Hematology Diagnostics Market size is projected to reach $9,390 million by 2026, growing at a CAGR of 5.8% over 2021-2026. Hematology is a part of drug that controls the study of blood, blood illnesses and blood-forming organs. Bleeding disorders such as hemophila and blood clots, and blood cancer are some types of blood conditions that needs hematology treatment. It deals with the problems related with white blood cells, red blood cells, bone marrow, lymph, and platelets.
Diagnostics such as flow cytometers are used for evaluating hematologic disease and monitoring HIV infection and also assessing peripheral blood and bone marrow. A hematocrit test helps to diagnose blood disorders such as anemia. Immunohistology diagnostics is a process in order to remove cancer tissue during biopsy. Increasing prevalence of blood disorders and growing technological advancement is the major factor driving the growth of this market. Furthermore, increasing research and development activities in medical industry and increasing awareness about health is set to further enhance the overall market demand for Hematology Diagnostics Market for the period 2021-2026
Hematology Diagnostics Segment Analysis – By Product
The global Hematology Diagnostics Market based on Product can be further segmented into Instrument, and Consumables. The Instrument segment held the major share in 2020. This is mainly owing to increasing technological advancement and rising automation. Moreover, advanced instruments offer good sensitivity, reliability, specificity, ease of operation, and safety that increases the growth of this market. The Consumables segment is estimated to register the fastest CAGR of 1.4% for the period 2021-2026. This is mainly owing to increase in diagnosis of blood disorder with flow cytometers that increasing the growth of this segment.
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Hematology Diagnostics Segment Analysis – By End-Use Industry
The global Hematology Diagnostics Market based on End-Use Industry can be further segmented into Hospitals, Diagnostics Center, and Others. The Hospital segment registers for the highest Hematology Diagnostics market share in 2020. This is owing to hospitals offer point of care hematology tests at an affordable price and increasing skilled professional in hospital. Furthermore, the market is expected to expand as the number of hospitals conducting haemoglobin tests with critical safety requirements increases. The Diagnostics Center segment is estimated to register the fastest CAGR of 1.5% over 2021-2026. This is mainly owing to rising research and development and increasing number of diagnostic centers having Immunohistology diagnostics, increasing automation of diagnostic instruments and availability of advanced instruments and are increasing the growth of this market.
Hematology Diagnostics Segment Analysis – By Geography
North America dominated the Hematology Diagnostics Market with major share of 40% in 2020. This is owing to increasing advanced technologies for the POC test, increasing geriatric population, and favorable reimbursement scenario. According to the Centers for Disease Control and Prevention in 2017, approximately 70,000 to 100,000 Americans are suffering from a genetic blood disorder that increases the demand of diagnosis and are rising the growth of this market. However, Asia Pacific is estimated to be the fastest growing with a CAGR of 2.9% during the forecast period 2021-2026 owing to rising population and increasing development in healthcare.
Hematology Diagnostics Market Drivers
Increasing Prevalence of Blood Disorders
Increasing prevalence of blood disorders, and changing in lifestyle are increasing the growth of the Hematology Diagnostics Market. According to Center for Disease Control and Prevention (CDC), about 1 million people in U.S. are suffering have hemophilia that increases hematocrit test and this is leading to the rise of the Hematology Diagnostics Market over 2021-2026.
Growing Technological Advancement
Technological advancements in the field of diagnostics, improvement in the research increases the growth of this Market too. Hematology includes various IVD technologies such as blood analysis, flow cytometry, immunodiagnostics, molecular diagnostics, hemostasis, histology, and cytology that increases the innovation in technology and are increasing the growth of Hematology Diagnostics Market over 2021-2026.
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Hematology Diagnostics Market Challenges
High Cost Associated with Diagnostics
The factors that is set to impede the growth of the Hematology Diagnostics Market are the high cost of technologies used for diagnosis. Moreover, lack of skilled professional in various healthcare sector is set to create hurdles for the Hematology Diagnostics Market.
Covid-19 Impact:
COVID-19 pandemic had greatly affected the Hematology Diagnostics Market. During pandemic, healthcare sector are involved in recovering coronavirus cases. In hospitals, doctors are busy in coronavirus ward that decreases the use of diagnostics and are negatively impacted the growth of this market.
Hematology Diagnostics Landscape
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Hematology Diagnostics Market. Hematology Diagnostics top 10 companies include, Abbott, Beckman Coulter, Bio-Rad Laboratories, Danaher, EKF Diagnostics, F. Hoffmann-La Roche Ltd, Horiba, Mindray, Siemens Healthcare, CellaVision and Sysmex Corporation.
Development
In April 2019, Danaher (Beckman Coulter, Inc.) received CE Mark of its DxH 520 hematology analyzer, which is designed to help physician office laboratories.
Key Takeaways
Geographically, in 2020, North America dominated the Hematology Diagnostics Market owing to increasing advanced technologies for the POC test, increasing geriatric population, and favorable reimbursement scenario.
Detailed analysis of the Strength, Weaknesses, and Opportunities of the prominent players operating in the market will be provided in the Hematology Diagnostics Market report.
High cost associated with diagnostics is set to create hurdles for the Hematology Diagnostics Market.
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