Americas Hematology Diagnostics Market

Market Outlook for Americas Hematology Diagnostics

As per industry analysis of the Americas hematology diagnostics market, revenue totaled US$ 264 Mn in 2020, according to Fact MR. The market is expected to progress at a CAGR of 5% through 2031.

The U.S. is the most lucrative market in the region and is projected to account for over 77% market share by the end of 2031.

Key Insights Covered in Americas Hematology Diagnostics Industry Survey

• Market Estimates and Forecasts 2016 to 2031
• Key Drivers and Restraints Impacting Market Growth
• Segment-wise, Country-wise, and Region-wise Analysis
• Competition Mapping and Benchmarking
• Brand Share and Market Share Analysis
• Demand for Hematology Analyzer Machines
• Demand for Hematology Reagents
• Sales of Hematology Flow Cytometers
• Key Product Innovations and Regulatory Climate
• COVID-19 Impact on Americas Hematology Diagnostics Market and How to Navigate
• Recommendation on Key Winning Strategies

Demand Analysis of Hematology Diagnostics in the America from 2016 to 2020 Vs Market Outlook for 2021 to 2031

According to Fact MR, a market research and competitive intelligence provider, value of the Americas hematology diagnostics market was US$ 264 Mn in 2020. This industry entails testing of blood, blood forming organs, and blood diseases. Some of the common conditions diagnosed using hematology test kits include anemia, inflammatory diseases, blood cancer, and others.

There are various kits present for the purpose hematology diagnosis, such as anemia and iron test kits, folic acid testing kits, sickle cell screening kits, PT/INR testing kits, d-dimer testing kits, blood typing kits, leukemia testing kits, sepsis testing kits, antibiotic resistance panels, and bacterial & fungal panels. These kits are gaining popularity due to increasing demand for improved healthcare facilities.

Research is the focus for players dealing in hematology diagnostics. This results in frequent product launches.

• For instance, in 2020, i-SENS, Inc. launched the ACR Cartridge for monitoring kidney functioning by doing quantitative albumin/creatinin ratio testing.

Developmental stages of advanced hematology diagnostics require huge expenditure. With rise in the number of new entrants, overall research and development expenses are projected to rise exponentially, along with collaborations and licensing agreements with several research institutes.

With constantly rising healthcare spending in developed countries, demand for hematology diagnostics is also expected to rise.

Fact MR expects the Americas market for hematology diagnostics to rise at 5% CAGR from 2021 to 2031.

How is High Prevalence of Anemia Affecting Demand for Hematology Diagnostics across the Americas?

Anemia is a diseased condition in which human blood lacks healthy red blood cells. This leads to reduced oxygen level and transport to the organs. It results in various other problems such as fatigue, shortness of breath, light-headedness, and fast heartbeat.

In this, diagnosis plays a vital role because the treatment required for anemia is directly depending on the result of the blood test. For instance, in case of iron deficiency, iron supplements can be used. Similarly, in case of low vitamin levels, vitamin B supplements can be used to treat the condition.

Anemia is more common in women. According to World Bank data, approximately 30% women of reproductive age suffered from anemia in 2018 across the world. This can be controlled by developing innovative diagnostic kits and advanced treatment methods.

Thus, growing number of anemia cases across the world will create the need for better diagnostics and treatment options, thus driving demand for hematology tests for anemia.

What are the Key Opportunities for Providers of Hematology Diagnostics in the Americas?

Advancements in technology have led to market expansion. Point of care diagnosis methods are gaining popularity. During this COVID-19 pandemic, people changed their priorities. Instead of lab-based systems they wanted to use self-diagnosis kits in order to follow COVID-19 guidelines and stay at home to avoid visits to diagnostic centers and hospitals.

Thus, various emerging market players are mainly engrossed in developing advanced kits for hematology diagnosis, such as point of care hematology testing.

What is Restraining Demand for Hematology Diagnostics across the Americas?

Large number of manufacturers creates competition that has resulted in putting pressure on the cost of products provided by them.

In order to compete with other manufacturers, they have to offer good amount of discounts on their products, which is adding to the already existing pressure on the prices of test kits.

Thus, pricing of products is going to restrain market growth for hematology diagnostics over the coming years.

Country-wise Insights

How Lucrative is the Opportunity in the U.S. for Hematology Diagnostic Equipment Manufacturers?

The U.S. held nearly 80% share of the market in North America in 2020. In the U.S., the dominant stance is due to research collaborations and license agreements for healthcare products. Rising technological advancements gives an opportunity to hematology test kit companies in the U.S. to innovative products for the diagnosis of blood-related diseases such as blood cancer and anemia.

