Hematology Diagnostics Market to Reach US$ 5,000 Mn by 2026, Says TMR

Friday, June 1, 2018 Research News
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ALBANY, New York, June 1, 2018 /PRNewswire/ --

The global hematology diagnostics market was valued at more than

US$ 3,000.0 Mn in 2017. The market is projected to expand at a cumulative annual growth rate (CAGR) of more than 5.0% from 2018 to 2026, according to a new report published by Transparency Market Research (TMR) titled "Hematology Diagnostics Market
- Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018-2026". The report suggests that rise in prevalence of blood disorders and significant demand for laboratory automation and consolidation to improve precision and efficiency are expected to drive the hematology diagnostics market in the near future (2018 to 2026).

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The global hematology diagnostics market is primarily driven by the increase in POCT in developed countries, advancement in technology leading to easy usage, and ultrasensitive method with dynamic range of tests. However, a lack of awareness in developing countries and the high price of automated instruments are major restraints of the global hematology diagnostics market. North America and Europe are projected to dominate the global hematology diagnostics market in the near future owing to the increase in manufacturer focus on business expansion in these regions. Market players are consistently developing advanced products for hematology diagnostics and entering into distribution agreements in order to strengthen their footprint in the market in North America and Europe. Asia Pacific is considered to be an emerging market for hematology instruments and hematology consumables due to the rise in demand for fully automated hematology analyzers, as the penetration of these instruments is less, currently. The Asia Pacific hematology diagnostics market is expected to expand at a CAGR of more than 8% from 2018 to 2026.

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Hematology Consumables Dominates the Market Followed by Hematology Instruments 

The report offers detailed segmentation of the global hematology diagnostics market based on product type and end-user. Based on product type, the market is segregated into hematology consumables and hematology instruments. Among the hematology consumables segment, the reagent sub-segment is expected to account for a leading share of segment of the global market during the forecast period. Factors attributed to the higher share of the reagent sub-segment include the rise in diagnosis rate of different infectious diseases as well as other blood-related disorders. The reagent sub-segment is likely to expand at a comparatively higher growth rate in terms of value during the forecast period, owing to continuous innovations in the product by major market players. Among the hematology instruments segment, the hematology analyzers sub-segment is likely to hold a prominent share of the hematology instruments segment of the global market during the forecast period. Rise in adoption of fully automated hematology analyzers have reduced the turnaround time and increased accuracy of results, which is turn are driving the segment. The flow cytometry sub-segment is likely to expand at a comparatively higher growth rate in terms of value during the forecast period, owing to continuous innovations in the product by major market players.

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Diagnostic Laboratories and Hospitals & Clinics: Top Two End-user of Hematology Diagnostics 

Among end-users, the diagnostic laboratories segment is projected to dominate the global hematology diagnostics market during the forecast period. It is likely to expand at a high CAGR from 2018 to 2026. Major factors responsible for the dominance of this segment include increasing consolidation among diagnostic laboratories and companies. This in turn is expected to drive the segment during the forecast period. Furthermore, the increase in number of advanced diagnostic laboratories in the last decade has led to a higher number of diagnostic tests being performed at these settings, owing to the availability of advanced instruments. The hospitals & clinics segment is projected to expand at a CAGR of more than 5.5% in the near future. Hospitals & clinics and academic institutes segments, cumulatively, accounted for more than 50% share of the global hematology diagnostics market, in terms of value, in 2017.

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Asia Pacific Hematology Diagnostics Market Likely to Driven by China and Japan 

In terms of value, North America was a leading contributor to the global hematology diagnostics market in 2017. Rise in demand among surgeons for technologically advanced diagnostic instruments with enhanced specificity and precision, and favorable coverage as per the Clinical Laboratory Improvement Amendments for in-vitro diagnostic procedures in the region and rise in prevalence of blood disorders, lifestyle disorders, deep vein thrombosis, and genetic and acquired blood clotting disorders are key factors contributing to the major share held by North America. However, regulatory challenges and the high price of automated instruments are likely to hamper the market. Healthcare spending in emerging markets such as China and India is rising, which in turn is fueling the hematology diagnostics market in Asia Pacific. Development of health care infrastructure, rise in population, gradually improving financial stability, high prevalence of chronic injuries, and entry of international players in the region boost the hematology diagnostics market in Latin America. The market in the region is expected to expand at a CAGR of more than 3% from 2018 to 2026.

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Highly Consolidated Market with Top Players Accounting for a Major Share 

The report also provides profiles of leading players operating in global hematology diagnostics market. Abbott Laboratories, Sysmex Corporation, F. Hoffmann-La Roche Ltd., and Beckman Coulter, Inc. are major players operating in the market, offering a wide range of products for hematology diagnostics. Abbott Laboratories offers advanced hematology diagnostics products. Expansion of hematology diagnostics product portfolio through partnerships to improve efficacy and quality of products is a growing trend in the global hematology diagnostics market. For instance, In October 2017, Abbott acquired Alere Inc. (Alere), a diagnostic device and service provider. As part of the acquisition, Abbott tendered for Alere's preferred shares. This acquisition established Abbott as a leader in point-of-care testing, expanded its global presence, and provided access to new products, channels, and regions. Other prominent players in the global hematology diagnostics market include Bio-Rad Laboratories, Inc., Mindray Medical International Limited, Siemens Healthineers, HORIBA, Ltd., HemoCue AB, and Danaher (Beckman Coulter, Inc.)

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About Us 

Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company's exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR's experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.

TMR's data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.

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