Hematology Market is Estimated to Witness High Growth Owing to Rising Demand for Advanced Diagnostic Testing

Gauri Cmi

The hematology market involves products such as hematology analyzers, flow cytometry products, consumables, reagents, and software & services. Hematology analyzers help diagnose blood and bone marrow related disorders by aiding microscopic examination of blood cells and assessment of cell count and hemoglobin levels. The increasing incidence of blood disorders and rising demand for advanced hematology diagnostic testing is driving the need for hematology products.

The global hematology market is estimated to be valued at US$ 2.19 Bn in 2024 and is expected to exhibit a CAGR of 6.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:

One of the major market opportunities for players in the hematology market is the rising demand for point-of-care hematology testing. Point-of-care testing provides test results quickly and enables treatment decisions to be made promptly. It is especially useful in emergency care settings and situations requiring rapid diagnosis and response. The growing need for convenient, quick diagnosis is fueling demand for portable hematology analyzers and point-of-care hematology testing solutions. Market players can capitalize on this opportunity by developing and introducing portable hematology analyzers integrated with easy-to-use smartphones and tablets based reporting and connectivity features. This will help address unmet needs and drive the demand for point-of-care hematology testing solutions.

Porter's Analysis

Threat of new entrants: Low capital requirements and established buyers limit the threat of new entrants in the hematology market. Bargaining power of buyers: Large pool of suppliers and standardized products give buyers high bargaining power in the hematology market. Bargaining power of suppliers: Suppliers have moderate bargaining power due to technical capabilities required for manufacturing hematology instruments and reagents. Threat of new substitutes: Few substitute products reduce the threat of new substitutes in the hematology market. Competitive rivalry: Intense competition between established players characterize the competitive rivalry in the hematology market.

SWOT Analysis

Strengths: Growing geriatric population and prevalence of blood disorders drives market growth. Advancements in hematology diagnostics and analytical instruments is another key strength.

Weaknesses: High cost of hematology instruments limits market growth. Shortage of pathologists hampers market potential.

Opportunities: Expanding healthcare infrastructure in developing nations creates lucrative opportunities. Emergence of point-of-care hematology testing presents favorable prospects.

Threats: Stringent regulatory approvals delay product launches. Data security and privacy concerns pose threats.

Key Takeaways

Global Hematology Market Size is expected to witness high growth over the forecast period of 2023 to 2030. The market size for 2024 is projected to reach US$ 2.19 Billion.

Regional analysis: North America will continue dominating the hematology market during the forecast period. Growing prevalence of blood disorders, presence of leading industry players, and high healthcare spending foster market growth in the region. Asia Pacific is poised to emerge as the fastest growing market. Improving healthcare infrastructure, rising medical tourism, and growing awareness levels regarding blood disorders boosts market revenues in Asia Pacific.

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.

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Gauri Cmi

Hematology Market, Hematology Market Size, Hematology Market Share, Hematology Market Forecast

Sumedha 2023-04-12

“Coherent Market Insights offers a 45% Discount on Hematology Market Reports on Single User Access and Unlimited User Access“Hematology Market & Growth StudyThe research study includes both qualitative and quantitative data in terms of growth rate, market segmentation, market size, future trends, and geographical perspective. The study analyses the existing situation, which is anticipated to affect the future potential of the Hematology market. The analysis includes a basic market overview that includes information on the industry's present state as well as the market's size in terms of volume and revenue. The market also covers recent partnerships, mergers, acquisitions, and collaborations, as well as regulatory frameworks from various areas that have an impact on the market trajectory. com/promo/buynow/943 Report Conclusion:The Hematology market study will assist market participants in identifying significant market potentials and formulating business plans to obtain an advantage over rivals on the international stage.

Unraveling the Mysteries of Hematology: Insights into the Fascinating World of Blood

Saya Bonde 2023-07-11

Introduction:Hematology is the branch of medicine with the study of blood and its components or blood disorders. The treatment of blood disorders, Malignant tumors, Anemia, sickle cell diseases, glossary and bone marrow transplant are categorized under hematology. A doctor who is a specialist in diagnosing, preventing and treating blood disorders is known as hematologist and hematopathologist. The Importance of Hematology:Comprehensive Blood Analysis: Hematology encompasses the examination of blood components, including red blood cells, white blood cells, platelets, and plasma. Transfusion Medicine: Hematology encompasses transfusion medicine, which involves the safe collection, storage, and administration of blood and its components.

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

Ishika cmi 2024-04-04

The hematology analyzer market consists of various automated hematology analyzers that are used for blood cell counting and for detecting abnormalities in samples in healthcare settings. The market witnesses high demand for these systems due to rising prevalence of blood disorders like leukemia, blood cancer, and lymphoma. The global hematology analyzer market is estimated to be valued at US$ 8. Lack of skilled lab technicians to operate complex automated hematology analyzers can also hamper the market growth. Explore Our More Blogs on Hematology Analyzer Market

Hematology Market Expected to Reach US$ 4537.5 Million by 2022

sachin sadgir 2023-10-25

The rising prevalence of blood disorders and the increasing demand for accurate and efficient diagnostic techniques are driving the growth of the hematology market. Additionally, advancements in technology and the emergence of automated hematology analyzers are further fueling market growth. The instruments segment dominates the market and is expected to continue its dominance over the forecast period. In terms of end-user, the Hematology Market can be segmented into hospitals, diagnostic laboratories, research institutions, and others. From a regional perspective, North America is the fastest-growing and dominating region in the hematology market.

Hematology Market - Global Industry Insights by Size, Trends, Outlook, Growth and Opportunity Analysis, 2018-2026

CMI Blogging 2021-07-14

Individuals may also get suffering from numerous blood-associated sicknesses consisting of blood cancer, anemia, bleeding issues that consist of hemophilia, blood clots, and a few others.

Hematology consists of the issues with the purple blood cells, white blood cells, platelets, bone marrow, spleen, lymph nodes, blood vessels, and proteins concerned with the clotting and bleeding.

A Hematologist is a scientific medical doctor who offers diagnosis, treatment, and usual control of people with blood issues.

According to the information given via way of means of Leukemia and Lymphoma Society (LLS) in 2015, around 9.8% of the populace inside the United States became identified with leukemia, lymphoma, and myeloma.

The information given via way of means of the National Hemophilia Foundation suggests that about 400,000 human beings are stricken by hemophilia in the U.S...

The hematology gadgets are displaying the transition from conventional gadgets to semi-computerized gadgets and the latest computerized gadgets.

Hematology Market Is Estimated To Witness High Growth Owing To Rising Prevalence Of Blood Related Diseases

Poonam 2024-01-04

The hematology market includes instruments and equipment used for the examination of blood samples and screening for a range of hematology parameters. The global hematology market is estimated to be valued at US$ 2. This presents an opportunity for hematology market players to gain larger market share by offering innovative products that can facilitate improved disease management and patient outcomes. Threat of new substitutes: New substitutes have emerged like flow cytometry, but hematology analyzers offer convenience and cost advantages for standard blood cell analysis needs. Key Takeaways The global Hematology Market Share is expected to witness high growth supported by the rising geriatric population, increasing diagnosis of blood disorders, and technological advancements.

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