Hematology Diagnostics Market to Reach $16.87 Billion, Globally, by 2032 at 4.4% CAGR: Allied Market Research

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Dec 11, 2023, 04:01 ET

Growth in the prevalence of chronic conditions, growth in awareness of health and screening programs, and surge in the adoption of point-of-care testing drive the growth of the global hematology diagnostics market.

PORTLAND, Ore., Dec. 11, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Hematology Diagnostics Market by Product Type (Hematology Instrument and Hematology Consumables), Test Type (Complete Blood Count (CBC), Platelet Function Testing, Hemoglobin Testing and Others), End User (Hospitals and Clinics, Diagnostic Laboratories and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032". The global hematology diagnostics market was valued at $10.94 billion in 2022 and is projected to reach $16.87 billion by 2032, registering a CAGR of 4.4% from 2023 to 2032.

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Prime determinants of growth

The global hematology diagnostics market is experiencing rapid growth owing to the significant rise in the number of chronic diseases around the world. Diseases such as anemia, leukemia, lymphoma, and other blood disorders are becoming more common and require regular monitoring and diagnostics in hematology. In addition, people are more aware of their health and how important it is to detect diseases early. As a result, there is an increase in demand for health screening and diagnostics procedures. Also, people are more likely to have routine checkups and blood-related tests. This has led to an increase in the demand for hematological diagnostic supplies.

Report coverage and details:

Report Coverage	Details
Forecast Period	2023–2032
Base Year	2022
Market Size in 2022	$10.94 billion
Market Size in 2032	$16.87 billion
CAGR	4.4 %
No. of Pages in Report	256
Segments covered	Product Type, Test Type, End User, and Region
Drivers	Growth in the prevalence of chronic conditions Growth in awareness of health and screening programs Surge in adoption of point-of-care testing
Opportunities	Technological advancements in hematological diagnostics instruments
Restraints	Lack of skilled personnel in underdeveloped countries Product recalls by top players

Economic Downturn Analysis: Impact of Recession in 2023 on the Hematology Diagnostics Market

The hematology diagnostics market is affected by recessions as much as any other sector of the economy. The market is experiencing both positive and negative impacts from the recession.
Individuals and healthcare institutions may reduce healthcare spending which may lead to a decrease in demand for medical testing, including hematological diagnostics. In addition, non-essential testing and screenings may be delayed, resulting in a temporary decrease in demand for hematological services.

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The hematology consumables segment to maintain its leadership status throughout the forecast period

Based on product type, the hematology consumables segment held the highest market share in 2022, accounting for more than four-fifths of the global hematology diagnostics market revenue. The key driver for the growth of the segment is the frequent need for a large number of high-quality consumables for hematological testing.

On the other hand, the hematological instrument segment is anticipated to be the fastest-growing segment during the forecast period. This growth is mainly attributed to the advancements that take place in instruments such as hematology analyzers and flow cytometers.

The complete blood count (CBC) segment to maintain its lead position during the forecast period

Based on test type, the complete blood count (CBC) segment accounted for the largest share in 2022, accounting for two-fifths of the global hematology diagnostics market revenue, and is anticipated to be the fastest-growing segment during the forecast period. The growth is mainly attributed to the significant number of CBC tests that are carried out around the globe.

The diagnostic laboratories segment to maintain its lead position during the forecast period

Based on end user, the diagnostic laboratories segment dominated the market in terms of revenue in 2022, accounting for nearly half of the global market. This growth is attributed to advanced and sophisticated testing facilities equipped with a wide range of hematology diagnostic instruments and skilled hematologists, pathologists, and technicians.

On the other hand, the hospitals and clinics segment is anticipated to be the fastest growing segment during the forecast period. The growth is attributed to the rising adoption of highly advanced instruments in hospitals and surge in inpatient hematological testing.

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North America to maintain its dominance by 2032

North America dominated the market in 2022, accounting for nearly two-fifths share of the global market, owing to the well-established healthcare infrastructure and availability of highly advanced medical diagnostics facilities in this region.

On the other hand, Asia-Pacific is anticipated to be the fastest growing segment during the forecast period, which is attributed to rising healthcare expenditure, and developing healthcare infrastructure. In addition, the large population base is also contributing to increased hematological testing in this region.

Leading Market Players: -

Cardinal Health Inc.
Danaher Corporation
Siemens AG
Shenzhen Mindray Bio-Medical Electronics Co., Ltd.
F. Hoffmann-La Roche Ltd.
Sysmex Corporation
Abbott Laboratories
EKF Diagnostics Holdings plc
Nihon Kohden Corporation
Erba Group.

The report provides a detailed analysis of these key players in the global hematology diagnostics market. These players have adopted different strategies such as product approval, product launch, agreement, and geographical expansion to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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About Allied Market Research:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.

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