A recent report published by Markets and Markets states that the global hematology analyzers and reagents market is estimated to grow at a CAGR of 5.2% from 2014 to 2019, and that the market will be valued at $3.13 billion by 2019. The hematology market comprises point-of-care and fully automated analyzers as well as consumables such as reagents and stains.
According to the report, the factors contributing to the growth of the hematology lab equipment and reagents market include technological advancements in high throughput hematology instruments, incorporation of basic flow-cytometry techniques in the modern analyzers, increasing use of automated instruments by diagnostic laboratories, technological developments and developments in high sensitivity point-of-care (POC) hematology testing.
Emerging markets in the Asia-Pacific region including China, India, Brazil, and Mexico are attracting the companies that manufacture and market hematology reagents and instruments. The key factors driving the demand for hematology products in these countries are the large patient population, increasing funding/investment for the development of hematology products, and the growing focus of both international and domestic players on the region.
In 2013, a Companiesandmarkets.com report mentioned the increasing aging population and the incidence of age-related diseases worldwide as the main drivers of the hematology instruments market. Hematology analyzers play an important role in the early detection of these and other diseases.
As of 2013, Sysmex Corporation (Japan) led the global hematology analyzers and reagents market. Other players making their presence felt include Beckman Coulter, Inc. (U.S.), Abbott Laboratories (U.S.), HORIBA, Ltd. (Japan), Siemens AG (Germany), and Bio-Rad Laboratories, Inc. (U.S.).
Research reports, however, point out a few pivotal factors that could slow down the growth of market for hematology products: slow adoption of the advanced hematology instruments in the emerging economies, product recalls, and stringent and time consuming regulatory policies.
The high cost of the analyzers is another critical challenge as far as adoption is concerned. Fortunately, leading lab equipment suppliers strive to supply end users (clinical testing labs, stand-alone hospitals, research institutions and centers, academic institutions and other organizations) with top quality new and recertified hematology analyzers at budget-friendly prices.