PUBLISHER: Coherent Market Insights | PRODUCT CODE: 1477206
PUBLISHER: Coherent Market Insights | PRODUCT CODE: 1477206
The hematology analyzer market is estimated to be valued at USD 4.94 Bn in 2024 and is expected to reach USD 8.07 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 7.3% from 2024 to 2031.
Report Coverage | Report Details | ||
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Base Year: | 2023 | Market Size in 2024: | US$ 4.94 Bn |
Historical Data for: | 2019 To 2023 | Forecast Period: | 2024 To 2031 |
Forecast Period 2024 to 2031 CAGR: | 7.30% | 2031 Value Projection: | US$ 8.07 Bn |
The hematology analyzer market has been growing steadily over the past few years due to rising demand for efficient blood analysis systems from diagnostic laboratories and hospitals as well as blood banks. Hematology analyzers are medical devices used to analyze cellular components such as white blood cells, red blood cells and platelets as well as hemoglobin in the blood. Early detection of blood-related disorders and conditions through timely screening and diagnostic testing has become increasingly important for effective treatment and management of various diseases. This has been a major factor propelling the need for automated hematology analyzers across the globe. Furthermore, technological advancements leading to launch of high-performance systems integrated with artificial intelligence (AI) capabilities is expected to drive the hematology analyzer market growth during the forecast period.
The global hematology analyzer market growth is driven by the rising prevalence of blood disorders as well as rapid growth in aging population worldwide who are more susceptible to such conditions. According to the World Health Organization press release published in April 2023, around 1.5 million people die due to diabetes in 2019. Growing awareness among general population regarding early screening and diagnosis is another key factor boosting the adoption of hematology analyzers. Moreover, increasing healthcare expenditure in developing nations provides ample growth opportunities for market players in emerging markets. However, high costs involved in procurement and maintenance of advanced hematology analyzers is a major challenge for market growth. Also, lack of skilled labor in developing regions act as a restraint. On the upside, ongoing development of portable and point-of-care hematology devices is expected to create lucrative opportunities for profitable expansion of market reach.
Detailed Segmentation-