The hematology diagnostics market is set to reach US$ 2.0 billion by 2033, driven by a robust CAGR of 9.9%. Key factors fueling this growth include the increasing prevalence of chronic diseases, technological advancements aided by artificial intelligence, and a rising incidence of blood disorders such as anemia, thalassemia, and sickle cell. Research and development activities, improved diagnostic tools, and increased efficiency through standardized diagnostics are also contributing to the market’s expansion.
The hematology diagnostics market is expected to be worth US$ 780.0 million in 2023 and US$ 2.0 billion by 2033. During the forecast period, the market for hematology diagnostics is expected to grow at a CAGR of 9.9%.
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Market opportunities are being driven by the rise in chronic diseases like cancer, blood clots, blood-related disorders, and infections. Furthermore, chances for the haematology diagnostics market are soaring due to the development of improved technology and the usage of artificial intelligence to aid in quicker diagnosis.
The market opportunities are being driven by the rise of blood disorders such anaemia, thalassemia, and sickle cell. The sales of haematology diagnostics are also rising as a result of R&D activities, enhanced tools for making precise clinical judgments, and new competitors. Haematology diagnostics are also becoming more widely used due to the development of standardised diagnostics with increased efficiency to lessen the workload in research facilities.
The innovation of non-invasive hematology equipment and point-of-care diagnostics is boosting the market growth. According to a study published in 2019, India ranks third after the United States and China in blood cancer.
Manufacturers Increased Automation in Hematology Diagnostics to Surge Market Opportunities
The growing advanced technology in the medical field has uplifting the healthcare sector in recent years. The manufacturers are experimenting with various medical devices to provide accurate results, better responses, and reduce check-up time.
These manufacturers are launching innovative devices that meet patients’ requirements during the forecast period. In addition, launching automatic and advanced equipment with artificial intelligence to record patient data, disease, and personal data is a growing market opportunity.
Key Takeaways:
- The hematology diagnostics market is expected to reach US$ 2.0 billion by 2033.
- The global market is expected to register a CAGR of 9.9% during the forecast period.
- The market in the United States of hematology diagnostics records a CAGR of 9.7% through 2033.
- With a CAGR of 8.9%, the United Kingdom market significantly uplifts during the forecast period.
- The China market is expected to record a CAGR of 9.3% over the forecast period.
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Who is Winning?
The prominent players fragment the market during the forecast period. Therefore, marketers are using various strategies to propel market growth.
- Developing Innovative Products: The manufacturers and top companies focus on developing devices based on machine learning (ML) and deep learning (DL) methods for hematology diagnostics patients.
- Increasing Distribution Channels: The key companies are launching their products to acquire massive revenue in the global market. These companies provide their goods and services through multiple distribution channels such as retail, wholesale, supermarkets, and online.
- Trustworthy Brand: The manufacturing companies are developing advanced and transparent brands for their customers. The manufacturers are aware of sustainable products that maintain a trustworthy relationship between the buyer and seller.
Other Prominent Players in the Market are:
- Meyland Smith A/S
- Abbot Laboratories
- Bio-Rad Laboratories
- Sysmex Corporation
- Mindray Medical International Limited
- Siemens Healthlineers
- F. Hoffman-La Roche Ltd.
- HORIBA Ltd.
- HemoCue AB
- Danaher (Beckman Coulter Inc.)
- Nihon Kohden Corporation
- EKF Diagnostics
- Ortho Clinical Diagnostics
- Drew Scientific
Recent Development:
- In Oct 2021, Suburban Diagnostics announced its newly launched Centre of Excellence for hematology diagnostics patients. The freshly launched find out various common and uncommon disorders by providing training and research support.
- In April 2022, A medical device company, Sysmex Corporation, launched its new systems, including XQ-Series and XQ-320 Series. These are the automated system that provides multi-feature requirement in the laboratories.
- In March 2022, Mindray launched the BC-700 series. These series incorporate complete blood count and erythrocyte sedimentation tests.
Hematology Diagnostics Market by Category:
By Kit Type:
- Anemia and Iron Test Kits
- Folic Acid Testing Kits
- Sickle Cell Screening Kits
- PT/INR Testing Kits
- D-dimer Testing Kits
- Blood Typing Kits
- Leukemia Testing Kits
- Sepsis Testing Kits
- Antibiotics Resistance Panels
- Bacterial & Fungal Panels
By Modality:
- Point of Care
- Lab-based Testing
By Distribution Channel:
- Hospitals
- Diagnostic Laboratories
- Cancer Research Institutes
- Retail Pharmacies
- Drug Store
- Online Sales Channels
Author By:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
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Originally Published By:
https://www.chronicles24.com/index.php/2023/09/07/hematology-diagnostics-market-surges-to-us-2-billion-by-2033-unprecedented-growth-and-soaring-demand-transforming-healthcare-landscape/
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