The global hematology diagnostics market size is expected to reach USD 9.39 billion by 2025, registering a CAGR of 5.85 percent from 2018-2025, according to Grand View Research. Increasing prevalence of blood disorders coupled with the adoption of automated testing processes is projected to propel the market growth. Automation of hematology diagnostics process has led to reduced turnaround time thereby accelerating the overall treatment regimen. Furthermore, automation has also led to reduced administrative errors and overall costs of diagnostic tests. Thus, it is expected to boost the growth of the hematology testing market in the forthcoming years. The dominance of hematology analyzers can be attributed to the presence of fully-automated analyzers which are objective, have high-throughput, and are cost-effective. Furthermore, these hematology analyzers can also detect atypical results and can improve measurable parameters such as red cell distribution width, platelet distribution, reticulocyte (RET) counts, and nucleated red cells counts.
The advent of point-of-care (PoC) hematology testing devices has led to improved diagnostic and patient outcomes. These devices are user-friendly and are available for use outside the hospital settings. This is anticipated to increase the acceptability and accessibility of hematology testing which, in turn, is anticipated to propel market growth. Product recall and intense market competition leading to price wars are anticipated to hinder market growth. In 2018, Becton Dickinson (BD) and Company recalled vacutainer EDTA blood collection tubes owing to chemical interference with certain tests. This recall was classified as Class I recall, the most serious type of recall, by the US Food and Drug Administration (FDA), thereby indicating that the use of these devices may cause serious injuries or death. Such product recalls can negatively affect market growth.