Hematology Diagnostics Market Is Projected To Reach US$ 1.2 Billion by the End of 2031
Standing at a valuation of US$ 725 Mn in 2022, the global hematology diagnostics market is projected to reach US$ 1.2 Bn by the end of 2031. Demand for hematology diagnostics is anticipated to increase at a CAGR of 5.8% from 2022 to 2031.
The Hematology Diagnostics Market has witnessed the advent of a wide range of hematology testing solutions that combine the attributes of strainer, slider maker, and cell counter. Integrated solutions have been gaining ground in the hematology diagnostics market, as growing work load has prompted pathologists to adopt methods with precision and accuracy for improved results.
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According to a recent study of Future Market Insights (FMI), the hematology diagnostics market recorded a valuation of approximately US$ 3,500 Mn in 2017. Growing popularity of modern day analyzers that offer five to seven parts white cell differential analysis, along with additional information on cell population data (CPD), large unstained cell population, and granularity index, will continue to drive growth of the hematology diagnostics market.
The study opines that the hematology diagnostics market will continue to remain a consolidated landscape, with few established players collectively accounting for a larger share of the market. Robust portfolio, and stronger distribution footprint of these leading players, including F. Hoffmann-La Roche Ltd., Beckman Coulter, Inc., Abbott Laboratories, and Sysmex Corporation, will continue to uphold their lead in the hematology diagnostics market in the upcoming years.
Key players in the hematology diagnostics market are focusing on strategic partnerships with vendors having innovative technologies, to gain a greater share with more diverse portfolios. Other leading players profiled in the report on the hematology diagnostics market include HORIBA, Ltd., HemoCue AB, Mindray Medical International Limited, Danaher (Beckman Coulter, Inc.), Bio-Rad Laboratories, Inc., and Siemens Healthineers.
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Emphasis on Effective Hematology Diagnostics to Surge in Line with Prevalence of Blood Cancer
There has been a marked rise in the prevalence of blood disorders, and the pervasiveness of these ailments will continue to surge in the foreseeable future, according to the report. This has further driven the essentiality of hematology diagnostics with greater efficacy, thereby complementing new product developments and technological advancements in the hematology diagnostics market worldwide.
Recent studies from associated regulatory authorities estimated that, in the US alone, number of individuals affected with blood-related disorders reached nearly 173,000 in 2017. This has further led the healthcare institutes and governments to take up initiatives for increasing awareness of these disorders and the availability of related management & treatment procedures, which in turn has led the demand and adoption of hematology diagnostics in the recent past.
Point-of-care testing has also witnessed a notable rise in demand, with technological advancements leading to results with higher accuracy and convenience. Easy availability of myriad test methods for hematology diagnostics has also been a key factor driving growth of the market. The study estimates that the hematology diagnostics market
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Gains from Hematology Diagnostics Market in Developed Markets to Remain Higher
The study anticipated Europe and North America to remain the most lucrative markets for the hematology diagnostics market. Relatively greater prevalence of blood-related disorders, higher awareness about the existing screening techniques for blood disorders, and rising expenditure on health & wellness by consumers, allude greater gains from the hematology diagnostics market in Europe and North America.
Sensing varied requirements of the healthcare settings and the distinctions in the blood ailments, key players in the hematology diagnostics market have introduced a wide range of hematology instruments, According to the study, hematology analyzers currently accounts for the largest share in the hematology diagnostics market.