Published Date : 24 Aug 2023
The global hematology analyzer market size surpassed USD 3.59 billion in 2022 and is projected to rise to USD 6.47 billion by 2032, anticipated to grow at a CAGR of 6.06 percent during the projection period from 2023 to 2032.
Hematology is a medical science which is associated with the diagnosis, treatment and research of blood-related disorders. Leukocytes, platelets and the red cells of the blood can be counted with the electronic system of a hematology analyzer. The hematocrit level in the blood and the hemoglobin of the blood can be determined with the help of the system. The technologically advanced and new hematology analyzer have integrated the latest technologies which can be used for treating several samples in a single hour. Improvements in the existing systems and modular structures are utilized in the automation systems and they can be used in several analyzers. Growing demand for automated instruments will propel market growth. Many patients are growing aware of better healthcare facilities due to which the need for the reagents and hematology analyzers will increase across the globe.
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Region wise, the worldwide hematology market is divided into the Middle East and Asia, North America, Europe, Latin America, and Asia Pacific. Due to the high level of disposable income and the adoption of automated hematology instruments by diagnostic laboratories, North America led the market in terms of revenue share in 2021. Many blood-related disorders like thalassemia, sickle cell disease, and anemia have increased in Canada and the U.S., due to which the need for hematology testing has grown to a great extent. Hematology testing has a good demand in various nations across North America due to which the consumables and hematology analyzers market is expected to grow.
Due to untapped potential, particularly in the growing economies of China and India, Asia-Pacific is expected to experience the highest growth over the projection period. The hematology analyzer market has been expanding due to factors including rising disease incidence, increased population, and growing awareness of better healthcare facilities. This expansion is anticipated to continue over the next seven years. Additionally, the hematology analyzer market in the region will grow because of the increased awareness of the need for better healthcare facilities in upcoming years.
Hematology Analyzer Market Report Scope:
|Market Revenue in 2023||USD 3.81 Billion|
|Projected Forecast Revenue in 2032||USD 6.47 Billion|
|Growth Rate from 2023 to 2032||CAGR of 6.06%|
|Largest Market||North America|
|Forecast Period||2023 to 2032|
|Regions Covered||North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa|
The increased preference for automated hematology instruments, together with advanced technology and the inclusion of fundamental flow-cytometry techniques in automated hematology analyzers, are some of the primary factors driving the market's demand for hematology analyzers. Additionally, the global hematology analyzer market is benefiting from the rising demand for highly effective hematology analyzers and Point-of-care (POC) hematology testing with high sensitivity.
The cellular analysis methods will also help in driving the market growth. Growth prospects will be enhanced due to the use of software that has enhanced the capabilities of hematological analyzers. Across the globe blood donations have grown significantly which will help in the growth of the hematology analyzers market. Blood banks also make use of hematology analyzers for the screening of the blood and testing of the blood. Blood donations acquired through the camps and the collected blood which is sent to the blood banks undergo a screening process with the use of hematology analyzers due to which the demand for these analyzers will grow.
An increase in the number of products being recalled and worries about the product's effectiveness and safety. The Beckman Coulter DxH 600, DxH 800, and DxH 900 hematology analyzers are subject to a Class I recall, and the FDA is notifying hospitals, laboratories, and healthcare professionals. The caution from the government is an update to an urgent medical device correction letter that Beckman Coulter first sent out in 2018, following reports of incorrect blood platelet counts. Hematology analyzers that are defective in nature are recalled and this happens to be a major restraint in the growth of the hematology analyzers market. The developers or the manufacturers recall the product, and this is a precautionary measure which helps ensure safety.
The use of the product in combination with flow cytometry techniques will also likely present further prospects for the expansion of the hematology analyzer market in the coming years. Constant advancement in the field has also led to growth in the market. The blood testing domain has been revolutionized with constant efforts that have been fruitful in the past. Advanced developments will also provide growth opportunities in the long run. Hematology analyzers consume less amount of reagents due to which the operating cost of the hematology analyzers is reduced significantly. This factor is creating lucrative opportunities for the growth of global hematology analyzers market during the forecast period.
The increased cost of hematology analyzers, threats from new entrants, and fierce competition among established companies are projected to impede the expansion of the world market for hematology analyzers. A further obstacle to the expansion of the global hematology analyzer market is probably the security and quality of hematology analyzers. The use of hematology analyzers have automated greater demand in developed nations across the globe but the demand for these products in the developing nation is comparatively less as the products are expensive. And restrains the market growth in developing nations across the globe.
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