According to Coherent Market Insights, the global hematology market is valued at US$ 4537.5 million in 2019 and is projected to exhibit a CAGR of 7.80% over the forecast period (2019–2027).
Key Trends and Analysis of the Global Hematology Market:
Key trends in the market are rising incidence of blood cancer, increasing product launches and adoption of inorganic growth strategies such as collaborations and acquisitions by key market players.
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According to the World Cancer Research Fund 2018 report, there were around 18 million patients diagnosed with cancer globally in 2018, out of which around 509,590 patients were diagnosed with Non-Hodgkin lymphoma globally in 2018.
Increasing number of product launches is expected to contribute to growth of the global hematology market over the forecast period. For instance, in September 2018, Sysmex Corporation launched the XS-500ix, an automated hematology analyzer of its XS-Series, in the China market. The primary target of the XS-500ix, which is designed for high performance, compactness, is to measure minute quantities of blood samples.
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Furthermore, key players operating in the market are focused on adopting acquisition and collaboration strategies, in order to expand their product offerings. For instance, in September 2019, CellaVision AB, a global medical technology company that develops and sells systems for routine analysis of blood and other body fluids in health care services, acquired RAL Diagnostics, a leading producer and market actor in reagents in hematology, bacteriology, parasitology, cytology and pathology. The acquisition is expected to help CellaVision a well-established brand with solutions in staining and sample preparation of the highest quality. CellaVision and RAL together created an increased customer value in digital morphology by offering a complete and integrated solution for the hematology laboratory.
Key Market Takeaways:
- The global hematology market is expected to exhibit a CAGR of 7.80% over the forecast period owing to rising incidence of blood related disorders such as blood cancer, anemia, hemophilia and others. For instance, according to National Hemophilia Foundation 2018 report, one in 10,000 people are born with hemophilia A due to deficiency of clotting factor VIII, and one in 50,000 people are born with hemophilia B due to lack of clotting factor IX.
- North America is expected to hold a prominent share in the global market, owing to presence of developed markets such as the U.S and Canada, which creates demand for highly sophisticated products having increased productivity and quicker response times. There is also high incidence of blood cancer, and according to National Cancer Institute’s (NIH) 2019 statistics, leukemia accounted for around 3.5% of all new cancer cases in the U.S.
- Key players operating in the global hematology market include Abbott Laboratories, Sysmex Co., Beckman Coulter, Horiba, Ltd., Boule Diagnostics AB, Mind ray Medical International Limited, Siemens Healthcare, Roche Diagnostics, Bio Rad laboratories, Sigma Aldrich Co., Nihon Kohden Corporation.
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