• by esalazar@marketresearch.com
  • November 20 2013
  • hematology

A Complete Count of the Global Hematology Market

A Complete Count of the Global Hematology Market

Hematology testing stands far from the IVD market’s most ambitious clinical frontiers and, without significant expansion in clinical applications, is bound by gradual trends in patient population and available healthcare infrastructure (lab, physician, and other clinical clients). Lab industries in the developed world are largely undergoing consolidation and cost-cutting and resident patient populations are not growing fast enough - either in absolute numbers or testing intensity - to drive hematology market growth on par with other IVD segments. Kalorama Information’s upcoming report on the global hematology market examines these trends to contextualize recent market development - including regional market strength and industry market share - and identify remaining sources and opportunities for market growth.

The traditional primary markets for hematology, and core lab diagnostics in general, are in North America and Europe. The combined hematology market in these two developed regions has grown only 2% in the past four years (2010-2013) as vendors struggle to maintain instrument placements. Instrument market revenue in North America and Europe - largely through placements of hematology analyzers - is actually estimated to fall to 7% below 2010 levels in 2013.

The cautiousness in investment by labs in North America and Europe - motivated in large part by fiscal and regulatory uncertainty in the United States and impacts of austerity on healthcare funding in Europe - is not representative of overall global market conditions. Worldwide, hematology instrument revenue in 2013 is pegged by Kalorama Information at 1.5% over 2010 revenue. Including consumables and vendor service revenue, the total laboratory hematology market in 2013 is valued at 11% above 2010. Such disparate growth trends prompts the question, what is defying the narrative of stalled core lab investment set by developed markets? Global market growth has been fueled primarily by more reliable growth in hematology vendor services and consumable revenue, and the expansion of healthcare infrastructure and care accessibility in the Asia-Pacific.

A major factor behind observed hematology market growth, Chinese healthcare reform resulted in a surge in demand for clinical lab instrumentation as private and government capital was made available for the construction of new facilities and expansion of care networks. Economic development in India and Southeast Asia has also benefited the hematology market as healthcare spending and improvement has been leading priorities in those countries. Overall, developing countries are estimated by Kalorama Information to represent 53% of the Asia-Pacific hematology market. The remaining market includes Japan, Australia, Korea, New Zealand, and the city-states of Singapore and Hong Kong. Led by the outstanding economic growth of China, the Asia-Pacific hematology market surpassed Europe in market size in 2012.