Hematological Disorders Diagnostic and Therapeutic Market – Positive Long-Term Growth Outlook 2021

Hematology, a branch of medicine, deals with the prevention, diagnosis, and treatment of blood diseases. It includes problems associated with red blood cells (RBCs), white blood cells (WBCs), platelets, bone marrow, blood vessels, spleen, lymph nodes, and proteins involved in bleeding and clotting processes. People can be affected by many different types of blood disorders.

Major blood disorders that affect people include anemia, bleeding disorders, and blood cancer. Hemophilia and thrombosis are the most common types of bleeding disorders. Leukemia, lymphoma, and myeloma are the major types of blood cancer. Leukemia is caused by the rapid production of abnormal WBCs, and occurs in the blood and bone marrow. It is mainly classified as chronic myeloid leukemia, acute myeloid leukemia, acute lymphocytic leukemia, and chronic lymphocytic leukemia. Lymphoma affects the lymphatic system of the human body. Hodgkin lymphoma and non-Hodgkin lymphoma are the common types of lymphoma. Myeloma specifically affects plasma cells. Myeloma is mainly classified as multiple myeloma and myelodysplastic syndrome.

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In terms of geography, North America dominates the global hematological disorders diagnostic and therapeutic market. This is due to increased awareness about blood diseases and technological advancement in diagnostic procedures in the region. The U.S. represents the largest market for hematological disorders diagnostic and therapeutic in North America, followed by Canada. In Europe, Germany, France, the U.K., Italy and Spain account for a major share of the hematological disorders diagnostic and therapeutic market. This market in Asia is expected to expand at a significant rate over the next five years. This is due to various companies setting up manufacturing facilities in the region. Moreover, increasing awareness about blood disorders and rise in geriatric population are also driving the growth of the market in the region. India, China and Japan are expected to be the fastest growing hematological disorders diagnostic and therapeutic markets in Asia.

In recent times, increased demand of diagnostic and therapeutic products for the management of blood diseases is key driver of the global hematological disorders diagnostic and therapeutic market. Increased investments in R&D in the pharmaceutical sector, lack of curative drugs for blood diseases, and the introduction of innovative drugs have also fueled the growth of this market. The ongoing development of drugs with properties, such as improved safety and high patient compliance, are also supporting the growth of the global hematological disorders diagnostic and therapeutic market. Therapies such as biological therapy, physiotherapy, chemotherapy, and radiation therapy have immense potential to spur the growth of this market.

However, stringent regulations by various governments hamper the growth of global hematological diagnostic and therapeutic market. Moreover, the patent expiries of some blockbuster drugs (drugs that have an annual sale of USD 1.0 million and above) have hindered the growth of the market. Increasing mergers and acquisitions of drug manufacturing companies and rapid product launches are some of the major trends in the global hematological diagnostic and therapeutic market.

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The major companies operating in this market are Abbott Laboratories, Amgen, Baxter Healthcare Corporation, Bayer Healthcare Pharmaceuticals, Biogen Idec, Inc., Bristol-Myers Squibb, C.R. Bard, Inc, Eli Lilly and Company, GE Healthcare, GlaxoSmithKline, Pfizer, Sanofi, Siemens AG, and Teva Pharmaceutical Industries Ltd.

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