Global Hematology Analyzers and Reagents Market to witness a surge in its valuation with 6 % CAGR by 2026
Published | September 2020
According to BlueWeave Consulting, Global Hematology Analyzers and Reagents Market is estimated to be USD 3.8 billion by 2026 from USD 2.53 billion in 2019, at a CAGR of 6% from 2020 to 2026.
Hematology is an outlet of medicine related to the study, identification, treatment, and cure of diseases related to the blood. Hematology Analyzers and reagents are used to find and treat an extensive range of diseases related to platelets, red blood cells, white blood cells, blood vessels, bone marrow, lymph nodes, spleen, and the proteins involved in bleeding and clotting. The growing demand for blood and blood constituents will be one of the important factors expected to trigger the hematology analyzers and reagents market development in the coming years. Blood component therapy permits patients to benefit from one pint of whole blood. Blood and its components are obligatory when the body fails to create enough blood constituents to meet the body's need. As a result, the rising request for blood and blood components for treating medical conditions is further increasing the demand for hematology analyzers for determining blood constituents. One of the growth reasons for the global hematology analyzers and reagents market is the increasing organ transplant process. During transplantation, red blood cell transfusion is required to upkeep the organs' working, which demands the need for hematology analyzers. One of the challenges in the growth of the global hematology analyzers and reagents market is the lack of automated hematology analyzer solutions by smaller laboratories. The high cost of the early setup and instrumentation and the succeeding cost of upkeep is likely to affect the hematology analyzers' request.
“The hematology section dominates the products & services Segment”
The hematology products & services section accounted for the largest market share in 2019. This can be credited to the rising acceptance of POC testing hematology analyzers in emerging economies, the introduction of technologically advanced hematology products, the increasing fondness of automation, and the accessibility of a wide range of services leading hematology providers.
Increased screening of blood
The growth of this market is mainly due to the increased screening of blood in the pandemic. Hematology Analyzers are used for white blood cell counts, complete blood counts, reticulocyte analysis, and coagulation tests in the patients suffering from coronavirus. Rapid growth in the number of COVID 19 patients is thus driving the hematology analyzers and reagents market.
Rising number of blood donations
The increasing number of blood donations worldwide motivates the hematology analyzers and reagents market as hematology analyzers are used to check and monitor blood in blood banks. Blood collected from donors through blood donation booths or bloodmobiles is sent to blood banks where hematology analyzers monitor and test the blood. These screening tests regulate the blood type, examine the blood plasma, and identify contagious diseases. Blood banks are witnessing massive blood drainage to hospitals and other end-users and inflow of blood from blood aids daily.
High costs related to procurement and application are the main factor of the global hematology analyzers and reagents market. Additionally, difficulties rising from reuse and limited acceptance of hematology analyzers and reagents hinder the global hematology analyzers' growth and reagents market over the forecast period.
“North America dominates the Global Hematology Analyzers and Reagents Market”
The market in North America accounts for a significant share in the global hematology analyzers and reagents market in income terms, owing to rising mindfulness about blood-related infections and cures and proper medical infrastructure in the region. Europe's market accounted for the second-highest revenue share in the global hematology analyzers and reagents market, owing to high healthcare expenditure by governments of countries, and high disposable income, followed by markets in the Asia Pacific, Latin America, and the Middle East & Africa, respectively.
Global Hematology Analyzers and Reagents Market: Competitive Landscape
Some of the leading players operating in the Global Hematology Analyzers and Reagents Market are Sysmex Corporation (Japan), Danaher Corporation (US), Nihon Kohden (Japan), Siemens (Germany), Abbott (US), Boule Diagnostics (Sweden), HORIBA (Japan), Bio-Rad Laboratories (US), BioSystems (Spain), Diatron (Hungary), Drew Scientific (US), EKF Diagnostics (UK), Mindray (China), Ortho Clinical Diagnostics (US), and Roche (Switzerland) and other prominent players.
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The in-depth analysis of the report provides the growth potential, upcoming trends, and statistics of the Global Hematology Analyzers and Reagents Market size & forecast. The report promises to provide state-of-the-art technology of Global Hematology Analyzers and Reagents Market and industry insights, which help decision-makers to make sound strategic decisions. Furthermore, the report also analyzes the market drivers, challenges, and competitive analysis of the market.
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