Hematology Testing Industry WAS Dominated by Hospitals

The hematology testing market will reach USD 6,335.9 million by 2030, at a rate of 6% in the years to come, as stated by a market research institution, P&S Intelligence.

This growth of the industry is mainly because of the rising incidence of diseases related with blood and the increasing acceptance of high output hematology analyzers along with tech progressions.

Consumables had a larger share of revenue, of about 70%, in 2022, and it will continue to grow with a rate of about 7% in the future. This is because of the widespread use of various test kits and reagents for performing hematology testing, while catering to the necessities of end users.

These are measured to be the reoccurring revenue model. The consumables are the need of the hour every time hematology testing is done, building a directly relational relationship between instruments and consumables.

Among consumables, reagents dominated the industry with about 60% in 2022, and it will grow the fastest with about 5% in the years to come. This is because of the increasing count of lab tests, as a result of the increasing occurrence of infectious and chronic diseases.

Similarly, the increasing usage of IVD testing in continuing research events and the growing IVD product introductions will improve the acceptance of reagents, at a global level.

Routine hematology tests had a larger share, of about 70%, in 2022. Tech progressions have brought about a better comprehending of the relationship between routine tests and numerous disease indications.

This has led to an increase in routine tests performed for determining a number of health conditions. CBC is a common routine test. One of the main reasons for the growing count of CBC tests is their user-friendliness.

Hospitals led the hematology testing market, with a share of approximately 45%, in 2022. This is because of the snowballing number of hospitals and high patient arrival in hospitals as opposed to further diagnostic centers.

Likewise, hospitals create contracts with vendors for purchasing analyzers and related consumables regularly. Furthermore, the requirement for hematology testing amongst patients is high, suffering from diabetes and cancer.

North America was the market leader in the past, with about USD 2 billion. This has a lot to do with the increasing incidence of numerous blood disorders, promising patient demographic, and compensation policies.

The requirement is mostly increasing across professional healthcare settings for treating the increasing population of patients in Canada and the U.S.

Also, the increasing occurrence of sickle cell disease, anemia, and thalassemia, are powering the requirement for consumables and hematology analyzers in North America.

It is because of the increasing requirement for personalized product recommendations, the demand for hematology testing solutions will continue to increase in the years to come.