Hematology Diagnostics Market Is Poised To Reach $9.39 Billion By 2025

San Francisco, 23 Oct 2019 - The global hematology diagnostics market size is expected to reach USD 9.39 billion by 2025, according to a new report by Grand View Research, Inc. It is anticipated to register a CAGR of 5.85% over the forecast period. Increasing prevalence of blood disorders coupled with adoption of automated testing processes are projected to propel the market growth.

Automation of hematology diagnostics process have led to reduced turnaround time thereby accelerating the overall treatment regimen. Furthermore, automation has also led to reduced administrative errors and overall costs of diagnostic tests. Thus, it is expected to boost growth of the hematology testing market in the forthcoming years.

Dominance of hematology analyzers can be attributed to the presence of fully-automated analyzers which are objective, have high-throughput, and are cost-effective. Furthermore, these hematology analyzers can also detect atypical results and can improve measurable parameters such as red cell distribution width, platelet distribution, Reticulocyte (RET) counts, and nucleated red cells counts.

The advent of Point-Of-Care (PoC) hematology testing devices has led to improved diagnostic and patient outcomes. These devices are user-friendly and are available for use outside the hospital settings. This is anticipated to increase the acceptability and accessibility of hematology testing which, in turn, is anticipated to propel market growth.

Product recall and intense market competition leading to price wars are anticipated to hinder market growth. In 2018, Becton Dickinson (BD) and Company recalled Vacutainer EDTA Blood Collection Tubes owing to chemical interference with certain tests. This recall was classified as Class I recall, the most serious type of recall, by the Food and Drug Administration (FDA), thereby indicating that the use of these devices may cause serious injuries or death. Such product recalls can negatively affect the market growth.

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https://www.grandviewresearch.com/industry-analysis/hematology-diagnostics-market

Further key findings from the report suggest:

• Consumables emerged as the largest segment owing to increasing testing and diagnosis of blood disorders
• Diagnostic labs segment is projected to expand at a lucrative CAGR over the forecast period owing to high prevalence of blood disorders
• North America held the dominant market share in 2017 owing to favorable reimbursement scenario and presence of sophisticated technological facilities
• Asia Pacific is projected to witness swift growth during the forecast period owing to the rising healthcare expenditure coupled with focus on quality healthcare infrastructure
• Few of the key players in hematology testing market include Beckman Coulter, Inc.;Abbott Laboratories; F. Hoffmann-La Roche Ltd.; Siemens Healthineers; Mindray Medical International Limited; and Sysmex Corporation.

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

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