Hematology Testing Market Size, Growth and Development Forecast to 2030

Posted by Aryan on November 28th, 2023

The hematology testing market generated a value of USD 3,987.4 million in 2022, and it will touch USD 6,335.9 million, growing at a 6.0% compound annual growth rate, by 2030.

The growth of the industry is mainly because of the increasing incidence of blood-related illnesses and the growing usage of high throughput hematology analyzers as well as advancements in technology.

In 2022, the consumables category, based on product, contributed a larger revenue share, of approximately 70%, and it will also observe a higher growth rate, of approximately 7%, in the years to come. The growth in this category is primarily because of the widespread adoption of numerous reagents and test kits to perform hematology testing.

In 2022, the reagents category, among the consumables, accounted for the largest share of approximately 60%, and it will exhibit the highest growth rate of approximately 5% in the years to come. This is because of the mounting number of laboratory tests number, as a result of the growing prevalence of infectious and chronic illnesses.

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In 2022, the global hematology diagnostics industry is led by North America, with approximately USD 2 billion, owing to the advantageous patient demographic, favorable policies of reimbursement, and increasing incidence of numerous types of blood diseases in the region.

APAC will observe the highest growth rate in the industry, of approximately 8%, in the years to come, owing to the mounting number of blood camps, growing government investments, rising consciousness about blood donation, and increasing blood disorders incidence in the region.

Moreover, India and China together hold over 50% share of the APAC industry, owing to the high acceptance of flow cytometry in these nations.

Hence, with the increasing incidence of blood-related illnesses and mounting acceptance of high-throughput hematology analyzers, the hematology testing industry will continue to advance in the years to come.