Hematology Diagnostics Market Share & Growth | Forecast 2031

Report Description

The global hematology diagnostics market size was valued at USD 6.85 billion in 2020 and is expected to expand at a substantial CAGR during the forecast period, 2021-2028. The growth of the market is attributed to the increase in the incidence of blood disorders.
 

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Hematology, as a branch of medical, deals with the study of blood and its components. Hematology diagnostics involves a range of screening process to detect any disorder in blood-forming organs, and identify blood diseases of a patient. Various blood diseases can be diagnosed using hematological tests and some of the key blood disorders are leukemia, thalassemia, anemia, blood-infections, blood-clotting disorders, and others. Moreover, Anemia is a type of disease that is most commonly noticeable among women and is primarily caused due to deficiency of iron, destruction of red blood cells, and others.

The outbreak of COVID-19 pandemic had a positive impact on the global hematology diagnostic market owing to the fact that several governments across the globe needed to boost their existing diagnostic facilities and kits as thousands of millions of their citizens were affected by the SARS-CoV2 virus. Various hematology parameters are widely considered for the diagnosis of COVID-19. According to an article published in 2020 in the International Journal of Laboratory Hematology, the clinical hematology laboratory is useful in the determination of progression of disease in the patient’s body by finding, leukocytosis, lymphopenia, thrombocytopenia, and neutrophilia, which are commonly found when a person is suffering from SARS-CoV2 virus.

Market Trends, Drivers, Restraints, and Opportunities

• Increasing incidence of blood disorders and growing awareness about the benefits of early detection of blood diseases are anticipated to fuel the market growth during the forecast period.
• Introduction of advanced technology and development of several homecare settings including Point of Care (PoC) tests are anticipated to propel the market growth in the coming years.
• Adoption of rapid automation of diagnosis for pre-analytical, analytical, and post-analytical steps in order to achieve better efficiency is another key driving factor for market growth.
• High cost for diagnosis, low coverage of healthcare insurance, and the absence of standards and protocols regarding such testing are estimated to hamper the market growth.
• Rise in the number of new products launched by key players established in the global market is anticipated to push the expansion of the market.

Scope of the Project

The report on the global hematology diagnostics market includes an assessment of the market, trends, segment, and regional markets. Overview and dynamics have also been included in the report.

Market Segment Insights

Consumable segment is anticipated to dominate the market

On the basis of products, the market is bifurcated into instruments and consumables. The instruments segment is further divided into flow cytometers, analyzers, and others while the consumable segment is divided into stains, reagents, and others. The instruments segment is projected to hold a key share of the market owing to the advancement of technology and automation adoption as they provide better results in terms of reliability, sensitivity, and others. However, the consumable segment is anticipated to dominate the market during the forecast period owing to an increase in the diagnosis of blood infections and blood disorders.

Blood count segment is expected to expand at a considerable growth rate

Based on types, the global hematology diagnostics market is categorized as hemoglobin, blood count, hematocrit, platelet function. The blood count segment held a key share in the market in 2020 and is expected to expand at a considerable growth rate during the forecast period. The segment growth can be attributed to the fact that these tests are widely adopted as the report of the tests are useful during health routine checkups and diseases treatment such as blood infections, Anemia, and others. If the results of blood count tests detect the abnormal functions and growth of blood cells, a range of hematology tests can be performed to diagnose several blood-related diseases such as blood cancer, long-term infections, liver diseases, and others. These factors are anticipated to boost the segment growth.

Diagnostic labs segment is expected to exhibit a robust growth pace

On the basis of end-users, the market is segmented into diagnostic labs, hospitals, and others. The hospital segment is anticipated to hold a dominant share of the market during the projected period owing to wide availability of advanced diagnostic equipment and presence of well-qualified medical staff including doctors, nurses, and technicians in hospitals. However, the diagnostic labs segment is expected to exhibit a robust growth pace due to the development of advanced technology of clinical equipment, easy availability of diagnostic kits, and rising expansion of diagnostic labs across the globe. The advancement of technology is also expected to lower the cost of tests and lead them towards automation that can improve the accuracy and effectiveness of testing results.
 

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Asia Pacific is expected to register a fast CAGR

In terms of region, the global rapid medical diagnostic kits market is classified as Asia Pacific, North America, Latin America, Europe, and the Middle East & Africa. North America held a key share of the market in 2020 and is expected to register a substantial CAGR during the forecast period owing to the increasing elderly population, rise in prevalence of blood disorders, increase in advancement of technology, and launch of new products. According to statistics published by the American Cancer Society in 2021 for Lukemia, around 61,000 cases were registered along with 23,000 deaths from Lukemia alone in the United States.

On the other hand, the market of Asia Pacific is expected to grow at a fast CAGR due to increase in per capita income of people and rising cases of blood disorders among a large number of the population in the region. Several healthcare initiatives taken by governments across the region along with the adoption of technology in diagnostic equipment by regional market players are anticipated to propel the regional market growth in the coming years.
 

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