According to researchers from the University of Southern California, and the Brookings Institution, employers and payers who use reference pricing are likely to lower the hematology test price by 31.9%. This is expected to help patients in choosing the tests which are close to their reference price, saving their out-of-pocket burden. In addition, several companies are manufacturing and marketing miniature instruments with high accuracy. Analyzers are converging multi-parameter tests into single platforms through these miniaturized machines, thereby helping labs and hospitals to save on heavy investments. These factors are driving growth of the global hematology analyzer market.
Increasing Demand for IT-driven Medical Information Networks to Propel Growth of the Market
In its recent report, Persistence Market Research (PMR) projects the global hematology analyzer market to register an impressive expansion at 5.7% CAGR during the forecast period 2016 to 2024. In 2015, the market was evaluated at revenues worth US$ 1,283 Mn, and is estimated to surpass US$ 2,000 Mn by 2024-end. Leading players in the global hematology analyzer market are introducing innovative products in order to retain as well as increase their market share. Advancements in information technology has garnered demand for IT-driven medical information networks in healthcare sector, contributing to effective collection and analysis of hematology test data. Such factors are propelling demand for hematology analyzers globally.
In addition, other factors such as increasing awareness about chronic diseases and surging demand for hematology analyzers from healthcare settings on the back of growing geriatric population are expected to drive growth of the market. In contrast, macro-economic and geopolitical uncertainties associated with monetary and fiscal policies are affecting global market players. In addition, liquidity risk is expected to restrain growth of small-scale hematology analyzer manufacturers. Various regulatory challenges have been incurred in the approval of hematology analyzers. Moreover, presence of excess and obsolete inventories such as semi-automatic hematology analyzer is increasing owing to the rise in automation. These factors are anticipated to hamper the market growth.
Sales of 6 Part Differential Analyzer to Register Fastest Growth through 2024
5 part differential analyzer is estimated to remain sought-after product, with sales estimated to reach US$ 1,386.7 Mn by 2024-end. Sales of 6 part differential analyzer are expected to register fastest growth through 2024. In addition, 3 part differential analyzer and 5 part differential analyzer are expected to witness parallel expansion at 5.6% CAGR through 2024.
By modality, standalone hematology analyzers will remain most-lucrative in the market, expanding at 5.8% CAGR through 2024. These analyzers are highly preferred among large-scale hospitals in developed economies. In addition, sales of point of care hematology analyzers are estimated to reach US$ 929.2 Mn by 2024-end.
Hospitals to Account for Highest Share of the Market by 2024-End
Hospitals are expected to account for highest share of the market, and will remain the largest end-users of hematology analyzers across the globe. Sales of hematology analyzers in hospitals are projected to reach nearly US$ 600 Mn by in 2017. In addition, diagnostic centres are expected to be the emerging end-users of hematology analyzers, with sales estimated to expand at 5.7% CAGR through 2024.
North America will retain its dominance in the global hematology analyzer market throughout the forecast period. Sales of hematology analyzers in North America will surpass US$ 700 Mn in revenues by 2024-end. In addition, Asia Pacific will be the fastest growing market for hematology analyzers, expanding at 7.1% CAGR through 2024.
Key market players identified in PMR’s report include SYSMEX CORPORATION, Abbott Laboratories, Beckman Coulter Inc, Siemens AG, Boule Diagnostics AB., Nihon Kohden Corporation, Mindray, HORIBA, Ltd., Diatron, Cellavision, Edan Instruments, Inc., SAMSUNG, Biosystems S.A, F. Hoffmann-La Roche Ltd., Shenzhen Dymind Biotechnology Co., Ltd, PZ CORMAY S.A., PixCell, Shenzhen Landwind Industry Co., Ltd, Rayto Life and Analytical Sciences Co., Ltd., Shenzhen Prokan Electronics Lnc.
Queries related to the report may be addressed to our analysts from Persistence Market Research (PMR) at email@example.com