The hematology analyzers & reagents market is projected to reach US$ 13,007.87 million by 2027 from US$ 7,252.54 million in 2019; it is estimated to grow at a CAGR of 7.6% during 2020–2027.
Hematology analyzers and reagents are healthcare products and consumables intended to identify and count individual blood cells in a high-speed manner. These instruments have substituted the conventional methods of measuring blood cells individually under a microscope, which lab technicians previously carried out. These devices provide more precise and useful blood cell results and other related information from a blood sample.
The hematology analyzers & reagents market is segmented into product and service, application, end user, and geography. The market, by geography, is broadly segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America. The report offers insights and in-depth analysis of the market, emphasizing parameters such as market size, market trends, technological advancements in the market, and market dynamics, along with the global analysis of the competitive landscape of the leading market players that are driving the market growth.
The hematology analyzers & reagents market growth is attributed to the increasing incidence of hematologic diseases and technological advancements in hematology analyzers. However, the high prices of high-tier systems are expected to restrict the hematology analyzers & reagents market growth.
Lucrative Regions for Hematology Analyzers & Reagents Market
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Market Insights
Increasing Incidence of Hematologic Diseases
Hematological diseases can originate and affect any part of the human body. Common blood diseases include anemia; hemophilia; von Willebrand disease (VWD); and blood cancers such as myeloma, leukemia, and lymphoma. Several blood diseases are hereditary and the rising prevalence of these diseases boost the demand for blood transfusion and blood cell counting for monitoring normalcy, which in turn escalates the demand for hematology analyzers and reagents.
As per the National Heart, Lung, and Blood Institute data, anemia affects more than 3 billion Americans every year. The World Health Organization estimated ~1.62 billion people worldwide were affected by the disorder in 2018. Anemia is also prevalent in the Indian population and affects the quality of life of a remarkable number of people. According to the National Family Health Survey (NFHS) conducted in India in 2018, anemia affected ~58.6% of children and 50.4% of pregnant women in the country in 2016. Further, according to the Centers for Disease Control and Prevention (CDC), hemophilia A affects ~1 in 5,000 male births in the US annually. A CDC survey for 2017 reported that VWD, one of the most common bleeding disorders, affects up to 1% of the general population. During 2012–2016, more than 14,600 men, women, and children were seen at hemophilia treatment centers for the treatment of VWD. The increasing incidence of blood-related diseases is augmenting the growth of the hematology analyzers & reagents market.
Product and Service-Based Insights
The global hematology analyzers & reagents market, based on product and service, is segmented into hematology products & services, hemostasis products & services, and immunohematology products & services. The hematology products and services segment is further segmented into instruments, reagents & consumables, and services. Similarly, the hemostasis products & services segment is further segmented into instruments, reagents & consumables, and services. The immunohematology products & services segment of the hematology analyzers & reagents market is also further segmented into instruments, reagents & consumables, and services. Out of the three segments of the hematology analyzers & reagents market based on product and service, the hematology products and services segment held the largest market share in 2019, encompassing almost half of the market share and is anticipated to register the highest CAGR in the market during the forecast period, as the product is used most commonly in practice. This is due to the diverse testing volumes of the analyzers that help deliver accurate results. Moreover, these instruments are most frequently used in medical laboratories to detect proteins or enzymes and count blood cells to help diagnose illness or genetic defects.
Hematology Analyzers & Reagents Market, by Product and Service – 2019 and 2027
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Application-Based Insights
The global hematology analyzers & reagents market, based on the application, is segmented into anemia, blood cancer, hemorrhagic conditions, infection-related conditions, immune system-related conditions, and other applications. The anemia segment held the largest share of the market, followed by the blood cancer segment in 2019. However, the blood cancer segment is expected to have the highest CAGR among all hematology analyzers & reagents market segments due to the high prevalence and rising incidence of blood cancers in recent years.
End User-Based Insights
The global hematology analyzers & reagents market, based on end user, is segmented into hospital laboratories, commercial service providers, government reference laboratories, and academic & research institutes. In 2019, the hospital laboratories segment held the largest market share and is expected to dominate the market during the forecast period, as the blood collection and analysis devices are most frequently used in hospitals and pathology laboratories.
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Hematology Analyzers & Reagents Market: Strategic Insights
Market Size Value in US$ 7,252.54 million in 2019 Market Size Value by US$ 13,007.87 million by 2027 Growth rate CAGR of 7.6% from 2020 to 2027. Forecast Period 2020-2027 Base Year 2020
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Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Hematology Analyzers & Reagents Market: Strategic Insights
Market Size Value in | US$ 7,252.54 million in 2019 |
Market Size Value by | US$ 13,007.87 million by 2027 |
Growth rate | CAGR of 7.6% from 2020 to 2027. |
Forecast Period | 2020-2027 |
Base Year | 2020 |
Akshay
Have a question?
Akshay will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.
Speak to AnalystProduct launches and approvals are commonly adopted strategies by companies to expand their global footprints and product portfolios. Moreover, the hematology analyzers & reagents market players focus on the partnership strategy to enlarge their clientele, which, in turn, permits them to maintain their brand name across the world. The market share is anticipated to flourish with the development of new innovative products by market players.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Product and Service, Application, and End User
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
Hematology analyzers & reagents are healthcare products and consumables intended to identify and count the individual blood cells in a high-speed manner and highly effective. These instruments have substituted the conventional methods of measuring blood cells individually under a microscope, carried out previously by the lab technicians. These devices provide more precise and useful blood cell results and other related information from the blood sample.
The factors that are driving growth of the market are increasing incidence of hematologic diseases, technological advancements in hematology analyzers are anticipated to drive the market. However, steep prices of high-tier systems are likely to pose a negative impact on the market growth.
The hematology analyzers and reagents market majorly consists of the players such Clinical Diagnostic Solutions, Inc., Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Danaher, BIO-RAD LABORATORIES INC., Abbott, Diatron, ERBA Diagnostics Inc., EKF Diagnostics, HORIBA Medical, and Biosystems S.A. are among others.
The List of Companies - Hematology Analyzers and Reagents Market
- Clinical Diagnostic Solutions, Inc.
- Shenzhen Mindray Bio-Medical Electronics Co., Ltd.
- Danaher
- BIO-RAD LABORATORIES INC.
- Abbott
- Diatron
- ERBA Diagnostics Inc.
- EKF Diagnostics
- HORIBA Medical
- Biosystems S.A.
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- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
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- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
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We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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