The European Hematology market is forecasted to be growing at a robust CAGR between 2022 to 2027.
The increasing prevalence of blood-related diseases and chronic diseases such as cancer and diabetes are majorly driving the hematology market in the European region. A blood disorder is a primary concern across the region, which is causing high deaths. The blood disorder includes blood cancer, blood infection and anemia, and haemorrhagic condition. Therefore, increasing research and development activities in drug discovery against a range of diseases is expected to boost the market growth.
Other factors such as increasing awareness among the people, growing healthcare spending, and the advanced healthcare sector in the region positively influence market growth. In addition, the increasing prevalence of point-of-care testing services is estimated to provide lucrative growth opportunities to the market growth. On the other hand, the market is expected to grow due to the rising use of automated hematology equipment by diagnostic laboratories, technological advancements, and increased R&D investment by the government and private organizations.
Moreover, the presence of various pharmaceutical and biotechnology industries, particularly in emerging countries such as Germany, the UK, and France, are most likely to accelerate the market growth. Increasing healthcare expenditure and investments, and initiatives by the government and non-government organizations for infrastructure development and research and development activities are expanding the market growth. In addition, the growing number of product launches is expected to fuel the market growth. Key market players in the region are adopting various market strategies to gain a competitive advantage over the marketplace. The strategies include partnerships, mergers, and acquisitions.
However, the high maintenance cost is the primary growth restraining factor for the European Hematology market. In addition, the lack of awareness in some countries over the utilization of the devices is hindering market growth.
This research report on the European Hematology Market has been segmented and sub-segmented into the following categories:
Over the forecast period, Europe held the second-largest share of the global hematology market, and it is anticipated to register a significant share during the forecast period. The regional market growth is attributed to the improving healthcare infrastructure, favorable reimbursement policies, and presence of key market players. Furthermore, emerging countries such as Germany, the UK, France, Spain, and Italy contribute to the European regional market with a significant market share.
The German hematology market accounted for the largest share of the European market in 2020, and it is expected to record a significant share during the forecast period. The market growth is driven by the increasing high disposable income, Implementation of automated hematology instruments by diagnostic laboratories, and rising government funding.
Similarly, the UK hematology market is more likely to register a prominent share during the forecast period. The major factors driving the market growth are the Growing geriatric population, rising incidence of neurological disorders, and Increasing healthcare expenditure.
On the other hand, emerging countries such as France, Italy, and Spain are projected to increase the prevalence of neurological diseases, improve healthcare infrastructure, and support government policies propelling the market growth.
KEY MARKET PLAYERS:
Companies playing a promising role in the European hematology market profiled in this report are Siemens AG Healthcare, Johnson & Johnson, Beckman Coulter, Inc., Abbott Laboratories, Thermo Fisher Scientific, Roche, HORIBA Ltd., Sysmex Corporation, Bio-Rad Laboratories Inc., Boule Diagnostics AB, and Mindray Medical International Limited.
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