The hematology analyzers and reagents market size was estimated to be US$ 8.32 million in 2021 and US$ XX million in 2023 and is expected to reach US$ 18.20 million by 2031; it is estimated to record a CAGR of 8.4% in till 2031. Escalating adoption of smart point-of-care devices is likely to remain key hematology analyzers and reagents market trends.
HEMATOLOGY ANALYZERS AND REAGENTS Market Analysis
The players operating in the hematology analyzers and reagents market are highly competitive and have been introducing novel products and reagents. For instance, in January 2024, HORIBA Medical launched the latest HELO 2.0 high throughput automated hematology platform. The platform is CE- European In Vitro Diagnostic Devices Regulation (IVDR) approved and is currently awaiting the US Food and Drug Administration (FDA) approval. The HELO 2.0 is the next generation of high-end hematology range and has been developed in consultation with customers to cater to all high throughput fully automated hematology needs. The HELO 2.0 offers a highly flexible and efficient modular hematology solution, which can be fully scaled and configured to suit the varying needs of mid to large-scale laboratories. Similarly, In May 2023, Siemens Healthineers launched two solutions for high-volume hematology testing: the Atellica HEMA 570 Analyzer and the Atellica HEMA 580 Analyzer. The lab's ability to review and release patients' test results quickly is hindered by the broad use of CBC testing and increasing staff shortages. The Atellica HEMA 570 and Atellica HEMA 580 Analyzers offer integrated automation and intelligence to improve workflow efficiency and produce faster patient results. The launches of such new products are fuelling the growth of the hematology analyzers and reagents market.
HEMATOLOGY ANALYZERS AND REAGENTS Market Overview
The growth of the hematology analyzers and reagents market is attributed to increasing number of hematologic diseases and technological advancements in hematology analyzers. However, steep prices of high-tier systems are likely hampering the growth of the market.
Global hematology analyzers and reagents market is segmented by region into North America, Europe, Asia Pacific, Middle East &Africa, and South & Central America. The North American region is the largest shareholder and the Asia Pacific is the fastest growing market for hematology analyzers and reagents. The growth of the hematology analyzers and reagents market is estimated to have a largest share in the US. The growth of the market in the US is expected to grow due to a rising number of blood testing procedures, high prevalence of hematology diseases, rising numbers of diagnostic and blood testing centers, and access to well-developed infrastructure and others.
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Hematology Analyzers And 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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Hematology Analyzers And 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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HEMATOLOGY ANALYZERS AND REAGENTS Market Drivers and Opportunities
Increasing Incidence of Hematologic Diseases to Favor Market
According to the Centers for Disease Control and Prevention (CDC), approximately 12 out of every 100,000 males in the US and 400 boys are born with hemophilia A each year. Further, the Leukemia & Lymphoma Society (LLS) reports that in the US, one person is diagnosed with lymphoma, leukemia, or myeloma every 3 minutes. In 2023, an estimated total of 184,720 people in the US are expected to be diagnosed with leukemia, lymphoma, or myeloma. Furthermore, new cases of lymphoma, leukemia, and myeloma are expected to make up 9.4% of the 1,958,310 new cancer cases that will be diagnosed in the US in 2023. The rising prevalence of hematologic diseases boosts demands for blood transfusion as well as blood cell counting for monitoring normalcy, which is further escalating the demand for hematology analyzers and reagents. The increasing incidence of blood-related diseases is augmenting the growth of the hematology analyzers and reagents market.
Progress in Healthcare Sectors and Rise in Prevalence of Blood-Related Diseases in Emerging Economies – An Opportunity in hematology analyzers and reagents Market
The incidence of hematologic diseases is rising significantly in developing countries due to the shift in the lifestyle of populations. Moreover, the surging prevalence of other health conditions due to lowered physical activities and increasing stress levels is also contributing to the rise in cases of hematologic disorders in these countries. Developing nations are striving to bring significant advancements in their healthcare facilities and services. For instance, the Hemophilia Federation India (HFI) is a nonprofit organization that has worked closely with the World Federation of Hemophilia (WFH) to increase awareness regarding hemophilia and affordable treatments available for the same as well as to enhance the diagnosis of the disease. Moreover, The RED LAPI professional team strives to contribute and improve the diagnosis and treatment of hemophilia in Latin America. Such developments in the hematology analyzers and reagents market in developing nations in Asia Pacific, the Middle East and Africa, and Latin America are providing opportunities for the future growth of market players.
HEMATOLOGY ANALYZERS AND REAGENTS Market Report Segmentation Analysis
Key segments that contributed to the derivation of the hematology analyzers and reagents Market analysis are product and service, cause, application, and end user.
- Based on Product and Service, the hematology analyzers and reagents market is segmented into hematology products & services, hemostasis products & services, and immunohematology products & services. Hematology products & services are further subsegmented as instruments, reagents and 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. The hematology products & services segment held a larger market share in 2023.
- By application, the market 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 in 2023.
- In terms of end user, the market is segmented into hospital laboratories, commercial service providers, government reference laboratories, and research and academic institutes. The hospital laboratories segment dominated the market in 2023.
Hematology Analyzers And Reagents Market Share Analysis by Geography
The geographic scope of the hematology analyzers and reagents market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America.
In North America, the US is the largest market for hematology analyzers and reagents manufacturing. The US market's growth is primarily driven by favorable research scenarios, rising demand for blood and blood components, and high adoption of automated hematology instruments.
Growing prevalence of hematological disorders such as leukemia, hemophilia, and anemia in the US. The American Cancer Society’s estimates for leukemia in the US for 2024 are:
- About 62,770 new cases of leukemia (all kinds) and 23,670 deaths from leukemia (all kinds)
- About 20,800 new cases of acute myeloid leukemia (AML). Most will be in adults.
- About 11,220 deaths from AML. Almost all will be in adults.
Rising awareness about early diagnosis among patients is expected to be one of the key driving forces for the hematology analyzers and reagents market. Asia Pacific is anticipated to grow with the highest CAGR in the coming years.
Hematology Analyzers And Reagents Market Report Scope
Hematology Analyzers And Reagents Market News and Recent Developments
The hematology analyzers and reagents market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for hematology analyzers and reagents and strategies:
- HORIBA Medical launched new products in its Yumizen hematology product family. The company introduced two compact benchtop hematology analyzers, Yumizen H500 and Yumizen H550, which offer enhanced performance, new features, and increased benefits. These analyzers have been designed to deliver a rapid and comprehensive hematology report with a high throughput of 60 tests per hour, 40 tubes autonomy with continuous loading, urgent manual mode, and multi-analysis modes and sampling for running samples. (Source: HORIBA Medical, 2022)
- Mindray launched a revolutionary hematology analyzer series, the BC-700 Series, which incorporates both complete blood count (CBC) and erythrocyte sedimentation rate (ESR) tests. The series includes two open vial models, BC-700/BC-720, and two autoloader models, BC-760/BC-780. This series is designed to empower medium-volume laboratories with advanced diagnostics technologies applied in premium products. (Source: Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Press Release, 2022)
Hematology Analyzers And Reagents Market Report Coverage and Deliverables
The “Hematology Analyzers And Reagents Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles
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
- 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.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- 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.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- 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.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
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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