The haematology diagnostics market is evaluated at USD5.836 billion for the year 2020, growing at a CAGR of 6.14% to reach the market size of USD8.859 billion by the year 2027.
Hematology is the study of blood and blood-related diseases. The diagnosis of diseases or disorders related to blood, including anemia, blood cancer, and blood clots, among others, comes under the umbrella of hematology diagnostics. The incidences of such blood disorders have been increasing over the past years and are one of the major factors anticipated to drive the hematology diagnostics market growth during the forecast period. Furthermore, the technological advancements in hematology diagnostics have made it more convenient and efficient, and the continuous innovation in the market is expected to augment the market growth further in the coming years as well. Moreover, the growing geriatric population worldwide leads to an increase in the number of patients and is another prominent factor anticipated to boost the demand during the assessment period.
The COVID-19 pandemic had a negative impact on the hematology diagnostics market. Due to many COVID-19 patients and fatalities, the medical sector of all the countries shifted its focus toward treating the COVID-19 patients. The OPDs of hospitals in several countries had to be closed during the peak of the coronavirus outbreak. Hence, access to medical facilities was halted or restricted for non-COVID patients. This led to a decline in the market growth of the hematology diagnostics market.
Rising incidences of blood disorders
Various kinds of blood disorders are on the rise worldwide, including anemia, hemophilia, blood cancer, and blood clots, among others. Anemia is one such widely prevalent disorder that is increasing its pervasiveness. According to data from the World Bank, the prevalence of anemia among children aged 6-59 months has increased from 10.4% in 2010 to 13.2% in 2019. In Finland, it has increased from 10% in 2010 to 11.8% in 2019, while in Denmark, it reached 14.5% in 2019, rising from 12.6% in 2010. Furthermore, the data from the World Bank shows that the global prevalence of anemia among women of reproductive age or women aged 15 to 59 years has jumped from 28.5% in 2013 to 29.9% in 2019. Furthermore, the cases of blood cancer are increasing at a fast pace which is expected to propel the growth of the hematology diagnostics market during the forecast period. The American Cancer Society states that the estimated new cases of leukemia in the United States in 2021 will be 61,090. It also states that the incidence rate of leukemia in the U.S. has increased from 18 in 2009 to around 20 per 100,000 population in 2017 for males and from 10.8 to 11.8 for females during the same time period. The Leukaemia Foundation in Australia projects the number of blood cancer cases from 110,000 in 2020 to more than 275,000 in 2035.
Growing geriatric population
The global elderly population has been rising over the past years and is projected to further grow in the coming years as well. In the United States, the share of the elderly population aged 65 and above in the total population has increased from 12.98% in 2010 to 16.63% in 2020, as per the World Bank. China is another country witnessing a rapid rise in its geriatric population. The population aged 65 and above has reached 168.864 billion in the country in 2020, jumping from 108.012 billion in 2010, witnessing a growth of more than 36% over a decade. In France, the population aged 65 and above has surged from 10.958 billion in 2010 to 13.986 billion in 2020, growing by more than 27%. (Source: World Bank) The population is anticipated to continue to age in the coming years and is expected to contribute significantly to the rise in the number of patients. This is anticipated to have a positive impact on the global hematology diagnostics market during the assessment period.
North America to hold a significant market share
Geographically, the North American region is projected to hold a significant market share owing to the presence of diagnostic centers in abundance. Furthermore, an advanced healthcare system makes it simple for people to get their blood disorders diagnosed and consequently results in a significant market size of hematology diagnostics in the region. The Asia Pacific region is projected to witness substantial growth due to improved medical facilities leading to a higher number of people getting access to the needed healthcare services. Also, the rising geriatric population, and the overall population as well, are other prominent reasons anticipated to propel the market growth of hematology diagnostics in the Asia Pacific region during the forecast period.
|Market size value in 2020||US$5.836 billion|
|Market size value in 2027||US$8.859 billion|
|Growth Rate||CAGR of 6.14% from 2020 to 2027|
|Forecast Unit (Value)||USD Billion|
|Segments covered||Test Type, End-User, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||Bio-Rad Laboratories, Inc., Boule Diagnostics AB, Abbott Laboratories, Diatron, Biosystems S.A., F. Hoffmann-La Roche Ltd, Horiba, Ltd., Erba Diagnostics Mannheim GmbH, Ortho Clinical Diagnostics, Shenzhen Mindray Bio-Medical Electronics Co., Ltd.|
|Customization scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What are the growth prospects for the haematology diagnostics market?
A1. The haematology diagnostics market is projected to grow at a CAGR of 6.14% over the forecast period.
Q2. What will be the haematology diagnostics market size by 2027?
A2. The global haematology diagnostics market is projected to reach a market size of US$8.859 billion by 2027.
Q3. What is the size of the global haematology diagnostics market?
A3. Haematology Diagnostics Market was valued at US$5.836 billion in 2020.
Q4. What factors are anticipated to drive the haematology diagnostics market growth?
A4. The incidences of such blood disorders have been increasing over the past years and are one of the major factors anticipated to drive the haematology diagnostics market growth.
Q5. Which region holds the largest market share in the haematology diagnostics market?
A5. Geographically, the North American region is projected to hold a significant share in the haematology diagnostics market owing to the presence of diagnostic centers in abundance.
Bio-Rad Laboratories, Inc.
Boule Diagnostics AB
F. Hoffmann-La Roche Ltd
Erba Diagnostics Mannheim GmbH
Ortho Clinical Diagnostics
Shenzhen Mindray Bio-Medical Electronics Co., Ltd.
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