The Latin America Hematology Market size is forecasted to be growing at a steady CAGR between 2022 to 2027.
Common chronic blood disorders such as anemia, thrombocytopenia bleeding disorders such as thalassemia and hemophilia, and blood cancers such as lymphoma, leukemia, and myeloma need constant hematological tests for proper diagnosis and treatment. With the increasing prevalence of blood disorders, there is high demand for technological advancements for fully automated analyzers which will help the market growth rate. According to the Global Hemophilia Care 2019 report, more than 1,126,000 men worldwide have an inherited bleeding disorder, and 418,500 of them have a severe version of the disease, most of which are undiagnosed. In the same report, it can also be noted that an estimated 400,500 people inherit hemophilia. The most efficient way to treat these blood disorders is to save the patient from any complications via early diagnosis and treatment.
According to the World Health Organization (WHO), about 75.56% of all births worldwide are affected by hemoglobin, such as sickle cell anemia which affects one in 12.2 African Americans each year. About 72% of all newborns are affected by sickle cell disease in Africa. According to the WHO, anemia in children is around 45.3% and 12.6% in men, 30% of women of childbearing age, and 40% of pregnant women worldwide. Blood clotting disorder like venous thromboembolism affects approximately seven million people worldwide and is one of the leading causes of death in adults. Every two minutes or so, someone in the world is diagnosed with a type of blood cancer in the blood.
The research and development sector focuses on developing new technologically advanced devices such as hemoglobinometers to help record and print data. In addition, many companies are developing strategies and collaborating to launch unique products which can provide faster results and reduce the chances of human errors. These factors are expected to provide the market with significant growth opportunities in the Latin American region.
However, several regions in Latin America are technologically deficient, which makes the cost and availability of hematological devices difficult. Also, slow adoption due to stringent regulatory rules will constrain the market during the forecast period. In addition, most of the regions have poor reimbursement situations. Other factors such as increased mortality include delayed diagnosis, treatment abandonment due to financial strain, improper supportive care, and a shortage of oncologists are forecasted to slow the market growth. Furthermore, product manufacturing failures lead to recalls and poor healthcare infrastructure due to lack of awareness, further challenging the Latin American hematology market.
This research report on the Latin American hematology market has been segmented and sub-segmented into the following categories:
Geographically, the Brazilian hematology market accounted for the majority share of 30% in the Latin American market in 2020. This region is home to research hospitals and institutes, which will increase the rate of clinical trials and product development. Therefore, this region is expected to grow at a CAGR of 6.5% during the forecast period.
Mexico comprises a significant portion of the market revenue. It is contributing to the market with an increasing prevalence of blood diseases, which has resulted in increased demand for hematology devices. In addition, large hospitals in the region increased medical tourism, and supportive government initiatives are driving the growth of the hematology market in this region.
KEY MARKET PLAYERS:
A few of the noteworthy companies operating in the Latin American 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.