The global hematology market size stood at around USD 4.5 billion in 2019 and is projected to reach USD xx billion by 2028, exhibiting a CAGR of xx% during the forecast period.
Blood disorders have become a global health issue with different causes, and are associated with high mortality. Blood disorders, such as anaemia, blood cancer, haemorrhagic conditions, and blood infections, affect millions of people each year across all age groups. According to WHO, haemoglobin disorders are potentially affecting 75% of births, globally, and sickle cell trait affects an estimated one in 12 African Americans. Over 70% of all sickle-cell affected births occur in Africa. Early diagnosis and treatment are the best ways to protect the quality of life for a patient with blood cell disorder.
Market Drivers and Restraints
Rising incidence of blood cancer is a major factor contributing to growth of the market. For instance, according to GLOBOCAN 2018, more than 1.85 million new blood cancer cases are expected to be diagnosed in 2040 across the globe. Moreover, increasing incidence of hemophilia and sickle-cell anemia is expected to drive growth of the global hematology market. Rapid technological advances in hematology also drives the market growth.
High cost of the instruments and low adoption of hematology analyzers in emerging economies does restraint the market growth. Stringent regulatory and reimbursement policies on product launches, as well as product recalls due to safety violation are projected to hamper growth of the market over the forecast period.
Major Hematology Market (by Application)
Based on Hematology market by application, these are sub segmented into infectious diseases, cancer, cardiovascular disorders, blood screening, diabetes, HIV and auto-immune diseases. The infectious disease application segment leads with highest shares of the market due to increasing incidences of various health disorders. Also, the rise in healthcare centers spending is making the shares of the market expand in foreseen years.