- The global hematology diagnostics market is growing significantly due to rise in prevalence of blood related disorders, cancer, and infectious diseases.
- Limited availability of new products, less awareness regarding blood disorders and unstructured medical care in developing nations will restrain the market growth globally.
- The market in Asia Pacific shows promising growth due to new technology expansion along with government funding.
The latest market report published by Credence Research, Inc. “Hematology Diagnostics Market : Growth, Future Prospects, and Competitive Analysis, 2018 – 2026” the hematology diagnostics market was valued at $3.2 billion in 2017 and expected to reach $5.3 billion by 2026 at a CAGR of 5.9% during the forecast period from 2018 to 2026.
The global hematology diagnostics market is growing significantly due to rise in prevalence of blood related disorders, cancer, and infectious diseases. Additionally increasing awareness of these targeted diseases along with its diagnosis and screening by diagnostic centers, hospitals, private firms and social media are the key factors driving the market growth internationally.
Currently, more than 1.3 million individuals in the U.S. are living with leukemia, myeloma or lymphoma. Hematology consumables holds the major share in the hematology diagnostics market in 2017. New product launch, acquisitions and partnerships among top players in the developed nations are factors promoting the market growth.
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For instance, in June 2017, Abbott Laboratories declared the availability of CP3000 coagulation analyzer by Sekisui Diagnostics in the Asia Pacific, Europe, and the Middle East. Moreover, in April 2018, Danaher Corporation received CE Mark approval of its DxH 520 hematology analyzer.
Hematology testing products has gained extensive acceptance worldwide mainly by hospitals and diagnostic centers. Demand for automated hematology instruments in the emerging nations is gaining traction slowly along with enhanced diagnosis services. Limited availability of new products, less awareness regarding blood disorders and unstructured medical care in developing nations will restrain the market growth globally.
However, enhanced productivity of test results via automation techniques along with flow cytometers and sales of hematology instruments with high throughput screening will drive the market growth during the forecast period. The market in Asia Pacific shows promising growth due to new technology expansion along with government funding. Moreover, increasing prevalence of blood disorders, demand for point of care services and boom in the biotechnology industry are key factors driving the overall market growth.
Key Market Movements:
- Globally, the hematology diagnostics market is growing at a CAGR of 5.9% for the period from 2018 to 2026
- Based on the product type, the hematology analyzer segment shows lucrative growth with enhanced applications in the diagnostics industry
- Increasing number of diagnostic centers, availability of automated analyzers with enhanced applications, and increasing test volumes will contribute the overall growth of the hematology diagnostics market
- Major players in this vertical are Abbott Laboratories, Bio-Rad Laboratories, Inc., Siemens Healthineers, Mindray Medical International Limited, Danaher Corporation, Hoffmann-La Roche Ltd., Nihon Kohden Corporation, Drew Scientific, Sysmex Corporation, EKF Diagnostics, Boule Diagnostics, HORIBA, Diatron MI Zrt. and others.