Hematology products market in a take-off stage

The global hematology products market is projected to reach USD 4.98 billion by 2023 from USD 3.31 billion in 2018, reflecting a CAGR of 8.5 percent, according to MarketsandMarkets. The increasing incidence of blood disorders and the growth in blood donation are the major factors driving the growth of the global market. Furthermore, technological advancements in hematology analyzers and reagents and integration of flow cytometry techniques are expected to support the growth.

The hematology products and services segment is projected to grow at the highest growth rate owing to increasing adoption of POC testing hematology analyzers in emerging economies, launch of technologically advanced hematology products coupled with the increasing preference toward automation, the growing trend of the reagent rental business model, and the rising availability of a wide range of services from major hematology providers.

In 2017, the commercial service providers segment accounted for the largest share of the market due to the increasing awareness for hematology testing, shift from manual testing to automated testing, and competitive benefits offered by these providers as compared to hospitals (such as affordable service costs, efficient turnaround time, and efficient management for sample collection). North America is estimated to account for the largest share of the market in 2018. This can be attributed to the rising incidence of patients suffering from blood disorders, growing prevalence of target diseases, and the rising demand for blood transfusions increasing the demand for hematology testing in the region.