Moreover, key players focus on strategies such as new product launches for hematology diagnosis.

• For instance, BioMedomics Inc. made Ade Adebisi, professional rugby player, the sickle cell disease advocate brand ambassador for its product Sickle SCAN in August 2019.

What is Driving Revenue Generation from Hematology Diagnostics in Canada?

Canada accounted for nearly 20% of the North American market share in 2020. Key factor for speeding growth in Canada is the presence of leading players.

• For instance, BTNX Inc., with its headquarters in Ontario, Canada, is a biotechnology company and a leading manufacturer of rapid diagnostic products that develops information technology systems to run rapid diagnostic test outputs.

How is the Brazil Market for Hematology Diagnostics Faring?

Brazil accounted for over 42% market share of Latin America in 2020. Gradual improvement in healthcare in the country over the past decade has contributed to the growth of the market. Additionally, rise in patient pool in the country is another significant contributing factor for market growth.

What is Scope of Growth for Hematology Diagnostics in Mexico?

The market for hematology diagnostic instruments in Mexico is set to exhibit 8.3% CAGR, and is expected to account for nearly 30% of the Latin American market share. Emerging markets have a great opportunity for expansion in hematology diagnostics. This is due to continuous improvements towards the concept of diagnosis and treatments.

Category-wise Insights

What are Blood Typing Kits Highly Demand across the Americas?

Blood typing kits is the most lucrative segment in the market and is expected to expand at a CAGR of 4% during the forecast period. Blood typing kits are widely used in the healthcare sector to determine exact blood profiles.

What is the Market Share of Lab-based testing in Hematology Diagnostics?

Lab-based testing will continue to dominate the market and is expected to hold around 80% of market share through the end of 2031. This is due to rising blood disorders and the level of accuracy attained in lab-based tests that have made them widely accepted.

What is the Impact of COVID-19 on the Hematology Testing Market in the Americas?

The COVID-19 pandemic is expected to moderately impact the growth of the hematology tests market in the Americas. This is mainly due to rising demand of point of care testing.

Also, on the other hand, the pandemic has enhanced online sales, and many users prefer getting home delivery of and testing kits to avoid exposure to the virus and follow social distancing guidelines.

Competitive Landscape

Manufacturers of hematology diagnostic kits in the Americas are primarily aiming to carry out strategic acquisitions and launch innovative products in the market.

• For instance, Biomerieux acquired Invisible Sentinel, a company that manufactured rapid and accurate molecular diagnostic products, in 2019.
• Similarly, in 2018, Danaher acquired Integrated DNA Technologies, a nucleic acid manufacturing company, which strengthen the life science department of Danaher.

Americas Hematology Diagnostics Market Report Scope

Report Attribute	Detail
Forecast Period	2021 to 2031
Historical Data Available for	2016 to 2020
Market Analysis	USD Million for Value/ Units in Million for Volume
Key Regions Covered	North America and Latin America
Key Countries Covered	US, Canada, Germany, Brazil, Mexico, Argentian
Key Market Segments Covered	Kit; Modality; Distribution; Channel; Region
Key Companies Profiled	BioMedomics, Inc.; Biomerieux SA; Abbott Laboratories; BTNX Inc.; i-SENS, Inc.; Danaher; ELDON BIOLOGICALS A/S; F. Hoffmann-La Roche Ltd.
Report Coverage	Market Forecasts, Competition Intelligence, DROT Analysis, Market Dynamics, Challenges, Strategic Growth Initiatives
Customization & Pricing	Available upon Request

Categorization by Americas Hematology Diagnostics Industry Research

• By Kit

  • Hematology Anemia and Iron Test Kits
  • Hematology Folic Acid Testing Kits
  • Hematology Sickle Cell Screening Kits
  • Hematology PT/INR Testing Kits
  • Hematology D-dimer Testing Kits
  • Hematology Blood Typing Kits
  • Hematology Leukemia Testing Kits
  • Hematology Sepsis Testing Kits
  • Hematology Antibiotic Resistance Panels
  • Hematology Bacterial & Fungal Panels

• By Modality

  • Point of Care
  • Lab-based testing

• Distribution Channel

  • Hematology Diagnostics at Hospitals
  • Hematology Diagnostics at Diagnostic Laboratories
  • Hematology Diagnostics at Cancer Research Institutes
  • Hematology Diagnostics through Retail Pharmacies
  • Hematology Diagnostics through Drug Stores