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The global point of care (POC) haematology diagnostics market size is estimated to grow by USD 7.15 billion at a CAGR of 10.33% between 2023 and 2028.
The global point of care hematology diagnostics market is witnessing an increase in the number of product launches, which is driving the adoption of these new and advanced solutions across diagnostic laboratories globally. Additionally, the launch of new and advanced products is enabling vendors to gain a competitive edge over their rivals by bringing significant product differentiation. For example, in March 2022, Mindray launched the new BC-700 Series, a breakthrough hematology analyzer series that includes both CBC and erythrocyte sedimentation rate (ESR) tests. In addition, the acceptance of technologically advanced POC hemoglobin analyzers has also increased owing to their increased availability and faster results. Consequently, with the increasing number of new product launches, the global POC hematology diagnostics market is expected to grow during the forecast period.
Technavio has segmented the market into End-user, Product, and Geography
It also includes an in-depth analysis of drivers, trends, and challenges. Our Point of Care Haematology Diagnostics Market examines historic data from 2018 - 2022 , besides analyzing the current market scenario.
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The market share growth by the hospitals and clinics segment will be significant during the forecast period. The hospitals and clinics segment is the key segment that represents different point of care hematology diagnostics market dynamics and contributes to the overall development of POC hematology diagnostics. Hospitals are one of the leading end-users in the global POC hematology diagnostics market. They offer a wide range of healthcare services, have a well-developed infrastructure, and have a high patient volume. As a result, they often need efficient and fast diagnostic solutions to improve patient care, treatment decisions, and overall healthcare outcomes.
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The hospitals and clinics segment was valued at USD 3.55 billion in 2018. Clinics are another important segment of the global point of care (POC) haematology diagnostics market, encompassing both primary care clinics and specialty clinics. POC hematological diagnostics in clinics play an important role in facilitating rapid diagnosis during initial consultations, allowing for immediate interventions and tailored treatment plans. Thus, such factors will drive the growth of the hospitals and clinics segment and will fuel the growth of the global POC hematology diagnostics market during the forecast period.
Consumables contain tubes, accessories, reagents, controls, and kits that are usually used during several hematological diagnostic tests and assays. The consumables are slightly expensive than systems; yet, the use of the consumables is very high depending upon the number of times a test is performed. Moreover, vendors are constantly boosting their investments in product R&D to develop highly precise and accurate reagents and kits for bringing consistency in test results during repetitive testing. Furthermore, due to the increasing burden on laboratories, the demand for rapid tests that can be performed at patients' sites is increasing, which is expected to promote the revenue growth of the consumables segment and fuel the point of care hematology diagnostics market during the forecast period.
The systems include POC hematology analyzers, readers, and centrifuge. POC systems are purchased once based on requirements and usage. Growing advances in POC hematology diagnostic systems offering varied features and enhancements are key factors driving the adoption of new POC hematology diagnostics. To increase the market share, various market players are focusing on increasing the number of product launches. In addition, market players oversee and efficiently analyze such requirements from end-users to target specific features necessary for product advancement. Some of such innovations and feature enhancements include miniaturization, integration of AI, and simultaneous processing capabilities. Thus, the new product launch and technological advances will drive the growth of the market during the forecast period.
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North America is estimated to contribute 38% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that will shape the market during the forecast period. North America was the largest market for POC hematology diagnostics in 2023 due to the increasing prevalence of hematology conditions, such as thalassemia, sickle cell disease, and polycythemia. Furthermore, the market has the presence of several market players, such as Abbott Laboratories (Abbott), Drucker Diagnostics LLC, SD. Sight Diagnostics Ltd., Danaher Corp.(Danaher), and Nova Biomedical Corp.
Moreover, the above-mentioned point of care (POC) haematology diagnostics market players have a strong supply chain in the region, which is helping them to enable the easy availability of their advanced products. In addition, in the US, the rapid adoption of next-generation POC hematology diagnostic devices and handheld devices in physicians' offices is boosting the demand for POC hematology diagnostics, as these analyzers are compact and do not require much floor space. Players such as Abbott and Danaher have a strong presence in the US. Hence, such factors are expected to drive POC haematology diagnostics market growth in this region during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market. The report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
A. Menarini Industrie Farmaceutiche Riunite Srl: The company offers POC hematology diagnostics systems such as Medonic-M of different models which are suitable for use in different situations such as Decentralized stations on the territory, Analysis laboratories, Medical studies, Pre-donation screening and Emergency rooms.
