Hematology Analyzers and Reagents Market
Number of pages: 100 | Report Format: PDF | Published date: January 30, 2023
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
|
Report Attribute |
Details |
|
Market Size Value in 2021 |
US$ 7.96 billion |
|
Revenue Forecast in 2030 |
US$ 13.67 billion |
|
CAGR |
6.2% |
|
Base Year for Estimation |
2021 |
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Forecast Period |
2022-2030 |
|
Historical Year |
2020 |
|
Segments Covered |
Products and Services, Applications, Usage Type, End-user, And Region |
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Regional Scope |
North America, Europe, Asia Pacific, and the Rest of the World (RoW) |
According to the deep-dive market assessment study by Growth Plus Reports, the global hematology analyzers and reagents market was valued at US$ 7.96 billion in 2021 and is expected to register a revenue CAGR of 6.2% to reach US$ 13.67 billion by 2030.
Hematology Analyzers and Reagents Market Fundamentals
Hematology analyzers are medical devices used to analyze and count the different types of cells in a blood sample, such as red blood cells, white blood cells, and platelets. They can also measure varied parameters, such as hemoglobin, hematocrit, and mean corpuscular volume. Hematology analyzers can be automated or semi-automated, and are commonly used in hospitals, clinics, and laboratories.
Reagents are chemicals or biological substances used in these analyzers to perform specific tests on blood samples. They are used to identify and quantify different types of cells and other components in the blood. Common reagents used in hematology analyzers include enzymes, buffers, and stains.
The hematology analyzers and reagents market is expected to continue growing at a rapid pace during the forecast period. The aging population, the rise in chronic diseases, and the increasing demand for personalized medicine drive this growth. According to the World Health Organization (WHO), the number of individuals suffering from chronic diseases is expected to rise from 36% of the world's population in 2010 to 52% by 2050. Additionally, technological advancements in hematology analyzers, such as the development of automated and compact analyzers, are expected to drive the revenue growth of the hematology analyzers and reagents market. The increasing adoption of these analyzers in developing countries and the rising usage of hematology analyzers in veterinary medicine are also expected to drive market revenue growth.
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Hematology Analyzers and Reagents Market Dynamics
The increasing prevalence of chronic diseases, such as cancer, diabetes, and cardiovascular diseases, and the growing geriatric population are driving the hematology analyzers and reagents market. The rising demand for rapid and accurate diagnosis of hematological disorders is driving the revenue growth of the hematology analyzers and reagents market.
High-sensitivity hematological testing is becoming more popular, along with increasing adoption rates of automated hematology equipment and the introduction of new reagents fueling the growth of the hematology analyzers and reagents market. Moreover, a surge in demand for personalized medicine due to the booming genetic testing industry has resulted in an increasing need for blood tests to identify risk factors, which is expanding the demand for hematology analyzers. The rising technological advancements, such as the introduction of basic cytometry methods analyzers and the expansion of high throughput hematology analyzers, are propelling the hematology analyzers and reagents market. Additionally, the growing adoption of hematology analyzers and reagents in developing countries and the increasing usage of hematology analyzers in veterinary medicine is also expected to boost the growth of the global hematology analyzers and reagents market.
However, the high cost related to the hematology analyzers is the major restraining factor of the global hematology analyzers and reagents market revenue growth. The lack of awareness in developing countries is also hampering the revenue growth of the hematology analyzers and reagents market.
Hematology Analyzers and Reagents Market Ecosystem
The global hematology analyzers and reagents market has been analyzed from five perspectives: products and services, applications, usage type, end-user, and region.
Hematology Analyzers And Reagents Market by Product and Services
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Based on the products and services, the global hematology analyzers and reagents market is segmented into instruments, reagents & consumables, and services.
The instruments segment dominated the hematology analyzers and reagents market in 2021. The instrument segment is sub-segmented into 5-part and 6-part fully automated hematology analyzers, 3-part fully automated hematology analyzers, point-of-care testing hematology analyzers, and semi-automated hematology analyzers. The 5-part automated hematology analyzers sub-segment accounts for the largest share as this analyzer uses precise technology to analyze the blood sample, resulting in more accurate results than manual methods. These analyzers use standardized procedures and algorithms to process samples, reducing potential human error and ensuring consistent results, boosting revenue growth in the segment. Moreover, these analyzers can process a large number of samples quickly, making them useful in high-volume clinical settings.
