The global hematology market offers a diverse range of products including hematology analyzers, hematology reagents, flow cytometry products, and molecular diagnostics solutions that help in diagnosis and monitoring of blood related disorders. These products assist clinicians in performing complete blood count tests, blood typing tests, coagulation tests, and platelet function tests to detect conditions like anemia, leukemia, hemorrhagic disorders, and blood cancers. Hematology analyzers provide efficient identification and enumeration of various blood cells along with their morphological characteristics. The availability of portable hematology analyzers has further increased the adoption of these devices in hospital laboratories, diagnostic centers, blood banks, and other point-of-care settings.
The global Hematology Market is estimated to be valued at US$ 2.53 Mn in 2024 and is expected to exhibit a CAGR of 6.9% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends
One of the key trends in the hematology market is the growing demand for high-throughput hematology analyzers. Traditional hematology analyzers have limited throughput capacity and can typically perform 60 to 100 tests per hour. However, there is an increasing need for automated large volume testing solutions in hospitals and diagnostic laboratories to handle rising test sample volumes. Key players are focused on developing next-generation high-throughput hematology analyzers that can perform over 1000 tests per hour with minimal human intervention. For instance, in 2021, Sysmex launched its XN-series high-throughput automated hematology analyzers with throughput capabilities of up to 1000 samples per hour. Such innovative product launches are expected to further increase the adoption of automated hematology testing solutions.
Threat of new entrants: Low due to high initial investment requirements for R&D, manufacturing facilities, and compliance with regulatory standards.
Bargaining power of buyers: Moderate due to the availability of substitute products in the market. However, buyer switching costs are also moderate.
Bargaining power of suppliers: Moderate as there are many suppliers for raw materials required for hematology products.
Threat of new substitutes: Low as there are limited emerging substitute technologies for hematology.
Competitive rivalry: High due to the presence of many global and regional players competing based on pricing and quality.
The global hematology market is expected to witness high growth over the forecast period. Global Hematology Market Demand is estimated to be valued at US$ 2.53 Mn in 2024 and is expected to exhibit a CAGR of 6.9% over the forecast period 2024 to 2031.
Regional analysis: North America is expected to hold the largest share of the global hematology market during the forecast period. This is attributed to factors such as rising prevalence of blood disorders, increasing demand for advanced diagnostic tools, growing awareness regarding hematology testing, and presence of well-established healthcare infrastructure in the region.
Key players: Key players operating in the hematology market are Shaanxi Undersun Biomedtech Co., Ltd., Tocris Bioscience (Bio-Techne Corporation), BioOrigin, Nature’s Sunshine Products, Inc., Organic Herb Inc., Damin Foodstuff (Zhangzhou) Co., Ltd., Nutra Green Biotechnology Co., Ltd., Xian Yuensun Biological Technology Co., Ltd., Guangxi Yiyuan Biotechnology Co., Ltd., Changsha Heking Bio-Tech Co., Ltd., Hangzhou Botanical Technology Co., Ltd., Novoherb Technologies, Jiangsu Changhai Food Additive Co., Ltd., Xian Sost Biological Science & Technology Co., Ltd., Xi’an Plant Bio-Engineering Co., Ltd.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it