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
There are multiple factors influencing market growth. Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges.
Paradigm shift from benchtop to portable hematology diagnostic systems is the key factor driving market growth. The growing diversity of tests that can be undertaken near the bedside of patients denotes the prevalence of multi-parameter checking POC devices. The accuracy of portable POC hematology diagnostic systems and several benefits associated with their use across routine procedures have motivated end-users such as clinical diagnostic laboratories, hospital-based laboratories, and independent laboratories to switch over to the POC variant from the benchtop variant. Cost-effectiveness and rapid turnaround times are also encouraging adoption.
Furthermore, clinical laboratories that adopt POC hematology diagnostic solutions are equipped with PC interfaces and advanced technologies to provide accurate test outcomes. These analyzers include other advantages such as extended test menus, quality control features, adjustment programs, and advanced interfaces, such as touchscreen-enhanced symbols, which are encouraging the adoption of POC hematology diagnostic solutions globally. Thus, such factors are expected to fuel the growth of the market during the forecast period.
An increase in the number of OEMs is the primary trend shaping market growth. The cost of raw materials used to produce POC hematology diagnostic analyzers is very high, and it further requires additional costs such as land, labor, and R&D, which need substantial financial resources. Hence, instead of establishing new manufacturing plants, market players directly purchase the devices from the OEMs, which saves their costs regarding land, labor, and R&D.
For example, Boule is an OEM that supplies reagents directly to the customer with the inclusion of the customer brand before it reaches the end-user. Also, Labcon, an OEM, offers customized reagents for use in the analyzers. These measures will lead to an increase in the growth of the global POC hematology diagnostics market during the forecast period.
The high cost of hematology diagnostic products is a challenge that affects market growth. The majority of the POC hematology diagnostic products manufactured by various global and local market players are cost-efficient. However, the cost associated with hematology conditions such as management of thalassemia and anemia is high, which leads to out-of-pocket expenditure. The high cost of next-generation hematology analyzers can become a challenge for small and medium-sized laboratories.
Furthermore, the constant purchase of consumables, such as reagents, cartridges, and test tubes, increases the cost burden. For example, the average cost of a hematology analyzer ranges between USD 35,000 and 65,000. In addition, the cost of reagents, which are being used in the analyzer to conduct the test, increases the cost burden further. The average price range of the consumables is around USD 45 - USD 70. Hence, the high cost of hematology diagnostic products impedes the market growth during the forecast period.
The market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global POC Haematology Diagnostics Market Customer Landscape
The POC haematology diagnostics market report forecasts market growth by revenue at global, regional & country levels and analyzes the latest trends and growth opportunities from 2018 to 2028.
POC Haematology Diagnostics Market Scope |
|
Report Coverage |
Details |
Page number |
164 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 10.33% |
Market Growth 2024-2028 |
USD 7.15 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
9.65 |
Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
Performing market contribution |
North America at 38% |
Key countries |
US, Canada, Germany, UK, and China |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
A. Menarini Industrie Farmaceutiche Riunite Srl, Abbott Laboratories, Chengdu Seamaty Technology Co. Ltd., Danaher Corp., DIAGON Kft., Diamond Diagnostics Inc., Drucker Diagnostics LLC, EKF Diagnostics Holdings Plc, F. Hoffmann La Roche Ltd., HORIBA Ltd., Medsource Ozone Biomedicals Pvt. Ltd., Norma Instruments Zrt., Nova Biomedical Corp., PixCell Medical Technologies Ltd., S.D. Sight Diagnostics Ltd., Sekisui Diagnostics LLC, Mindray Bio medical Electronics Co. Ltd., Siemens AG, Sysmex Corp., and Transasia Bio Medicals Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the forecast period. |
Customization purview |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Product
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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