The global hematology market is forecasted to hike at a vibrant CAGR of 8.2% during the forecast period.
Hematology is a medical science branch concerned with diagnosing, treating, and studying blood and disorders associated with blood. It includes treating blood disorders such as leukemia, malignancies, and kinds of hemophilia, sickle-cell anemia, and lymphoma. Hematology refers to the scientific branch of the study of blood, its diseases, treatments, and malignancies, including hemophilia, blood clots, leukemia, lymphoma, myeloma, and sickle-cell anemia. Among the hematology procedures, blood count or CBC is categorized as the most common test. The blood chemistry test, blood enzyme test, and blood tests to assess heart disease risk are examples of some more tests.
Impact of COVID-19 on the global hematology market:
The siege of the pandemic all over the globe impacted many businesses worldwide. Furthermore, the implementation of lockdown resulted in further hindrances to management, and production lines, thus disrupting supply and demand chains.
COVID-19 has favored the growth rate of the hematology market.
A positive effect was observed concerning the impact of covid on the global hematology market due to frequent examination of patients' blood and utilizing hematology analyzers to test and monitor COVID-19. According to the International Journal of Laboratory Hematology. The specific tests following neutrophilia, leukocytosis, lymphopenia, and thrombocytopenia, played a significant role in findings in patients infected with the SARS-CoV-2 virus, thus becoming standard procedures, thereby providing a market for growth opportunities.
COVID-19 infection primarily affects the respiratory system. The PCR tests are currently being used to detect an antigen's presence, with several stages at which errors may occur between sampling and analysis. The hematology analyzers help provide an accurate presentation of reactive lymphocytes that play a critical role in the management of COVID-19 patients, which has accelerated the growth rate of the global hematology market. Some diagnoses of COVID-19 infection emphasize markers derived from the hematology laboratory; the U.S. and many other countries face a significant health concern with the coronavirus's current outbreak (COVID-19). However, COVID-19 has widened the growth scope for the global hematology market, and this market is expected to experience new growth heights soon.
Y-O-Y increase in the prevalence of blood disorders is majorly promoting the global hematology market growth.
Blood disorders have become a worldwide health issue with different causes and are related to high mortality. Blood disorders like anemia, blood cancer, hemorrhagic conditions, and blood infections affect many people across all age groups annually. According to WHO, insufficient hemoglobin affects 75% of births globally, and sickle cell trait affects an estimated one in 12 African Americans. Over 70% of all sickle-cell-affected births occur in Africa. As per the WHO, the prevalence of anemia in children is 47% and 13% in men, and it is increasing rapidly worldwide. According to the National Institute of Health (NIH), anemia affects 29% of women of reproductive age and 38% of pregnant women worldwide.
The rising number of blood donation camps worldwide is a significant factor propelling the hematology market's demand. Increasing incidences of chronic diseases are also driving the growth of the market. The growing geriatric population is additionally accelerating the need of the market. Furthermore, the increasing prevalence of point-of-care testing devices is to set up growth opportunities for the market. Increasing support from the government through investments is significantly influencing the growth of the hematology market. In addition, people's interest in cost-effective diagnosis procedures is boosting the development of the market.
However, the lack of sufficient knowledge of the utilization of the devices in rural areas is slowly hindering market demand. In addition, the high cost of installing and maintaining the equipment, especially in laboratories, is challenging for the hematology market.
The research report on the global hematology market has been segmented and sub-segmented based on the product, application, end-user, and region.
Hematology Market – By Product:
Based on the product, the Hematology Analysers segment is the most promising and expected to register a healthy growth rate during the forecast period. Increasing incidences of road accidents due to a rise in the demand to store blood, which can be used in emergency cases, significantly influences the market's growth.
Hematology Market - By Application:
Based on the application, the infectious disease application segment is predicted to lead the global hematology market during the forecast period due to the increasing incidences of various health disorders. Also, the rise in healthcare centers' spending further accelerates the segment's growth.
Hematology Market - By End-User:
Based on End-User, the hospital end-user segment is forecasted to dominate the global hematology market during the forecast period. The growing constructional activities of hospitals due to the increasing flow of patients with varied diseases is accelerating the market's growth. In addition, the rising prevalence of minimally invasive surgeries to cure the conditions more effectively with available treatment options is ascribed to bolstering the demand of the market.
Hematology Market - By Region:
The North American market accounted for the largest share of the global hematology products and services market in 2020, followed by Europe. Some factors, such as the rising incidence of patients suffering from blood disorders, the high number of patients with blood coagulation disorders, the growing prevalence of target diseases, and blood transfusions, are increasing hematology testing in North America. On the other hand, Asia Pacific is predicted to have a fast CAGR in the coming years. The rise in per capita income leading to an increase in the adoption of therapy products and diagnostics coupled with government initiatives to improve healthcare infrastructure are expected to fuel the regional market growth.
Following North America, Asia pacific is the one leading the highest shares of the market. The increasing population is magnifying the demand of the market. Besides, increasing awareness of over-utilizing the latest technology is leveraging this market's growth in this region. Europe has been growing faster in past years and will continue to have the same growth rate in foreseen years. Replacing traditional testing devices with modern devices is broadening the market's demand. The Middle East and Africa are deemed to have an inclined growth rate soon.
KEY MARKET PARTICIPANTS:
Some of the major companies dominating the global 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, Mindray Medical International Limited.
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