Hematology Products Market

Overview-

Hematology tests include laboratory assessments of blood components and blood disorders. Generally, the hematology products include instruments and consumables used predominantly as diagnostics and therapeutic aid in prevalent conditions, such as leukemia, anemia, venous thromboembolism, thalassemia platelet disorders and others. The analysis for hematologic disorders is related to disease monitoring, screening prognosis, diagnosis and evaluation.

Industry Insights-

• Hematology Products Market was valued at USD 7.17 Bn in 2021
• It is expected to reach 11.15 Bn by 2028
• A CAGR of 6.5% is anticipated over the forecast period

Key Players-

Some of the key players for global hematology products market are

• Abbott Laboratories
• Beckman Coulter Inc
• Agilent Technologies Inc.
• Bio-Rad Laboratories Inc.
• Siemens AG
• Thermo Fisher Scientific Inc.
• Boule Diagnostics AB.
• Roche Diagnostics
• Sysmex Corporation
• Nihon Kohden Corporation
• Erba Mannheim
• Abaxis
• Heska Corporation
• Danaher
• HORIBA
• Diatron
• Ortho Clinical Diagnostics
• others

Segmentation Analysis-

By Product Type - 

• Instruments
• Analyzers
• Slide Stainers
• Consumables
• Controls & Calibrators
• Stains
• Reagents
• Other

The hematology products market is segmented into instruments and consumables, with the latter being further divided into reagents, stains, and others. The consumables segment is expected to remain dominant throughout the forecast period due to increased demand for consumables caused by the rise in diagnosis of blood disorders and other infections. In addition, the growing test volume due to increased awareness and early detection is also driving the growth of this segment.

By End User - 

• Hospitals
• Diagnostic Centers
• Clinical Testing Labs
• Research Institutes

The market for hematology products based on end user is segmented into hospitals, diagnostic labs, and others. The hospitals segment held the dominant end use segment, with the demand for hematology tests in this segment increasing steadily due to the rising number of hospital visits and the need for accurate diagnosis. The diagnostic labs segment is forecast to grow at a rapid pace over the forecast period, driven by the increasing number of diagnostic centers and the availability of advanced instruments. Additionally, automation of diagnostic instruments is expected to lower the cost of these tests, further stimulating demand.

The platelet function segment is expected to witness considerable growth in the market over the forecast period. Platelet function tests are used to analyze the efficacy of the platelets, which help in clotting of blood. Platelet function tests are used to diagnose and treat a variety of conditions such as thrombocytopenia, von Willebrand’s disease, and other platelet-related disorders.

The hemoglobin segment is expected to witness moderate growth in the market over the forecast period. Hemoglobin tests measure the amount of hemoglobin present in the red blood cells. Hemoglobin tests are used to diagnose and monitor conditions such as anemia, iron deficiency, and other conditions.

The hematocrit segment is expected to witness slow growth in the market over the forecast period. Hematocrit tests measure the ratio of red blood cells to plasma in the blood. These tests are used to diagnose and monitor conditions such as anemia, dehydration, and other conditions.

The demand for confirmatory tests following abnormal CBC test results is anticipated to drive the growth of the global market. The increasing prevalence of infectious diseases, blood cancers, bone marrow and autoimmune disorders, liver and spleen diseases, and other malignancies is expected to fuel the demand for non-hematological confirmatory tests. Additionally, the rising focus on early diagnosis and rising awareness about the importance of preventive healthcare are expected to propel the market growth.

Covid-19 Impact-

It is predicted that the hematology products market is likely to experience an increase in demand for hematology instruments as well as reagents and consumables in the coming years, due to the increasing need for timely and accurate diagnosis of COVID-19. Additionally, many leading manufacturers of hematology analyzers have started to develop and launch new models that are capable of performing diagnosis for COVID-19. This will further enhance the growth of hematology products market.

The American Society of Hematology recently released a report indicating that individuals with sickle cell disease (SCD) and COVID-19 had a greater risk of hospitalization, developing pneumonia, and experiencing pain when compared to Black people not suffering from SCD. This higher risk of other infections necessitates close monitoring of those with SCD, resulting in an increase in demand for hematology products and reagents amongst various end users. Consequently, the market for hematology products during the COVID-19 pandemic is expected to see significant growth.

Market Drivers-

Rising prevalence of blood-related disorders

The rising incidence of blood cancer is having a significant impact on the growth of the market. According to GLOBOCAN 2018, the number of new blood cancer cases is projected to reach 1.85 million by 2040, globally. This increase in blood cancer cases is expected to drive the growth of the market.

Non Hodgkin lymphoma is a prevalent type of cancer in the U.S., with an estimated 74,680 diagnoses in 2018 alone. This accounts for 4% of all cancer cases in the country, according to the American Cancer Society.

The World Health Organization (WHO) reported in 2018 that the prevalence of anemia among children was 45%, while the prevalence among men was 12%. This rate is increasing rapidly worldwide. Additionally, the National Institute of Health (NIH) indicated that anemia affects 30% of women in the reproductive age and 40% of pregnant women globally.

Opportunities-

An increase in the number of product launches by major players in the market

The global hematology products market is anticipated to be driven by the launch of new products by key players operating in the market. For example, in May 2018, a Danaher Corporation company, Beckman Coulter, introduced the DxH 900 hematology analyzer. This product simplifies, automates, and innovates complex biomedical testing by performing complete blood count and white blood cell differential tests with minimal repeats for application in mid-to high-volume clinical laboratories.

In February 2018, a Japanese producer of high-accuracy measuring and analyzing tools, Horiba, rolled out the Yumizen G set of semi-automatic to fully-automatic hemostasis solutions for clinical testing.

Recent Developments-

• In April of 2022, Sysmex Europe unveiled the XQ-320 XQ-Series Automated Hematology Analyzer, a three-part differential system that is designed to accommodate the varying needs of healthcare facilities. This advanced machine is equipped with a wide range of features that enable it to provide reliable and efficient results.
• In March 2022, Mindray unveiled the BC-700 Series, a groundbreaking hematology analyzer series that offers both complete blood count (CBC) and erythrocyte sedimentation rate (ESR) tests. This breakthrough technology allows for faster, more accurate results in diagnostic testing.

Report Analysis	Details
Historical data	2015 - 2020
Forecast Period	2022 - 2028
Market Size in 2021:	USD 7.17 Billion
Base year considered	2020
Forecast Period CAGR %:	6.5%
Market Size Expected in 2028:	USD 11.15 Billion
Tables, Charts & Figures:	175
Pages	200
Key Players/Companies	Abbott Laboratories, Beckman Coulter Inc, Agilent Technologies Inc., Bio-Rad Laboratories Inc., Siemens AG, Thermo Fisher Scientific Inc., Boule Diagnostics AB., Roche Diagnostics, Sysmex Corporation, Nihon Kohden Corporation, Erba Mannheim, Abaxis, Heska Corporation, Danaher, HORIBA, Diatron, Ortho Clinical Diagnostics and others.
Segments Covered	By Product Type, By End User
Regional Analysis	North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa