalassemia, the demand for hematology testing is expected to show growth. The Leukemia and Lymphoma Society (LLS) predicted 1,74,250 new cases of leukemia, lymphoma or myeloma in the United States in 2018. Also, around 27% of the cases reported with blood-related disorders were found to be below the age group of 50 years, the majority below 20 years of age. These shifting dynamics has been translating into greater requirement of Hematology Diagnostics market.
Moreover, sales of hematology instruments with a high amount of screening and improved productivity along with flow cytometers are projected to fuel the market in forthcoming years. Hematology consumables including reagents, stains, controls, and calibrations acquired the largest market share owing to the product launches, acquisitions, and partnerships among the leading players. For instance, Danaher Corporation in 2018 received CE approval for its DxH 520 hematology analyzer in 2018.
These factors positively influenced the growth of hematology diagnostics. However, factors such as high cost, poor health insurance coverage for diagnostic procedures, and lack of professional knowledge is hindering the growth of hematology diagnostics during 2020-25. Besides, less awareness about blood disorders and limited availability of the products is currently hindering the growth of the hematology diagnostics during 2020-25.
According to the MarkNtel Advisors, the leading players operating in the Global Hematology Diagnostics market are Abbott Laboratories, Mindray Medical International, Siemens Healthneers, BioSystems, BioRad Laboratories, Horiba, Sysmex Corporation, Nihon Kohden Corporation, Danaher Corporation, F. Hoffman-La-Roche Ltd. among others.
Many manufacturers are launching new range of products and acquiring new businesses across borders for improving the technology and healthcare infrastructure, further driving the market growth of hematology diagnostics.
Key Questions Answered in the Market Research Report
Market Outlook, Segmentation and Statistics
Frequently Asked Questions
Q. What is the historical year, base year and forecast year considered in the research report on Global Hematology Diagnostics Market?
A. The historical data has been provided since 2015, while the base year is 2019 and the data is forecasted up to 2025.
Q. What are the units or denomination for measuring market value and volume in the report?
A. The market size/industry size or the market value is measured in terms of USD Billion, while the market volume is measured in terms of units sold.
Q. What would be the CAGR of the Global Hematology Diagnostics Market during 2020 to 2025?
A. The market size of Global Hematology Diagnostics Market would register a CAGR of 5.8% during 2020-25.
Q. Does the report scope cover country wise market statistics also?
A. Yes, the scope of the report encompasses detailed country statistics such as market size, market segmentation based on various subcategories.
Q. Who are the key players or major competitors in Global Hematology Diagnostics Market?
A. Abbott Laboratories, Mindray Medical International, Siemens Healthneers, BioSystems, BioRad Laboratories, Horiba, Sysmex Corporation, Nihon Kohden Corporation, Danaher Corporation, F. Hoffman-La-Roche Ltd. etc. are few of the leading players with majority market share in Global Hematology Diagnostics Market.