Hematology Analyzers And Reagents Market by Application
Based on the application, the global hematology analyzers and reagents market is segmented into hemorrhagic conditions, infection-related conditions, immune system-related conditions, blood cancer, anemia, and others.
The infection-related conditions segment dominated the hematology analyzers and reagents market in 2021 owing to the rising prevalence of infectious diseases globally. The growing awareness regarding the early diagnosis and management of infectious diseases is increasing the demand for infectious disease diagnostic tests, thus increasing the demand for hematology analyzers. Hematology analyzers can detect an increase or decrease in white blood cells, indicating the presence of an infection or inflammation. Hematology analyzers can provide results quickly, allowing for faster diagnosis and treatment of patients with infection-related conditions. Moreover, these analyzers can also be used to monitor the effectiveness of treatment for infection-related conditions by measuring changes in white blood cell counts, thus boosting segmental revenue growth.
Hematology Analyzers And Reagents Market by Usage Type
Based on the usage type, the global hematology analyzers and reagents market is segmented into standalone analyzers and point-of-care analyzers.
The standalone analyzers segment accounted for a prominent share of the hematology analyzers and reagents market in 2021. Hematology standalone analyzers are inexpensive to purchase and maintain, making them a cost-effective option for smaller clinics and laboratories. They can be used for various applications, such as complete blood counts (CBCs), differential white blood cell counts, and platelet counts, making them versatile and able to meet a wide range of diagnostic needs.
Hematology Analyzers and Reagents Market by End-user
Based on the end-user, the global hematology analyzers and reagents market is segmented into commercial service providers, hospital laboratories, government reference laboratories, and research & academic institutes.
The hospital laboratories segment accounted for the largest end-user market share of the hematology analyzers and reagents market in 2021. Hospitals have a high demand for hematology analyzers and reagents due to the large number of patients they treat and the need for accurate and timely diagnostic results. They also have the necessary infrastructure, personnel, and financial resources to purchase and maintain these analyzers. Additionally, many hospitals have large, centralized laboratories that can handle a high volume of samples, making them an ideal setting for hematology analyzers.
Hematology Analyzers And Reagents Market by Region
Based on the region, the global hematology analyzers and reagents market is segmented into North America, Europe, Asia Pacific, and the Rest of the World.
North America dominated the global hematology analyzers and reagents market in 2021, followed by Europe and Asia Pacific. Chronic diseases, such as cancer, anemia, and other blood disorders, are on the rise in North America, driving the demand for hematology analyzers and reagents. The presence of high healthcare expenditure allows for a large market for medical devices and equipment, such as hematology analyzers and reagents, thus boosting regional market revenue growth. North America is home to several leading medical device companies that invest heavily in research and development to produce advanced and innovative hematology analyzers. The aging population in North America is increasing, which leads to a higher demand for diagnostic tests which require hematology analyzers. Healthcare providers in North America are quick to adopt new and advanced technologies, which drives the revenue growth of the North America hematology analyzers and reagents market.
Hematology Analyzers and Reagents Market Competitive Landscape
Some of the prominent players operating in the hematology analyzers and reagents market are:
Hematology Analyzers and Reagents Market Strategic Developments
Sysmex Corporation, Siemens Healthineers AG, Abbott Laboratories, Bio-Rad Laboratories, Inc., and Nihon Kohden Corporation are among the prominent players operating in the global hematology analyzers and reagents market.
Geographically, North America accounts for the largest revenue share, followed by Europe; and Asia Pacific is the fastest-growing regional market for hematology analyzers and reagents.
The high cost associated with hematology analyzers and the lack of awareness in developing countries are some restricting factors of the hematology analyzers and reagents market revenue growth.
The global hematology analyzers and reagents market was valued at US$ 7.96 billion in 2021.
The global hematology analyzers and reagents market is expected to register a revenue CAGR of 6.2% during the forecast period from 2022 to 2030.
*Insights on financial performance are subject to the availability of information in the public domain