by Hematology is the study of blood, blood-forming organs and blood diseases. It includes conditions like anemia, blood cancers, blood clots and other bleeding disorders. The global Hematology market is growing steadily due to the rising prevalence of various blood disorders worldwide. Hematology analyzers, flow cytometers, reagents and kits are widely used for diagnosing and monitoring blood cancers, blood clots, platelet disorders, hematological malignancies and other conditions.
The hematology analyzer market has seen significant growth in recent years owing to rise in blood testing volumes. Hematology analyzers provide automated cell counting and blood cell analysis, saving time and effort for clinicians compared to manual methods. Flow cytometers are advanced instruments that are used to detect and measure physical and chemical characteristics of cells/particles as they flow in a fluid medium. Reagents and consumables are an integral part of hematological testing and diagnosis process. With technological advancements, these products have become more sophisticated, efficient and easy to use.
The global Hematology Market is estimated to be valued at US$ 2.19 Bn in 2024 and is expected to exhibit a CAGR of 6.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends driving the hematology market is the increasing demand for point-of-care testing devices. Point-of-care hematology analyzers are compact units used near the patient to provide quick diagnostic results. They reduce turnaround time significantly compared to conventional centralized laboratory tests. This is leading to their higher adoption in hospitals, clinics, home healthcare settings and others. Another important trend is the growing preference for automated hematology analyzers over manual cell counters. Automated analyzers offer higher throughput, standardized results, reduced probability of human errors and require less technical skills. With rise in test sample volumes, healthcare facilities are opting for automated systems to improve workflow efficiency. Technological advancements in hematology testing methods will continue shaping the market dynamics in the coming years.
Porter’s Analysis
Threat of new entrants: The hematology market requires high capital investments for R&D and manufacturing facilities which limits threats from new entrants.
Bargaining power of buyers: The presence of many players and product options gives buyers adequate bargaining power in the hematology market.
Bargaining power of suppliers: Suppliers of raw materials have moderate bargaining power due to standardized nature of materials and availability of substitutes.
Threat of new substitutes: Advancements in molecular diagnosis and new therapeutics may pose threats of substitutes in the hematology market.
Competitive rivalry: The hematology market sees high competition due to presence of large established players and new emerging players.
Key Takeaways
The global Hematology Market Share is expected to witness high growth. The market in North America is expected to dominate due to presence of major players and high healthcare spending. Advances in hematology diagnostics and instruments are driving market growth in the region.
Regional analysis:
Asia Pacific is expected to witness fastest growth in the hematology market due to rising healthcare spending, increasing disease prevalence and growing awareness. Countries like China and India are expected to offer high opportunities.
Key players:
Key players operating in the hematology market are Shaanxi Undersun Biomedtech Co., Ltd., Tocris Bioscience (Bio-Techne Corporation), BioOrigin, Nature’s Sunshine Products, Inc., Organic Herb Inc., Damin Foodstuff (Zhangzhou) Co., Ltd., Nutra Green Biotechnology Co., Ltd., Xian Yuensun Biological Technology Co., Ltd., Guangxi Yiyuan Biotechnology Co., Ltd., Changsha Heking Bio-Tech Co., Ltd., Hangzhou Botanical Technology Co., Ltd., Novoherb Technologies, Jiangsu Changhai Food Additive Co., Ltd., Xian Sost Biological Science & Technology Co., Ltd., Xi’an Plant Bio-Engineering Co., Ltd.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
