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Hematology Diagnostics Market Worth US$5,586.4 Million by 2026; Rise in Occurrences of Blood Disorders Stimulates the Growth: TMR
ALBANY, New York, Aug. 13, 2019 /PRNewswire/ -- The global Hematology Diagnostics Market is likely to exhibit a steady growth over forecast timeframe. The growing occurrences of blood disorders together with the increased adoption of automated testing processes are expected to add an impetus to the growth of the market. Blood disorders comprise conditions such as abnormal clotting and bleeding, and hemoglobinopathies. Furthermore, automation of hematology diagnostics processes has resulted in diminished turnaround time, which has sped up the treatment regimen in general.
Boule Diagnostics, Ortho Clinical Diagnostics, Nihon Kohden, Bio-Rad Laboratories, and EKF Diagnostics are some of the notable names in the global hematology diagnostics market.
This study on global hematology diagnostics market provides a 360-degree analysis of the market, bringing forth the insights that can assist stakeholders identify the market challenges and opportunities. The study predicts expansion of the market at more than 5.0% CAGR over the assessment period, from 2017 to 2026. The global hematology diagnostics market is likely to reach US$5,586.4 mn through 2026 from US$3,495.0 mn in 2017.
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Concentration of Leading Market Players in North America to Stimulate Growth
Regionally, the hematology diagnostics market is estimated to be commanded by North America due to the growing prevalence of various types of blood diseases. According to the findings of Statista, nearly 33% of the Americans in the age group of 19-44 years were diagnosed with hemophilia A, in 2016. Furthermore, the existence of prominent market players such as Bio-Rad Laboratories, Danaher, Abbott Laboratories, and others positively affects the growth of North American hematology diagnostics market.
Europe is another dominant region in the global hematology diagnostics market, thanks to the growing research on hematology in the region. To underscore the importance of research on hematology the 16th World Hematology Congress took place in London, in March 2019. It discussed about the treatment and diagnosis of hematology, immunohematology, hematologic disorders, hematologic oncology, and blood disorders. Therefore, it can be said that the growing importance of hematology research in the region is influencing the market.
Additionally, Asia-Pacific is estimated to be one of the fastest growing regions in the global hematology diagnostics market. The Asia Pacific market is likely to experience growth over the review period due to the growing prevalence of genetic diseases and blood disorders.
High prevalence of genetic disorders among the South Asians is ascribed to the consanguineous marriages within the same caste, ethnicity, or community. According to an article published on NBC news, the rate of prevalence of genetic diseases among South Asians is higher than the global average. In 2017, according to the findings of a study published on scientific journal, Nature Genetics, nearly 1.5 bn South Asian people are vulnerable to rare genetic diseases.
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High Prevalence of Genetic Blood-related Defects to Accelerate Demand in the Global Market
WHO declared that haemoglobin disorders are now substantially common among 89% of the births in 71% of countries. Nearly 1.1% of couples across the globe are at risk of giving birth to children with a haemoglobin disorder and around 2.7 of every 1000 conceptions are affected with haemoglobin. In addition to that, WHO states that least 20% of the global population is a carrier of α+ thalassaemia. Such a high prevalence of haemoglobin disorders is fueling the global hematology diagnostics market.
The findings of an article published by Bristol-Myers Squibb, a leading American pharmaceutical company, reveal that by 2020 almost 1 million new incidences of blood cancer are likely to be diagnosed. Such high prevalence of blood cancer accounts for almost 6.0% of all cases of new cancer cases. Besides, a substantial number of the global population is diagnosed with various types of hemoglobinopathies. With increasing demand for necessary medial solutions, these factors are expected to boost the global hematology diagnostics market.
Another factor driving the growth of global hematology diagnostics market is automation, which is the main focal point for hematology labs. Numerous laboratories worldwide are making adopting of automation for pre-analytical, analytical, and post analytical processes to standardize and improve the process.
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The information shared in this review is based on a TMR report, bearing the title, "Hematology Diagnostics Market (Product- Hematology Analyzer, Flow Cytometer, Consumable; Tests- Hemoglobinopathy, Leukemia Phenotyping) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2017– 2026."
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