Hematology Diagnostics Market Analysis

Hematology Diagnostics Market Analysis

Based on product, hematology diagnostics market is segmented as instruments and consumables. Instruments segment accounting for more than 62% of the total industry share in 2022. The instruments segment is poised to highlight substantial growth rate through during the estimated timeframe due to surged usage of diagnostic instruments. Several clinical benefits offered by instruments in blood screening and diagnostics such as faster test results, precise blood testing, and availability of wide range of tests, among others. Functionality as well as high accuracy provided by hematology diagnostics instruments will rise its demand in the coming years.
 

Based on test type, the market is segmented as blood count, platelet function, hemoglobin, hematocrit and others. The blood count segment is projected to grow at a 4.6% CAGR from 2023-2032, due to the higher prevalence of blood related ailments that have led to the rise in number of hematology diagnostics & surging adoption of these blood count tests. This test measures several components of blood, including red blood cells, white blood cells, and platelets, and can provide valuable information about a patient's overall health and the presence of various diseases. Additionally, these tests can help monitor the effectiveness of cancer treatments, such as chemotherapy, by measuring changes in white blood cell counts and platelet levels.
 

Based on end-use, the hematology diagnostics market is segmented as hospitals, diagnostic laboratories, and others. The hospitals segment accounted for majority market share and was valued at over USD 1.9 billion in 2022. This majority segmental growth is owing to the availability of advanced equipment, better medical accessibility, high volume of surgeries and faster care. Routine blood check-ups, urine tests, and other common diagnostic tests can be easily availed at such hospitals thus, proving beneficial for the industry progression. Additionally, incorporation of advance instruments and consumables for hematology diagnostics coupled with rising healthcare expenditure in several countries will increase the product adoption rate. Owing to these developments along with the rising number of diseases population, the demand for hematology diagnostics has significantly increased in hospitals.
 

U.S. dominated the North America with a majority market share in 2022 and is predicted to reach around USD 2.1 billion by 2032. Presence of several industry participants focusing on developing innovative products for better patient management will prove advantageous for the business expansion. In addition, increasing geriatric population base, rising cases of chronic conditions and favorable government initiatives will accelerate the regional expansion. Additionally, ageing population resulting in high incidence of blood-related diseases, such as anemia, leukemia, and lymphoma increases. This has led to a higher demand for hematology diagnostics in order to diagnose and manage these conditions.