Hematology Diagnostics Market is expected to surpass US$ 2.0 billion by 2033, with a CAGR of 9.9%

The Hematology Diagnostics Market Size is anticipated to be worth US$ 780.0 million in 2023 and US$ 2.0 billion by 2033. The market for Hematology Diagnostics is estimated to develop at a CAGR of 9.9% during the forecast period.

Chronic diseases such as cancer, blood clots, blood-related disorders, and infections are fueling market growth. Furthermore, increasing advanced technology and the use of artificial intelligence to aid in speedier diagnosis are driving Hematology Diagnostics market prospects.

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The increased prevalence of blood disorders such as anaemia, thalassemia, and sickle cell disease is generating market opportunities. Furthermore, R&D initiatives, upgraded technologies to deliver correct clinical recommendations, and new market participants are expanding Hematology Diagnostics sales. Furthermore, the advancement of standardised diagnostics with greater efficiency in order to reduce workload in research laboratories is increasing the acceptance of Hematology Diagnostics.

Non-invasive hematology equipment and point-of-care tests are driving market expansion. According to a 2019 report, India ranks third in blood cancer behind the United States and China.

Manufacturers Increased Automation in Hematology Diagnostics to Surge Market Opportunities 

In recent years, the healthcare sector has benefited from the advancement of medical technology. Manufacturers are experimenting with a variety of medical equipment in order to give more accurate results, faster answers, and shorter check-up times.

During the projected period, these manufacturers will launch innovative gadgets that will fulfil the needs of patients. Furthermore, the introduction of autonomous and modern equipment with artificial intelligence to record patient data, disease data, and personal data is expanding market prospects.

Key Takeaways:

• The Hematology Diagnosticsmarket is expected to reach US$ 2.0 billion by 2033.
• The global market is expected to register a CAGR of 9.9% during the forecast period.
• The market in the United States Hematology Diagnostics record a CAGR of 9.7% through 2033.
• With a CAGR of 8.9%, the United Kingdom market significantly uplifts during the forecast period.
• The China market is expected to record a CAGR of 9.3% over the forecast period.

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Who is Winning?

The prominent players fragment the market during the forecast period. Therefore, marketers are using various strategies to propel market growth.

• Developing Innovative Products: The manufacturers and top companies focus on developing devices based on machine learning (ML) and deep learning (DL) methods for Hematology Diagnostics patients.
• Increasing Distribution Channels: The key companies are launching their products to acquire massive revenue in the global market. These companies provide their goods and services through multiple distribution channels such as retail, wholesale, supermarkets, and online.
• Trustworthy Brand: The manufacturing companies are developing advanced and transparent brands for their customers. The manufacturers are aware of sustainable products that maintain a trustworthy relationship between the buyer and seller.

Other Prominent Players in the Market are:

•  Meyland Smith A/S
• Abbot Laboratories
• Bio-Rad Laboratories
• Sysmex Corporation
• Mindray Medical International Limited
• Siemens Healthlineers
• F. Hoffman-La Roche Ltd.
• HORIBA Ltd.
• HemoCue AB
• Danaher (Beckman Coulter Inc.)
• Nihon Kohden Corporation
• EKF Diagnostics
• Ortho Clinical Diagnostics
• Drew Scientific

Recent Development 

• In Oct 2021, Suburban Diagnostics announced its newly launched Centre of Excellence for Hematology Diagnostics patients. The freshly launched find out various common and uncommon disorders by providing training and research support.
• In Apr 2022, A medical device company, Sysmex Corporation, launched its new systems, including XQ-Series and XQ-320 Series. These are the automated system that provides multi-feature requirement in the laboratories.
• In Mar 2022, Mindray launched the BC-700 series. These series incorporate complete blood count and erythrocyte sedimentation tests.

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Hematology Diagnostics Market by Category

By Kit Type:

• Anemia and Iron Test Kits
• Folic Acid Testing Kits
• Sickle Cell Screening Kits
• PT/INR Testing Kits
• D-dimer Testing Kits
• Blood Typing Kits
• Leukemia Testing Kits
• Sepsis Testing Kits
• Antibiotics Resistance Panels
• Bacterial & Fungal Panels

By Modality:

• Point of Care
• Lab-based Testing

By Distribution Channel:

• Hospitals
• Diagnostic Laboratories
• Cancer Research Institutes
• Retail Pharmacies
• Drug Store
• Online Sales Channels

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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

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