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Global Hematology Diagnostics Market to Reach USD 5.6 Billion by 2026

By LabMedica International staff writers
Posted on 22 Aug 2019

Image: The global hematology diagnostics market is expected to grow to USD 5.59 billion by 2026, driven by the growing occurrence of blood disorders and increased adoption of automated testing processes (Photo courtesy of iStock).

The global hematology diagnostics market is projected to grow at a CAGR of 5.0% from USD 3.50 billion in 2017 to USD 5.59 billion by 2026, driven by the growing occurrence of blood disorders and increased adoption of automated testing processes.

These are the latest findings of Transparency Market Research, (Albany, NY, USA), a global market intelligence company providing business information reports and services.

The WHO has declared that hemoglobin disorders are now substantially common among 89% of the births in 71% of countries. Nearly 1.1% of couples across the globe are at risk of giving birth to children with a hemoglobin disorder and around 2.7 of every 1,000 conceptions are affected by hemoglobin. Additionally, the WHO states that least 20% of the global population is a carrier of α+ thalassaemia. This high prevalence of hemoglobin disorders is fueling the growth of the global hematology diagnostics market.

Additionally, the growth of global hematology diagnostics market is being further driven by automation, which is the main focal point for hematology labs. The automation of hematology diagnostics processes has resulted in reduced turnaround time, which has sped up the treatment regimen for blood disorders in general. Several laboratories across the world are adopting automation for pre-analytical, analytical, and post analytical processes to standardize and improve the process.

Geographically, the global hematology diagnostics market is expected to be dominated by North America due to the growing prevalence of various types of blood diseases and presence of prominent market players in the region. Europe is the world’s second-largest hematology diagnostics market due to the growing importance of hematology research in the region. Additionally, Asia-Pacific is estimated to be one of the fastest growing regions in the global hematology diagnostics market due to the growing prevalence of genetic diseases and blood disorders in the region.

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Transparency Market Research