Global Hematology Diagnostics Market Driven by Rising Prevalence of Blood Disorders
Posted on 06 Sep 2022
Hematology is defined as the diagnostic classification of cells present in the blood and resulting identification of diseases of the blood-forming organs and diseases of the blood. It includes the calculation of WBC, RBC, and platelets. The analysis of hematologic disorders is related to disease monitoring, prognosis, diagnosis, and screening. Hematology testing devices have come a long way from disease detection and monitoring to counting and characterizing blood cells. The concept of automation has extended to detect small cell populations in order to diagnose rare blood conditions, which requires less labor, rapid result, and easy-to-use analyzers. Current technologies include automation of hematology analyzer, electrical impedance, flow cytometry, and fluorescent flow. The combination of these technologies has increased the yield and productivity of test results.
The global hematology diagnostics market was valued at approximately USD 3.5 billion in 2017 and is anticipated to expand at a CAGR of more than 5% from 2018 to 2026 to reach about USD 5.5 billion by 2026. The market is expected to be driven by a rise in the prevalence of blood disorders, technological advancements and introduction of new, technically-advanced fully automated hematology analyzers, significant demand for laboratory automation, and increase in consolidation among market players and diagnostic laboratories. These are the latest findings of Transparency Market Research Inc. (Wilmington, DE, USA), a global market research company.
The rapid expansion of the global hematology diagnostics market can be attributed primarily to the increasing prevalence of blood disorders. A rise in awareness about these disorders among health care professionals and patients is expected to drive higher demand for hematology diagnostics. Test volume, i.e. number of tests performed, is expected to increase owing to technological advances in disease diagnosis, and rise in demand for preventive diagnosis and treatment monitoring. This is also fueling the demand for hematology analyzers with high throughput. The technological revolution in hematology testing is expected to propel market growth during the forecast period.
Based on product type, the hematology consumables segment is expected to maintain its dominance of the hematology diagnostics market due to rising awareness of blood disorders among health care professionals and patients that is likely to drive higher demand for hematology analyzers and consumables. Within the hematology consumables segment, reagents was the leading sub-segment in 2017 and is anticipated to maintain its dominance during the forecast period. The expansion of the hematology consumables segment is likely to fuel the growth of the global hematology diagnostics market during the forecast period. However, the hematology instruments segment is likely to lose market share during the forecast period. Within the hematology instruments segment, hematology analyzers was the leading sub-segment in 2017 and is likely to maintain its dominance during the forecast period.
Geographically, North America held a major share of the global hematology diagnostics market in 2017 due to technological advancements in instruments, ease of usage, and favorable reimbursement scenario in the region. The U.S. and Canada are rapidly advancing the frontiers of research and technological development as well as setting stringent standards for analysis of blood products quality. This, in turn, is likely to propel the growth of the North American hematology diagnostics market during the forecast period. Asia Pacific is witnessing rapid development. High per capita income has increased utilization of diagnostic and therapy products in the region. The rapid expansion of the hematology diagnostics market in Asia Pacific can be attributed to numerous government initiatives undertaken to improve the health care infrastructure. The development of health care infrastructure, rise in population, boom in the biotechnology industry, and increasing burden of diseases requiring diagnostic tests are driving the growth of the hematology diagnostics market in Latin America and Middle East & Africa.
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