Hematology Analyzers and Reagents Market Gaining Momentum—Projected to Reach Worth USD 5.52 Million in 2027
Published | 30 September 2020
A study recently conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the global hematology analyzers and reagents market was worth USD 3.32 million in 2020 and is further projected to reach USD 5.52 million by 2027, at a CAGR of 6.7% during the forecast period 2021-2027. The market is driven by factors, such as the growing emphasis on developing high-tech diagnostic instruments and the ever-growing popularity of point-of-care test instruments and products. Additionally, the rise in COVID-19 cases worldwide has further propelled the market growth.
Cancer Incidence Increasing Globally
The growing occurrence of cancer, untapped opportunities in developing economies, especially the Asia-Pacific, and developed healthcare infrastructure in APAC countries are the key trends fueling the market growth.
According to WHO, a total of 19.3M cancer cases have been recorded in 2020. Additionally, cancer cases are likely to reach 30.2M by 2040. Lung, blood, prostate, colorectal, stomach, and liver cancer are the most common types of cancer in men, while breast, blood, colorectal, lung, cervical, and thyroid cancer are the most common among women. Surging demand for effective blood testing for cancer diagnostic is likely to drive the global hematology analyzers and reagent market.
More Research and Development Leading Effective Blood Testing
Manufacturers of hematology analyzers are rapidly investing in the research and development of microfluidic technology analyzers that use low sample and reagent volumes. Micro fluidics is the study of the flow of liquids inside channels as small as a few micrometers. Microfluidic technology, combined with fewer reagent consumptions by hematology analyzers, helps in reducing operating costs significantly. For example, Bio Systems' HA5 hematology system based on micro fluidics technology uses around 75% fewer reagents compared to standard hematology analyzers. Also, DiaSys’ respons3H and respons5H hematology systems work on the principle of micro fluidics and consume 70% fewer reagents. These technological developments are driving the global hematology analyzers and reagents market growth.
Automated Hematology Analyzers and Reagents to Dominate the Market
The growing usage of automated systems such as automated hematology analyzer systems is likely to drive the growth of the hematology analyzers and reagents market at a healthy CAGR during the forecast period.
The implementation of automated hematology analyzers not only boosts laboratory productivity but also minimizes human error besides generating accurate results promptly. These advantages are driving the demand for such automated systems for conducting reticulocyte analysis and coagulation tests, which in turn is propelling the growth of the automated hematology analyzers market.
Global Hematology Analyzers and Reagents Market: Regional insights
The global hematology analyzers and reagents market is segmented into five regions: North America, Europe, the Asia-Pacific, Latin America, and the Middle East & Africa. The Asia-Pacific is expected to account for the highest growth rate during the forecast period due to the increasing geriatric population and the resultant growth in the incidence of thalassemia, sickle-cell anemia, and leukemia.
Furthermore, improved healthcare infrastructure in countries like India, Japan, China, and Australia, along with the rising number of general surgeries, organ transplantations, and the growing number of ongoing research activities, are the factors contributing to the high growth of this segment.
The Leading Players in the Market- 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.
Key market players are entering into collaborations and engaging in mergers & acquisitions to capture a greater market share. Furthermore, the market participants are focused on improving their product quality to attain a competitive edge over other players.
On 3 February 2021, Sysmex Corporation and Siemens Healthcare Diagnostics Inc. agreed to extend their long-standing alliance on global supply, distribution, and sales and service for hemostasis products till 2023. The agreement enables global laboratory customers to continue to benefit from the world’s largest portfolio of hemostasis systems and reagents.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of global hematology analyzers and reagents market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in hematology analyzers and reagents market, along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
BlueWeave Consulting provides all-inclusive Market Intelligence (MI) Solutions to businesses regarding various products and services online & offline. We offer comprehensive market research reports by analyzing both qualitative and quantitative data to boost up the performance of your business solution. BWC has built its reputation from the scratches by delivering quality inputs and nourishing long-lasting relationships with its clients. We are one of the promising digital MI solutions companies providing agile assistance to make your business endeavors successful.
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