Hematology Market is Anticipated to Witness High Growth Owing to Rising Prevalence of Blood Disorders

Hematology Market



The hematology market is primarily involved in manufacturing equipment used for hematology analysis and diagnosis. Hematology analyzers help evaluate the quality and quantity of the three cellular components of blood namely red blood cells, white blood cells, and platelets. The devices provide critical information including complete blood count, platelet counts, hemoglobin levels, etc. which help diagnose conditions like anemia, leukemia, infections and other blood-related disorders. Growing prevalence of blood disorders owing to changing lifestyle practices and increasing geriatric population has significantly driven the demand for routine blood screening and analysis.

The global hematology market is estimated to be valued at US$ 2.53 billion in 2024 and is expected to exhibit a CAGR of 6.9% over the forecast period 2024 to 2030.

Key Takeaways

Key players operating in the hematology market are Shaanxi Undersun Biomedtech Co., Ltd., Tocris Bioscience (Bio-Techne Corporation), BioOrigin, Nature's Sunshine Products, Inc., Organic Herb Inc., Damin Foodstuff (Zhangzhou) Co., Ltd., Nutra Green Biotechnology Co., Ltd., Xian Yuensun Biological Technology Co., Ltd., Guangxi Yiyuan Biotechnology Co., Ltd., Changsha Heking Bio-Tech Co., Ltd., Hangzhou Botanical Technology Co., Ltd., Novoherb Technologies, Jiangsu Changhai Food Additive Co., Ltd., Xian Sost Biological Science & Technology Co., Ltd., Xi'an Plant Bio-Engineering Co., Ltd..

The rising prevalence of blood cancers like leukemia presents significant opportunities for market players. According to statistics, nearly 400,000 new cases of leukemia are reported annually worldwide representing huge market potential. Companies are focusing on developing advanced diagnostic tools and workflows for rapid and accurate leukemia detection and subtype classification which is expected to drive the Hematology Market Demand.

Key players are also exploring opportunities in developing markets through partnerships, acquisitions and establishing manufacturing and distribution facilities. For instance, Sysmex Corporation has expanded its operations across Asia Pacific, Latin America and Africa through strategic collaborations to cater to the growing testing needs of developing healthcare systems.

Market Drivers

Growing geriatric population: Risk of various blood disorders substantially increases with age. As per estimations, over 16% of global population will be aged 65 years and above by 2050 presenting a large patient base requiring frequent blood testing. This demographic shift is a major market driver.

Technological advancements: Introduction of automation, digitalization, artificial intelligence and other technologies have improved diagnostic accuracy and efficiency of hematology analyzers. Integrated workflow solutions combined with advanced visualization and data analytics are facilitating early disease detection.

Market Restraints

High costs associated: Hematology analyzers have substantial price tags ranging from $20,000 to $100,000 which is a major restraint, especially in low resource settings. High maintenance and consumables costs further add to the economic burden.

Lack of skilled professionals: Effective utilization of advanced hematology equipment requires trained medical technologists and technicians. However, shortage of trained manpower is seen across developing regions which negatively impacts market growth.


Segment Analysis
The hematology market is dominated by hematology analyzers sub segment due to growing demand for automated hematology analyzers. Hematology analyzers provide accurate, fast and efficient blood analysis by automating the blood cell counting process. Manual microscopic examination of blood samples is time consuming and require skilled professionals. Whereas automated hematology analyzers can accurately analyze over hundreds of blood samples in an hour by precisely identifying and counting various blood cells such as white blood cells, red blood cells and platelets. This has led to widespread adoption of hematology analyzers by diagnostic laboratories and research institutes.

Global Analysis
North America dominates the hematology market owing to presence of leading market players, advanced healthcare infrastructure and rising healthcare spending. Growing prevalence of blood disorders and cancer in the US and Canada is also augmenting market growth. Europe holds the second largest market share on account of increasing research activities in hematology and rising healthcare awareness. Meanwhile, Asia Pacific is estimated to be the fastest growing market due to growing healthcare expenditure, improving medical facilities and expanding patient pool in developing nations like China and India. Growing geriatric population susceptible to blood disorders in Japan is also fueling market growth in the region.

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