High Prevalence of Anemia Affecting Demand for Americas Hematology Diagnostics – Fact.MR Study
According to a new study published by Fact.MR, a market research and competitive intelligence provider, the Americas hematology diagnostics market was valued at US$ 264.3 Mn in 2020, and is predicted to expand at a CAGR of around 5% over the forecast period (2021–2031).
Factors boosting demand for hematology diagnostics include rising incidence of blood-related diseases such as anemia and blood cancer. Hematological tests help in evaluating various conditions involving blood and its components. But these can be also performed to determine various life-threatening diseases at different stages. Blood tests can give an exact assessment of body conditions and result in early treatment.
Advancements in technology have led to the development of simple and painless blood testing systems. Moreover, development prospects of hematology diagnostics are expected to be influenced by rising investments in research & development activities of blood-related diseases. Rising healthcare expenditure and focus are expected to contribute significantly to the growth of the market over the forecast period.
Key Takeaways from Market Study
- Blood typing kits are expected to contribute more than 31% revenue share in the market by 2031.
- Under modality, demand for lab-based testing is expected to increase at a CAGR of 5% through the forecast period.
- Diagnostic laboratories dominate the market among all distribution channels, and are expect to reach a valuation of US$ 172 Mn by 2031.
- The U.S. holds the highest share in the global market due to rising concerns about health and increasing blood related diseases, and is expected to progress at a CAGR of 4% through 2031.
“Growing prevalence of blood-related diseases and rising demand for point of care testing are factors expected to drive market growth over the coming years,” says an analyst of Fact.MR.
Increasing Adoption of Point of Care Services Likely to Propel Market Growth
Point of care tests are gaining popularity because of many factors such as convenience, early diagnosis, and cost effectiveness.
Due to early detection of diseases and the ongoing COVID-19 pandemic, people are opting for point of care diagnosis. It will also reduce the chances of spread of infectious diseases.
While the hematology diagnostics market is a fairly fragmented in the Americas region, Grifols SA, Abbott Laboratories, F. Hoffmann La Roche Ltd., and bioMerieux hold nearly 50% market share. Tier-2 and tier-3 players hold the remaining half of the global market share.