Hematology Diagnostics Market Size, Share & Trends Analysis Report By Product Type (Instrument, Consumables), By Test (Anemia, Hemoglobinopathy, Leukemia/Lymphoma Phenotyping, Hematology Pathophysiology, Complete Blood Count (CBC), Others), By End-User (Hospital Laboratories, Diagnostics Labs, Others) and By Region(North America, Europe, APAC, Middle East and Africa, LATAM) Forecasts, 2024-2031

Market Overview

The global hematology diagnostics market size was valued at USD 8.34 billion in 2022. It is projected to reach USD 13.50 billion by 2031, growing at a CAGR of 5.5% during the forecast period (2023–2031).

Hematology studies blood diseases and their causes, symptoms, diagnosis, and prevention. The global market is propelled by the rising prevalence of blood diseases like leukemia, lymphoma, and sickle cell. Hematology diagnostics are becoming increasingly popular because of an aging population, technological advances, and rising demand for better healthcare infrastructure. Blood cell counting and characterization devices have advanced significantly since their early days in hematology testing. Automation has been applied to detect small cell populations for diagnosing rare blood conditions, resulting in less manual labor, faster results, and simpler analyzers.

Market Dynamics

What are the Primary Factors Driving the Market for Hematology Diagnostics?

• The Prevalence of Blood Diseases Like Cancer Continues to Rise

The rising prevalence of blood-related disorders is a crucial factor fueling the expansion of the global hematology diagnostics market. Hematology diagnostics are in high demand because of the increasing incidence of blood disorders like anemia, thalassemia, and hemophilia. Anemia affects about 29% of women and 38% of pregnant women each year, per data from the National Institutes of Health (NIH). In addition, hematologic tests are becoming increasingly popular in countries with a sizable diabetic population because they can accurately diagnose conditions characterized by a rise in blood glucose levels, such as diabetes, hypotension, and hypoglycemia. Over the forecast period, this will likely propel the market's revenue upward.

What are the Main Factors that will Slow Down the Market for Hematology Diagnostics?

• Increasing Medical Expenses and a Lack of Reimbursement as a Result of Inadequate Insurance Coverage

Hematology diagnostics are becoming increasingly expensive, and healthcare insurance does not cover the costs of these tests in many regions of the world. Hematology analyzers and other diagnostic equipment can be very expensive for patients. It is anticipated that the global market for flow cytometers and analyzers will be severely hampered by the need for more operational efficiency and a lack of trained professionals to operate the sophisticated devices and software installed in these machines. Since they remove the potential for needle stick injuries and other infection-related complications, needle-free blood collection methods can benefit large-scale immunization campaigns. Revenue growth in the global market may be hampered over the forecast period by the steady shift toward alternative drug delivery approaches.

What are the Future Opportunities for Hematology Diagnostics?

• Increased Automation in the Hematology Diagnostics

Hematology diagnostics laboratories have benefited from automation thanks to the focus on this area of research and development. It has led to the adoption of automation in various diagnostic laboratories across the pre-analytical, analytical, and post-analytic phases to increase the reliability of the results and establish industry-wide consistency. In addition, administrative errors have been reduced, and accurate results have been provided thanks to automation in areas such as sample collection, the diagnostic process, recognition tests, and others. These elements would drive up the need for hematology diagnostics, boosting the expansion of the market.

Regional Analysis

The global hematology diagnostics market is bifurcated into four regions, namely North America, Europe, Asia-Pacific, and LAMEA.

North America Dominates the Global Market

North America is the most significant shareholder as per the global hematology diagnostics market trends and is expected to grow during the forecast period. Growth in this region's market is primarily fueled by new and ongoing studies investigating the utility of hematology diagnosis in the early detection of various cancers. According to estimates from the American Cancer Society, about 61,090 new cases of leukemia and 23,660 deaths were reported in the United States in 2021. Other factors expected to boost revenue growth in the North American market include the rapidly growing pharmaceutical industry in the region and the government's implementation of affordable healthcare systems. Hematology diagnostics market growth in this region is propelled by factors such as rising healthcare expenditure and technological advancements among the populace.

Europe is expected to grow during the forecast period. It's because countries in the region are spending more on healthcare, and the prevalence of blood disorders like thalassemia and hemophilia is rising. Chronic diseases are a leading cause of death and disability in Europe, making their management a priority for many European countries health policies. Revenue growth in this regional market is also anticipated to be significantly influenced by the robust presence of market players focusing on developing superior products for hematological diagnostics and entering into distribution partnerships. Rising leukemia rates in the area have also boosted interest in hematology diagnostics.

