February 26, 2024
Hematology Market

Hematology Market is expected to be Flourished by Rising Prevalence of Blood Disorders

The global hematology market is engaged in the manufacturing and marketing of diagnostic instruments and consumables used for screening, diagnosis, treatment monitoring and management of various blood-related diseases. The hematology analyzers are utilized to analyze parameters like complete blood count, white blood cells, platelets, red blood cells and hemoglobin to screen for anemia, infections, cancers and other hematological disorders. Rapid diagnostics allows expeditious treatment and management of conditions related to blood clotting, bleedings and transfusions.

The global hematology market is estimated to be valued at US$ 2.53 billion in 2024 and is expected to exhibit a CAGR of 6.9% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:
Rising prevalence of blood disorders like anemia, leukemia, myeloma and bleeding disorders around the world is a key factor driving the demand for hematology diagnostics. As per estimates by World Health Organization(WHO), around 1.62 billion people globally suffer from anemia and it is associated with various infectious diseases and nutritional deficiencies. Early detection helps in expeditious medical intervention and better management of these medical conditions. Moreover, technological advancements in hematology instruments allow performing complete blood count using small volume of blood samples which fosters their adoption. Miniaturization of these devices ensure portability and testing can be carried out at point-of-care settings. This coupled with automated workflow reduces turnaround time and labor cost. Growing geriatric population also contributes significantly as aging elevates the risk of developing several blood disorders thus augmenting the demand for these diagnostics.

Segment Analysis
The global hematology market is segmented into diagnostic and therapeutic. The diagnostic segment accounted for about 60% market share in 2024 owing to increasing demand for blood tests and counting. The segment is further segmented into instruments, reagents & consumables. Instruments segment accounted for the largest share as they form essential part for blood testing.

PEST Analysis
Political: Governments across countries are supporting healthcare sector by introducing favorable policies and reimbursement schemes for hematology procedures which is driving market growth.
Economic: Rising healthcare expenditures, growing economies and expanding population are contributing to market growth. However, high costs associated with hematology equipments can hamper growth.
Social: Increasing awareness about hematology diseases and availability of various treatment options are supporting market growth.
Technological: Advancements in hematology analyzers, point of care devices and therapeutic agents are supporting early detection and effective treatment leading to market growth.

Key Takeaways

Global Hematology Market Demand is expected to witness high growth at a CAGR of 6.9% during the forecast period of 2024 to 2031. The market size is projected to reach US$ 2.53 Bn by 2024.

Regional analysis: North America accounted for the largest share of over 35% in 2024 owing to developed healthcare infrastructure and presence of major players in the region. Asia Pacific is expected to witness fastest growth during the forecast period supported by growing medical tourism industry and rising healthcare expenditures in the region.

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. These players are focusing on new product launches and expansion strategies to gain higher market share.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it