Hematology Diagnostics Market Foreseen to Grow exponentially by 2023

Hematology refers to a branch of medicine, which is concerned, with the diagnosis, prevention, and treatment of diseases related to blood, bone marrow, vascular systems, immunology and hemostasis (i.e. blood clotting). Hematological tests can diagnosis various blood related diseases, anemia, leukemia, autoimmune disorders, and blood cancers among others. Hematology constitutes various in vitrodiagnostic (IVD) techniques such as, molecular diagnostics, hemostasis, blood analysis, histology, flow cytometry, and immunodiagnostics, which helps to measure more parameters in blood with a higher precision at comparatively lower cost.

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The major factors driving the hematology diagnostics market include, rising incidences of blood related disorders, for instance as per the data stated by the Leukemia & Lymphoma Society (LLS) approximately 9.8% of the population in U.S. was diagnosed with leukemia, myeloma and lymphoma of the 1,658,370 new cases of cancer in 2015. Moreover, data from the National Hemophilia Foundation states that, worldwide approximately 400,000 cases are suffering from hemophilia. Population aged 65 and over isprojected to reach 83.7 million in 2050, which is twice that, estimated in 2012 as per the Administration for Community Living. In addition, technological advancements, government initiatives supporting healthcare infrastructure are some of the factors fueling the growth of the hematology diagnostics market.

Integration of flow-cytometry techniques in analyzers, developments in point of care (POC) hematology testing and introduction of digital imaging systems in labs and increasing use of microfluidics technology in analyzers are creating opportunities in the global hematology diagnostics market. Whereas, product recalls, high cost of hematology diagnostic instruments, lesser adoption in emerging economies and poor health insurance and reimbursement coverage are the major restraints of the global hematology market.

The global hematology diagnostics market is segmented based on products, end-user and geography. Based on product type, the global hematology diagnostics market is further segmented into hematology analyzers and hematology reagents market. Hematology analyzers perform complete blood counts, coagulation or erythrocyte sedimentation rates (ESRs) tests.Automated hematology analyzers play an important role in transfusion medicine and in blood banks to perform quality check of blood samples and to screen the donors. There is a significant market shift of the hematology diagnostics instruments from manual testing to semi-automated or fully automated instruments.The manufacturers compete mainly on the number of parameters measured, reagents consumed, style, and price. Based on end-user the global hematology diagnostics market is segmented into hospitals, clinical laboratories, and academicand research institutes among others.

Geographically, the global hematology diagnostics market is categorized into North America, Europe, Asia Pacific (APAC), the Middle East and Africa (MEA) and Latin America. North America dominated the global hematology diagnostics market due to increasing blood disorders, increasing ageing population. For instance, as per the U.S. Census Bureau by 2030, approximately 20% of the population in U.S. are projected to be 65 years and above. Moreover better accessibility and availability of testing services are set to drive the market in North America. Whereas, Asia Pacific is growing at a high CAGR due to improving healthcare infrastructure, large patient base, government initiatives, and due improved purchasing power of buyers.

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Some of the key players in the global hematology diagnostics market are Beckman Coulter, Abbott Laboratories, HemoCue AB, HORIBA, Ltd., Siemens AG, Sysmex, Mindray Medical International Limited., Roche Diagnostics A/S, Bio-Rad Laboratories, Inc. among others.

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