The global hematology testing market is projected to generate USD 6,335.9 million revenue by 2030, advancing at a CAGR of 6.0% during 2022–2030. This will be on account of the rising product launches, surging integration of flow cytometry with hematology analyzers, and increasing blood transfusions & donations. Moreover, other factors such as the implementation of AI in hematology testing, high demand for point-of-care hematology testing, and the rise in the adoption of telehealth are set to boost the market growth in the forecast period.
The increasing use of AI in healthcare not only reduces the diagnosis time of various ailments but also increases the efficacy of results. Considering the importance of AI in hematology testing, prominent players have been actively involved in the launch of various AI-based hematology products. For instance, in April 2022, Zoetis announced the launch of AI-based blood smear testing on its multi-purpose platform, Vetscan ImagystTM, which provides various applications such as digital cytology image transfer, AI fecal analysis, and AI blood smear.
The consumables category held a larger market share, of around 70%, in 2022, and it is expected to show a higher CAGR in the forecast period. This is on account of the promulgating demand for consumables coupled with the increasing diagnosis of blood disorders. In addition, the rising R&D activities to discover new therapies for the treatment of various chronic diseases are leading to the high adoption of analyzers and consumables. Furthermore, various intervention technologies are being formulated to address the disease prognosis in adolescents and children, which is another factor boosting the hematology testing market growth in this category.
In addition, the instruments category accounted for around 30% of the market share in 2022. The adoption of POC analyzers provides quicker results, high portability, accurate blood analysis, ease to use, and cost-effectiveness-like benefits, thereby burgeoning the industry growth in this category. These analyzers make use of various advanced technologies like microfluidics, AI, and machine vision. CBC is a prerequisite test for the early detection of various infections, and as per the government report, the U.S. and Europe together contribute to more than 2 billion CBC tests per year, thereby the category holds a high market share in these areas.
North America accounted for more than 45% revenue share in the hematology diagnostics market in 2022. The factors responsible for the high industry share in the region are the surging cases of diseases such as blood cancer, inflammatory diseases, anemia, and infectious and respiratory diseases; the rising healthcare expenditure; high adoption rate of fully-automated hematology analyzers; and the increasing preference for highly sensitive POC testing in the region.
Moreover, the launch of new diagnostic products, the extended support from governments, and the rapid adoption of advanced screening tests such as nucleic acid testing (NAT) are also propelling market growth in the region. For instance, NAT has been implemented in Canada for providing a safer blood supply to the people of the country by sleuthing low levels of viral genetic materials exist when an infection happens, but beforehand the body starts making antibodies in response to the virus. Due to this, NAT lessens the time between initial infection and when the virus is first visible or the 'window period' using current antibody tests.