Hematology Diagnostics Market Expected to Reach $16.9 Billion by 2032—Allied Market Research

According to a new report published by Allied Market Research, titled, “Hematology Diagnostics Market," The hematology diagnostics market size was valued at $10.9 billion in 2022, and is estimated to reach $16.9 billion by 2032, growing at a CAGR of 4.4% from 2023 to 2032. Hematological diagnostics is the field of medicine that deals with the study, examination, and evaluation of blood and its blood-related elements for the diagnosis and monitoring of various hematological diseases and disorders. It includes a broad range of lab tests and procedures intended to assess the composition and function of blood such as RBC, WBC and others.

Hematological diagnostic tests play an essential role in the diagnosis and treatment of blood disorders, including anemia, leukemia, clotting disorder, immune system abnormality, and more. They also help guide treatment decisions, monitor the course of disease, and ensure overall patient health. Thus, there is a significant demand for hematology equipment and consumables in healthcare systems, which propels hematology diagnostics market growth. 

The market is being driven by a number of factors. Ageing population around the world is increasing the incidence of blood disorders, including anemia and myeloproliferative disorders. As a result, the demand for hematological tests and services is on the rise. In addition, technological advances in hematological analyzers and hematological diagnostic equipment are improving the accuracy and reliability of hematological testing. Also, the global focus on early detection and prevention of diseases is increasing the need for regular health checks and hematological diagnostics. These factors are contributing to growing hematology diagnostics market share.  

On the basis of product type, the market is segmented into hematology instrument and hematology consumables. The hematology consumables segment held a largest hematology diagnostics market share in 2022, as there is a frequent need for hematology consumables for procedures such as blood collection, processing and screening. Consumables such as lancets, slides, blood collection tubes, cotton rolls and others are required on a daily basis for hematology diagnosis and hence, there is a high demand for these consumables in the market. 

In addition, key players in the market are offering a variety of consumables which are made of high-quality materials. For instance, companies such as Nihon Kohden Corporation, Sysmex Corporation, Shenzhen Mindray Bio-Medical Electronics Co., Ltd. and others are offering a wide range of products to choose from. This is further contributing to the growth of hematology diagnostics market size. 

On the other hand, the hematology instrument segment is anticipated to be the fastest growing segment during the forecast period. The growth of the equipment segment is mainly attributed to the technological advancement in equipment such as hematology analyzers, flow cytometers and others. Technological innovations have allowed healthcare providers to achieve better and accurate results, which has led to significant growth in the hematology diagnostics market. 

Based on test type, the market is segmented into complete blood count (CBC), platelet function testing, hemoglobin testing, and others. The complete blood count (CBC) segment dominated the market in terms of revenue in 2022 and is anticipated to be the fastest growing segment during the forecast period. The growth is mainly attributed to the significant number of CBC testing that takes place globally each year and rising prevalence of chronic conditions and other blood disorders. 

Based on end user, the market is segmented into hospitals & clinics, diagnostic laboratories and others. The diagnostic laboratories segment dominated the market in 2022. The growth of the segment is attributed to the presence of highly specialized and advanced diagnostic labs present in the developed countries which offer highly accurate testing. 

In addition, diagnostic labs use specialized hematology analyzers and instruments that can perform a wide range of blood tests effectively and accurately. These instruments are capable of handling a large number of samples and can be used in routine testing.  Also, the diagnostic laboratories employ qualified laboratory technicians, such as medical technologists or technicians, who are experienced in the performance and interpretation of hematology tests, ensuring accurate and reliable results. 

On the other hand, the hospitals & clinics segment is anticipated to be the fastest growing segment during the forecast period. The growth of the segment is mainly attributed to the technological advancements in instruments which are adopted by hospitals to enhance the testing outcomes. 

On the basis of region, North America held the largest market share in 2022 and is anticipated to remain dominant during the forecast period. This growth can be attributed to several factors, including the increase in healthcare expenditure and the implementation of governmental initiatives aimed at modernizing healthcare infrastructure. Well-developed healthcare infrastructure and well-established diagnostic laboratories with advanced technologies are also contributing to the growing demand for hematology diagnostic supplies.  

In addition, the presence of key players in this region is also a major hematology diagnostics market trends. For instance, the presence of companies such as Cardinal Health Inc., Danaher Corporation, Siemens AG, F. Hoffmann-La Roche Ltd., Sysmex Corporation, Abbott Laboratories, and others are offering wide range of products such as equipment which are highly advanced in nature. This is increasing the adoption of such advanced instruments in this region and thus contributing to market growth. 

On the other hand, the Asia-Pacific region is anticipated to be the fastest growing region during the hematology diagnostics market forecast period. The growth in this region is mainly attributed to the high prevalence of blood related disorders, high population base, rising healthcare expenditure and rising awareness among the population for early disease diagnosis and treatment.  

In addition, the healthcare infrastructure in countries such as China and India are developing, and new advanced technologies are adopted by the hospitals and diagnostic centers. Advanced hematology analyzers are being adopted by the healthcare facilities which are further anticipated to contribute to the hematology diagnostics industry.

Key findings of the study 
o    By product type, the hematology consumables segment was the highest contributor to the market in 2022.
o    By test type, the complete blood count (CBC) segment dominated the hematology diagnostics industry in 2022.
o    By end user, the diagnostic laboratories segment was the highest contributor to the market in 2022.
o    Region wise, North America generated the largest revenue in 2022, whereas Asia-Pacific is anticipated to grow at the          highest CAGR during the forecast period.