The Asia Pacific hematology analyzers and reagents market is expected to reach US$ 2,709.54 million by 2027 from US$ 1,456.83 million in 2019. The market is estimated to grow at a CAGR of 8.1% from 2020 to 2027.
The growth of this market can be attributed to key driving factors, such as rising cases of blood disorders and cancers across Asia Pacific and increasing adoption of point-of-care testing methods. However, the market growth is likely to be hindered owing to risks associated with damaged hematology analyzers and reagents resulting in product recalls.
Point-of-care (POC) testing enables the healthcare staff to make rapid decisions while diagnosing patient conditions and monitoring treatment response. Simplification and advancements in POC systems allow clinicians to focus on certain parameters that play a crucial role in the treatment procedures. Furthermore, this helps the caregivers to provide effective and good-quality patient care. In recent years, various small hematology analyzers supporting the point-of-care testing (POCT) methods have been introduced. The POCT hematology analyzers can also be used in centralized systems; however, POC devices' ability to deliver similar results using a blood sample from finger prick provides an additional advantage. For instance, in October 2020, PixCell Medical announced regulatory approval from the Australian Therapeutic Goods Administration for HemoScreen Point-of-Care Hematology Analyzer. The HemoScreen provides insights on 20 CBC parameters and comprehensive abnormal cell flagging, which can assist in the early detection of diseases, including several types of cancers. This approval confirms the inclusion of HemoScreen in the Australian Register of Therapeutic Goods, authorizing commercialization throughout Australia. Therefore, increasing adoption of point-of-care testing methods is driving the market.
Countries in Asia Pacific are expecting to witness huge challenge due to spread of COVID-19 virus. Considering the economic operations and geographic condition, the outbreak of the disease has affected medical tourism, manufacturers of diagnostic kits and drugs, supply chains, distributors, and other problems posed by shortage of healthcare infrastructure in Asia-Pacific low income countries. After the first case in December in Wuhan, China, the coronavirus has spread to at least 180 countries and regions. To prevent the spread of the disease, restrictive measures have been taken in countries, such as India, South Korea, Singapore, Malaysia, and the Philippines. According to the World Health Organization (WHO), due to the rapidly changing risk of COVID-19 on affected countries, any additional health measures are likely to significantly interfere with international travel and trade.
This has resulted in adverse influence on all industries, including blood collection and its accessory equipment. In India, the number of voluntary blood donations has shrunk as the government excludes people, who show cold, fever and cough symptoms, from donating blood. Usually, the leading blood banks in India, such as the Indian Red Cross Society and the Rotary Blood Bank, collect approximately 250 units of blood at each donation facility; however, these banks are running dry and are facing 80% decline in blood collection, as reported in April 2020. However, the blood tests for COVID-19 and other hematologic diseases have retained normalcy after the slowdown of the pandemic and created a positive impact on the growth of the market in the region.
Based on product and service, the Asia Pacific hematology analyzers and reagents market is segmented into hematology products and services, hemostasis products and services, and immunohematology products and services. The hematology products and services segment is further divided into instruments, reagents and consumables, and services. The hemostasis products and services segment is further divided into instruments, reagents and consumables, and services. The immunohematology products and services segment is further divided into instruments, reagents and consumables, and services. The hematology products and services segment held the largest market share in 2019, and the same segment is anticipated to register the highest CAGR in the market during the forecast period.
Based on application, the Asia Pacific hematology analyzers and reagents market is categorized into anemia, blood cancer, hemorrhagic conditions, infection related conditions, immune system related conditions, and others. The anemia segment held a larger market share in 2019, whereas the blood cancer segment is anticipated to register a higher CAGR in the market during 2020–2027.
Based on end user, the Asia Pacific hematology analyzers and reagents market is segmented into hospital laboratories, commercial service providers, government reference laboratories, and research and academic institutes. In 2019, the hospital laboratories segment held the largest share of the market and the same segment is anticipated to register the highest CAGR in the market from 2020 to 2027.
Primary and secondary sources referred to while preparing the report on the Asia Pacific hematology analyzers and reagents market include Indian Council of Medical Research and Hemophilia Federation India.