Hematology Market: Growth Trends and Projections 2024-2031

Market Size
Hematology Market size was valued at USD 15.2 billion in 2022 and is estimated to reach USD 26.3 billion by 2031 and compound annual growth rate (CAGR) of 7.2% over the forecast period 2024-2031.

Hematology is a medical specialty that focuses on the diagnosis, treatment, and prevention of diseases related to blood, blood-forming organs, and blood diseases such as blood cancer, anemia, hemophilia, and blood clots. Hematological tests involve in vitro diagnostic techniques like hemostasis, molecular diagnostics, histology, blood analysis, and flow cytometry, which aid in identifying various blood-related diseases at a lower cost.

Hematology encompasses issues with red blood cells, white blood cells, platelets, and organs nourished by blood cells, including the lymph nodes, spleen, thymus, and lymphoid tissue. Hematology specialists utilize hematology instruments to test and determine plasma drug levels for both therapeutic and illicit drugs.

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Hematology Market Trends
Advancements in technology related to hematological analyzers are anticipated to propel market growth in the forecast period.

Anemia and iron deficiency are the most prevalent nutritional issues globally, affecting billions of individuals in both developed and developing countries. Various markers, including red blood cell (RBC) count, hematocrit, and total hemoglobin, are often used to diagnose anemia. Current hematology analyzers also measure erythrocyte characteristics such as mean corpuscular volume (MCV), mean corpuscular hemoglobin (MCH), and others.

However, most commercially available analyzers have several limitations. They are costly, require substantial bench space, and are heavy enough to restrict their use to a specific lab. This results in delayed results, making them less practical as point-of-care instruments for rapid clinical evaluation. Consequently, there is a demand for a portable and affordable hematological analyzer that can be used immediately. A technique known as cell tracking velocimetry (CTV) is used to quantify numerous hematological parameters from fresh human blood drawn from healthy donors and patients with sickle cell disease.

Furthermore, this system uses a combination of magnets and microfluidics to track the movement of thousands of red cells in a short time, based on the paramagnetic behavior of RBCs containing deoxyhemoglobin or methemoglobin when suspended in water after applying a magnetic field. This allows for the measurement of not only traditional RBC indices but also unique metrics that are only available for analyzers that examine erythrocytes on a cell-by-cell basis.

In addition, the use of CTV as a hematology analyzer can measure MCV, MCH, mean corpuscular hemoglobin concentration (MCHC), red cell distribution width (RDW), the percentage of hypochromic cells (an indicator of insufficient marrow iron supply reflecting recent iron reduction), and the correlation coefficients between these metrics. Therefore, CTV is a promising technology for blood testing at the point of care or in low-resource areas. Hence, these factors are expected to drive the market growth in the forecast period.

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Market Segmentation

By Product Type
Hematology Analyzers
Flow Cytometers
Coagulation Analyzers
Slide Stainers
Centrifuges
Hemoglobinometers
Others

By Reagent Type
Coagulation Reagents
Flow Cytometery Reagents
Immuno-hematology Reagents
Others

By Application
Drug Testing
Auto-immune Diseases
Cancer
Diabetes Mellitus
Infectious Diseases
Others

By End user
Hospitals
Clinical Testing Institutes
Patient Self-testing
Diagnostic Centers
Others

Market Key Players
Major players are Abbott Laboratories, Sysmex Corporation, Danaher Corporation, Siemens Healthcare, Sigma Aldrich Corporation, Drucker Diagnostics, Bio-Rad Laboratories, Roche Diagnostics, Mindray Medical International Ltd, Horiba Ltd.

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