PUBLISHER: DelveInsight | PRODUCT CODE: 1439994
PUBLISHER: DelveInsight | PRODUCT CODE: 1439994
Hematology Market By Type (Instruments [Hematology Analyzers, Hematology Cell Counters, Flow Cytometers, Coagulation Analyzers, Others], Kits And Reagents), By Application (Cardiovascular Diseases, Auto-Immune Diseases, Cancer, Diabetes Mellitus, Infectious Diseases, Others), By Modality (Clinical Laboratory Devices, Point Of Care Devices), By End-User (Hospitals & Clinics, Diagnostic Laboratories, Others), by geography is expected to grow at a steady CAGR forecast till 2030 owing to rising incidence of blood-related disorders and rapid technological developmental activities
Global Hematology Market was valued at USD 2.13 Billion in 2023, growing at a CAGR of 7.98% during the forecast period from 2024 to 2030 to reach USD 3.38 Billion by 2030. The Hematology market is witnessing positive growth owing to the rising prevalence of blood and its related disorders, a surge in the research and development activities in product development, increasing incidences of the aging population who are susceptible to these diseases. Moreover, the growing popularity and expanding awareness of minimally invasive interventions, further pushed for the demand of these devices, thereby contributing to the growth of the Hematology market during the forecast period from 2024-2030.
Hematology Market Dynamics:
The Hematology market is witnessing a growth in product demand owing to various reasons. The major factor responsible is the rising prevalence of blood and related disorders such as anemia, blood cancers, hemorrhagic conditions, thalassemia, and blood infections.
Chronic blood disorders have a significant impact on the health and quality of life of patients and their families. They can cause pain, loss of normal functioning, depression, and anxiety, financial burden, long-term hospitalization, and even death. Therefore, to properly treat and manage chronic blood disorders, Hematology devices are required. These devices help to detect clotting deficiencies, measure coagulation pathways speed, thrombin levels, and are also used to monitor the effects of drugs on whole blood. Since their use is quite extensive and offers wide applications in blood disorders, thus the demand for these devices will grow, which in turn is expected to drive the Global Hematology market.
According to the Centers for Disease Control and Prevention 2020, people with hemophilia have unique risk factors that may lead them to heart disease as their life expectancy increases, such as infusion of factor concentrates and infection with HIV. Owing to the growing burden of lifestyle-associated and chronic blood disorders across the globe, the Hematology market has been rising significantly. Similarly, as per Haemophilia Foundation Australia 2022, Haemophilia occurs in 1 in 6,000-10,000 males internationally. According to the same statistics, in Australia, there are more than 3,000 people diagnosed with varying degrees of severity of Haemophilia.
In addition, key players operating in the market are focusing on developing advanced technologically based Hematology devices and reagents. For instance, in March 2019, HORIBA Medical launched a new Yumizen GDDi 2 (D-Dimer) reagent kit in its hemostasis instrument range, which includes the compact Yumizen G200 coagulation analyzer. The kit offers a key measurement and reference exclusion test for the diagnosis of deep vein thrombosis (DVT) and pulmonary embolism (PE). It can also be used for monitoring the progress and effectiveness of treatment of Disseminated Intravascular Coagulation (DIC). Thus, such development by players may help in contributing to patient management that will augment the demand for Global Hematology and will drive the market growth during the forecasted period from 2024-2030.
Moreover, it is predicted that the rising number of elderly patients would transform healthcare delivery and create a larger demand for Hematology. As per the recent survey, Global Population Aging 2020 Report (United Nations, 2020), the aging population tends to grow at an alarming pace. In 2020, there were around 727 million individuals in the world aged 65 years or older. By 2050, the figure for such patients is expected to double and reach 1.5 billion by 2050. Since the aging population is more prone to blood disorders, therefore it will give rise to more demand for Hematology devices, which will boost the Hematology market. Thus, all these factors are projected to drive the growth of the market for Hematology.
However, the high cost and unavailability of skilled professionals may be certain limiting factors of the Hematology market growth.
The ongoing Coronavirus disease 2019 (COVID-19) pandemic has slightly positively impacted the market for Hematology as hospital admissions for COVID -19 patients were at maximum priority and Hematology was used for corona-infected patients in order to provide supportive treatments. This resulted in the increased demand for Hematology during the pandemic. Moreover, the process of economic recovery with the easing of lockdown restrictions and the return of normalcy in the economic landscape post pandemically made the resumption of regular healthcare services, which kept the demand for these products on course in the Hematology market.
Hematology Market Segment Analysis:
Hematology Market By Type (Instruments [Hematology Analyzers, Hematology Cell Counters, Flow Cytometers, Coagulation Analyzers, Others], Kits and Reagents), By Application (Cardiovascular Diseases, Auto-immune Diseases, Cancer, Diabetes Mellitus, Infectious Diseases, Others), By Modality (Clinical Laboratory Devices, Point of Care Devices), By End-User (Hospitals & Clinics, Diagnostic Laboratories, Others), and By Geography (North America, Europe, Asia-Pacific, and Rest of the World)
In the Type segment of the Hematology market, Coagulation Analyzers are estimated to hold a higher share in the Hematology market during the forecast period (2024-2030). This can be attributed to the specific features associated with these devices.
The rapid growth of this segment can be attributed to the minimal interaction which drastically reduces the chances of infections, errors, rapid precision which ensures reproducibility, reduced personnel to do the task, and most importantly, a large number of samples that can be processed at the same time.
The advantage associated with Coagulation Analyzers is that they can be used to measure a coagulation pathway speed, as well as thrombolin and thromboplastin levels in as low as a few minutes. A coagulation analyzer is specifically designed to handle a large number of patients, permitting the storage of up to 600 patient tests per well, which further increases their demand, thereby driving the growth of the overall Hematology market.
Additionally, a new development in the product lines and new product launches are bolstering the segment growth of the Hematology market during the forecasted period.