The global hematology testing market size to cross USD 5.4 billion by 2025, growing at a CAGR of 5% during the forecast period. The global hematology testing market is expected to grow at a steady pace during the forecast period. The growth can be attributed to the high prevalence/incidence of several acute, chronic, and infectious diseases, especially blood-related ailments. The prevalence of malaria has increased at a significant rate over the past few years across the globe. According to the WHO, malaria continues to be one of the top five reasons for deaths in the Middle East and Africa. Hence, the increase in routine blood testing to detect infection is positively influencing the market growth.
The market has been witnessing considerable technological advancements in terms of accuracy, efficiency, and test results. The availability of automated hematology analyzers has further led to reduced administrative errors, making the process more effective and efficient in disease diagnosis than manual testing. With the emergence of high throughput analyzers and point-of-care diagnostic devices, several companies are investing in R&D activities with an effort to develop cost-effective and advanced analyzers.
- The consumables segment is expected to achieve an incremental growth of over $1 billion by 2025. This growth is due to the usage of a wide array of reagents for performing diagnostic tests.
- POC analyzers are growing significantly in developed countries as they are experiencing increased adoption in emergency and ambulatory units.
- The routine hematology test segment is likely to reach a revenue of over $4.4 billion by 2025.
- APAC is expected to emerge as the fastest-growing region. The growth is on account of the presence of a large patient population and improvements in healthcare infrastructure and expenditure.
GLOBAL HEMATOLOGY TESTING MARKET SEGMENTATION
This research report includes a detailed segmentation by
INSIGHTS BY PRODUCTS
The usage of a wide array of several reagents and test kits to perform hematology tests is increasing revenue opportunities for the consumables segment. The segment generates continuous revenue for vendors as their usage is recurring. Hence, several renowned key players are manufacturing consumables required for both in-house hematology analyzers and other healthcare settings. One of the reasons for the steady growth of consumables is an increase in the sale of high-end instruments by large hospitals, commercial labs, and other facilities handling high volumes of tests.
The introduction of a diverse range of manual, semi, and fully automated hematology analyzers/instruments is a major factor responsible for segment growth. However, manual analyzers/instruments have become obsolete and are replaced with semi and fully automated analyzers. With the increasing availability of highly advanced analyzers performing highly accurate and quick delivery of results, the demand is increasing globally. The introduction and adoption of 5-part, 6-part, and 7-part hematology analyzers is further encouraging vendors to focus on new product innovations and developing breakthrough analyzers.
INSIGHTS BY TESTS
Routine hematology testing has emerged as a rapidly growing segment in the healthcare industry. The increasing prevalence of diseases and the growing awareness of regular healthcare examinations across the globe are the primary reasons for the growth of routine checkups and overall clinical laboratory testing. An increasing number of urgent care and free-standing emergency room centers is driving companies to invest in hematology testing systems.
Special hematology tests provide accurate and reliable test results via automated and manual methods to diagnose, treat, and prognosis hematological disorders. An estimated 3.4 billion people in 92 countries are at risk of being infected with malaria. According to the World Malaria Report 2018, there were 435,000 malaria deaths reported across the globe. The death burden was the largest in the African Region, where an estimated 93% of malaria deaths occurred. This high prevalence of malaria and other blood-related diseases is boosting the special testing market.
INSIGHTS BY END-USERS
The hospitals end-user segment dominated the market in 2019 due to the high volume of hematological tests performed in these settings. The increase in the number of private hospitals, which have their own central laboratories performing a high volume of tests, is driving the segment growth. The availability of skilled healthcare professionals to treat and diagnose several hematological disorders attracts a high number of people to hospitals than other healthcare providers, thereby increasing the revenue of the segment.
Standard reference laboratories captured a market share of 36% in 2019. This segment is expected to witness the fastest growth due to the high volume of hematological tests to analyze health ailments among patients. It is further expected to benefit from the growing shift toward fully automated hematology analyzers over manual and semi-automated analyzers.
Blood banks are other notable end-users where hematological tests are performed for evaluating the quality of donated blood. There is an increase in the absolute number of blood donations globally. Blood banks require analyzers and related consumables for performing a high volume of tests.
INSIGHTS BY GEOGRAPHY
North America accounted for a share of 35% of the global hematology diagnostics market in 2019. The region is growing at a phenomenal growth due to the favorable patient demography, the growing prevalence of several types of blood diseases, and encouraging reimbursement coverages. The increasing demand for hematology testing and the growing prevalence of several blood-related disorders in the US and Canada. This is further fueling the demand for analyzers and consumables.
Europe is the second-largest market and accounted for a share of approx. 30% in the global market. Germany, the UK, France, Spain, and Italy are the major revenue contributors to the market. The market is expected to witness slower growth compared to APAC, Latin America, and Middle East & Africa during the forecast period.
INSIGHTS BY VENDORS
The global market is highly dynamic due to the presence of several global and local players, offering a diverse range of products and reagents. Abbott, Sysmex Corporation, Danaher, Boule Diagnostics, Horiba, Mindray, Siemens, and Diatron are the major players in the market. Global players are focusing on developing innovative products and expanding their product portfolio to remain competitive in the market. They are investing extensively in R&D and product development activities to expand the product portfolio. Abbott Laboratories, Sysmex, Siemens Healthineers, Danaher Corporation, and Boule Diagnostics are focusing constantly on product development. These market players are offering hematology analyzers with new technology to increase their market presence.
The global hematology testing market research report includes in-depth coverage of the industry analysis with revenue and forecast insights for the following segments:
Segmentation by Products
- Routine Tests
- Special Tests
- Standard Reference Laboratories
- Blood Banks
- North America
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa