The hematology diagnostics market was estimated at US$ 3,167.2 million in 2017 and expected to reach US$ 5,288.3 million by 2026 at a CAGR of 5.9% over the forecast period from 2018 to 2026.
The global market for hematology diagnostics is growing significantly due to an increase in the prevalence of blood-related disorders, cancer and infectious diseases. In addition to increasing awareness of these targeted diseases, diagnosis and screening by diagnostic centers, hospitals, private firms and social media are the key factors driving international market growth. More than 1.3 million people in the U.S. currently live with leukemia, myeloma, or lymphoma. In 2017, hematology consumables hold the major share in the hematology diagnostics market.
New product launch, acquisitions and partnerships among the top players in developed nations are factors that promote market growth. For example, in June 2017, Abbott Laboratories declared Sekisui Diagnostics ‘ availability of CP3000 coagulation analyzer in Asia Pacific, Europe, and the Middle East. Danaher Corporation also received CE Mark approval from its DxH 520 hematology analyzer in April 2018.
Hematology testing products have been widely accepted worldwide, mainly by hospitals and diagnostic centers. In the emerging nations, demand for automated hematology instruments is slowly gaining traction along with enhanced diagnostic services. Limited availability of new products, less awareness of blood disorders and unstructured medical care in developing nations will restrain global market growth. However, increased productivity of test results via automation techniques along with flow cytometers and sales of hematology instruments with high-throughput screening will drive market growth during the forecast period. Asia Pacific’s market shows promising growth due to new technology expansion along with government funding. In addition, increasing the prevalence of blood disorders, demand for point-of-care services and boom in the biotechnology industry are key factors driving 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.