Over the forecast period, the Asia-Pacific region is projected to post the highest compound annual growth rate (CAGR) in sales. Revenue growth in the Asia Pacific market is driven by rapid urbanization, the rising prevalence of chronic diseases, especially in developing countries like India and China, and improvements in healthcare infrastructure. Furthermore, the increasing prevalence of hematological diseases is anticipated to contribute to the region's rising revenue. Over 1.1 billion new cancer cases are diagnosed in India annually, reports the National Institute for Cancer Prevention and Research (NICPR). The increasing public awareness of the importance of adopting routine hematology diagnostic tests for early detection of diseases is likely to directly result from the rising prevalence of chronic diseases such as cancer in countries in this region. The revenue growth of the Asia-Pacific market benefits further from this factor.

Lack of education and the high cost of treatment stifle the market in LAMEA, but experts predict steady expansion nonetheless. The region's strict government policies and poor economies mean it has the smallest share of the hematology diagnostics market. However, substantial investments from private market players in the Middle East suggest expansion for the market. Increasing government initiatives to better the region's healthcare sector and an increase in the prevalence of genetic blood disorders also contribute to the development of the global market.

Segmental Analysis

The global hematology diagnostics market is segmented by product type, test, and end-user.

On the Basis of Product Type

Based on product type, the global market is bifurcated into hematology analyzers, flow cytometers, and consumables.

The consumables segment is the highest contributor to the market and is expected to grow during the forecast period. Diagnosis in the field of hematology entails drawing blood and analyzing its components. Hematology diagnostic consumables are becoming more widely available, and the prevalence of diseases like diabetes, kidney failure, and anemia easily diagnosed through hematologic tests is on the rise, all of which bodes well for the market's future in this area. One of the main factors driving revenue growth in this segment is the direct reliance on hematology tests on consumables. Test parameters for patients treated for diabetes, cancer, anemia, and other diseases can be monitored regularly, assessed, and screened quantitatively, thanks to consumables.

On the Basis of Test

Based on the test, the global market is bifurcated into anemia, hemoglobinopathy, leukemia/lymphoma phenotyping, hematology pathophysiology, complete blood count (CBC), and others.

The complete blood count segment is the highest contributor to the market and is expected to grow during the forecast period. Through the projected period, complete blood count testing will contribute a sizable portion of total revenues. Allergy, anemia, vitamin deficiency, and hemato-oncological diseases are just some of the conditions that can be diagnosed with the help of a complete blood count test, which evaluates the three major components in blood: WBCs, RBCs, and platelets. In recent years, hematological tests have greatly expanded their ability to diagnose diseases worldwide. When a CBC returns abnormal, it prompts the patient to undergo additional, non-hematological confirmatory testing to rule out conditions like chronic infections, acute infections, blood cancers, bone marrow and autoimmune disorders, liver and spleen diseases, and other malignancies. This wide range of potential uses is expected to drive the market forward.

On the Basis of End-User

Based on end-user, the global market is bifurcated into hospital laboratories, commercial service providers, government reference laboratories, and research and academic institutes.

The hospital laboratories segment is the highest contributor to the market and is expected to grow during the forecast period. Over the estimated period, the healthcare hospitals and clinics sector is anticipated to generate the largest revenue share. Revenue growth in this sector is primarily driven by the rising demand for hematology diagnostic tests and kits among patients who need routine blood testing, such as those with diabetes and cancer. More than 65 percent of hospital clinical decisions are based on diagnostic reports, making hospitals the primary destination for patients seeking medical attention. An increasing number of hospitals worldwide should also help this sector expand.

Impact of covid-19

The COVID-19 pandemic had a crucial impact on the transportation, banking, and hospitality industries. The COVID-19 pandemic, on the other hand, had only a minor effect on market growth. Lockdowns imposed in various parts of the world as part of efforts to stop the spread of the coronavirus hampered product sales; however, the popularity of e-commerce websites and online shopping grew significantly. As a result of the lockdowns, customers preferred to shop online, prompting sellers to make multiple efforts to keep their existing customers and attract new ones, resulting in the adoption of loyalty management programs. There has been an increase in the number of people using online media and entertainment due to strict lockdown regulations. It allows OTT vendors to offer more effective loyalty programs hence driving the market.

Recent Developments

• March 2022- New antipsychotic drug tests were introduced by Beckman Coulter for use in the diagnosis and treatment of mental health disorders. The company has partnered with Saladax Biomedical, Inc. to distribute blood tests for gauging antipsychotic drug levels in people with mental illnesses like schizophrenia and bipolar disorder.
• August 2022- Partnership between ABBOTT and WEIGHT WATCHERS will help people with diabetes reach their health and fitness goals.