Hematology involves the study of blood and other blood-forming tissues like bone marrow. Products associated with hematology include cell counters, flow cytometry instruments, and reagents for research and diagnostics of diseases like leukemia, lymphoma, and other blood-related cancers. The growing elderly population and rising number of hematological disorders have been driving demand for advanced diagnostic techniques and targeted therapies.
The global Hematology Market is estimated to be valued at US$ 2.19 Bn in 2024 and is expected to exhibit a CAGR of 6.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Emerging clinical applications of hematology products have been one of the key trends propelling the growth of this market. Flow cytometry and next generation sequencing techniques have enabled hematologists to gain deeper insights into hematological malignancies at the molecular level. This is facilitating the development of targeted therapies and personalized treatment approaches. For example, flow cytometry-based immunophenotyping is being used to precisely classify leukemias and guide chemotherapy decisions. Similarly, new assays based on digital PCR and targeted DNA sequencing are helping diagnose genetic disorders affecting blood cells with higher accuracy. The ability of these advanced techniques to deliver improved clinical outcomes is increasing their uptake in healthcare facilities. This rising clinical demand is a major factor driving the hematology market growth over the forecast period.
Segment Analysis
The global hematology market is dominated by the reagents and consumables segment. This segment accounted for over 45% of the market share in 2023 owing to the high demand for reagents and consumables required for various blood related tests across diagnostics and research applications. The large installed base of hematology analyzers also contributes to the substantial demand for reagents and consumables.
Key Takeaways
Global Hematology Market Size is expected to witness high growth over the forecast period of 2023 to 2030. It is anticipated to register a CAGR of 6.9% during this period driven by increasing prevalence of blood disorders, rising geriatric population, growing demand for diagnostic testing and technological advancements in hematology analyzers.
Regional analysis: North America dominates the global hematology market, accounting for around 35% of the total market share in 2023. This can be attributed to factors such as high healthcare spending, presence of leading market players, growing incidence of blood related disorders and increasing focus on diagnostic testing in the region. Asia Pacific is expected to showcase the fastest growth over the forecast period, expanding at a CAGR of around 8%, owing to rising healthcare expenditure, improving access to healthcare services and growing awareness about diagnostic testing.
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, technological advancements and geographic expansion to strengthen their market presence.
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