The global hematology products market is projected to reach USD 4.98 billion by 2023 from USD 3.31 billion in 2018, at a CAGR of 8.5%. The growth in blood donation and the increasing incidence of blood disorders are the major factors driving the growth of the global hematology analyzers and reagents market.
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In this report, the hematology analyzers and reagents market has been segmented by product and service; the hematology products & services market is further categorized into price range, end user, and region.
By product and service, the global hematology analyzers and reagents market is segmented into hematology, hemostasis, and immunohematology products and services. The hematology products and services segment is projected to grow at the highest CAGR during the forecast period. This can be attributed to the increasing adoption of POC testing hematology analyzers in emerging economies, rising trend of the ‘reagent rental’ business model, and the availability of a wide range of services from major hematology providers.
By price range, the hematology instruments market is segmented into high-end, mid-range and low-end hematology analyzers. The high-end hematology analyzers segment is expected to grow at the highest CAGR during the forecast period. The high growth of this segment is due to the reliability, high accuracy, flexibility, ease of use, and multi-parameter testing capabilities of high-end hematology analyzers.
On the basis of end users, the hematology products and services market is segmented into hospital laboratories, commercial service providers, government reference laboratories, and research and academic institutes. The commercial service providers segment is expected to be the fastest-growing segment of the market during the forecast period owing to the increasing awareness among individuals for hematology testing, increasing incidence of leukemia and anaemia, shift from manual testing to automated testing, competitive benefits offered by these providers as compared to hospitals (such as affordable service costs, efficient turnaround time, and efficient management for sample collection), and focus of market players in developing advanced hematology analyzers for the mid- and large-sized laboratories.
Based on region, the hematology products and services market is segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW). The market in Asia Pacific is projected to register the highest CAGR during the forecast period. Increasing geriatric population coupled with the growing incidence of thalassemia, sickle cell anemia, and leukemia; improved healthcare infrastructure in countries like Japan, China, and Australia; rising number of general surgeries and organ transplantation; and the growing number of ongoing research activities are driving the growth of the hematology products and services market in the Asia Pacific region. In addition, emerging markets such as China, India, and Brazil are expected to offer significant growth opportunities for market players owing to the rising focus on reagent rental business and the presence of large patient pool.
