Hematology Analyzer Market Expected to Reach $3.94 Billion by 2030

According to a new report published by Allied Market Research, titled, “Hematology Analyzer, by Product & Service, Type, and End-User: Global Opportunity Analysis and Industry Forecast, 2021–2030," the global hematology analyzer market size was valued at $1.96 billion in 2020 and is projected to reach $3.94 billion by 2030 registering a CAGR of 7.30% from 2021 to 2030.

Hematology is the part of medical sciences mainly related to the research, diagnosis, and treatment of blood-related disorders. Hematology majorly deals with issues associated with red blood cells (RBCs), white blood cells (WBCs), lymph, bone marrow and blood platelets. Hematology analyzers are specific and electronic systems that count red cells, leucocytes, and platelets in the blood, and also determines the level of hemoglobin and hematocrit in blood at high speed and accuracy. Hematology technology has advanced quickly in a short period of time. The technique of complete blood count (CBC) was previously performed manually by a specialist in front of a microscope. Hemoglobin can also be determined by manually using the cyanmethemoglobin method, which is a laborious and time-consuming procedure. The modern and technologically advanced hematology analyzer is equipped with the most up-to-date technologies, allowing it to treat hundreds of samples every hour. The new systems developed in such a way that they can service several analyzers, slide strainers, and archiving facilities because of their modular designs and advancements in automation.

Growth in cases of blood diseases such as anemia, blood cancers, hemorrhagic conditions, and infections in the blood, technological advancements in hematology analyzers, and rise in adoption of automated hematology analyzer coupled with rising preference towards high sensitivity hematology analyzer are principle driving factors which boost growth of the hematology analyzer market. However, high cost of hematology analyzers, and stringent regulatory policies for hematology analyzers, are some key challenges which hinder growth of the market. On the contrary, growth opportunities in emerging economics create an opportunity for the manufacturers to tap and capitalize on the market.

COVID-19 is a large family of viruses that causes illness ranging from common cold to more severe respiratory diseases. The COVID-19 pandemic has helped the industry grow significantly, as the demand for hematology analyzer increased owing to increase in focus on the hematology parameters for the assessment of COVID-19 around the world. This supports the hematology analyzer market to gain traction during the forecast period.

The hematology analyzer market is segmented on the basis of product & service, type end user, and region. By product & service, it is classified into instruments, reagent & consumables, and services. The reagent & consumables was the major shareholder 2020, owing to the fact that increase in adoption of reagent and consumables in clinical laboratories for blood cell counts, coagulation testing, other hematology tests, control, and calibration.

By type, it is segmented into fully automated hematology analyzer and semi-automated hematology analyzer. The fully automated hematology analyzer segment dominated the global market in 2020, and is anticipated to continue this trend during the forecast period. This is attributed to the increase in preference for automated hematology instruments, along with increasing technological advancements, and the combination of basic flow-cytometry techniques in automated hematology analyzers.

Based on end user, it is categorized into hospitals, clinical laboratories, research institutes, and others. Other segment includes blood banks, and biopharma companies. The clinical laboratories acquired the largest share in 2020, and is expected to remain dominant throughout the forecast period. This is attributed to the presence of high-quality equipment in clinical laboratories and the accurate results obtained from them. Furthermore, convenience and accurate results in clinical laboratories are the two major factors driving the growth of the segment during forecast period.

Key Findings Of The Study

• Based on product & service, the reagent & consumables held largest share in the global hematology analyzer market in 2020.
• Based on type, the fully automated hematology analyzer held largest market share in 2020 and is expected to remain dominant throughout the forecast period.
• By end user, the clinical laboratories dominate the global hematology analyzer market in 2020 and is anticipated to continue this trend during the forecast period.
• Based on region, North America is expected to experience growth at the highest rate, registering a CAGR of 6.20 % during the forecast period.

North America accounted for the largest share of the global hematology analyzer market in 2020, and is expected to remain dominant throughout the forecast period. This was attributed to increase in cases of patients suffering from blood disorders, surge in prevalence of target diseases, and rise in demand for blood transfusions in the region. In addition, easy adoption of highly advanced laboratory analyzers, technological advancements, growing awareness about hematology analyzer in the diagnosis of various blood diseases among population in the region further drive growth of the market.