June 17, 2024
Complete Blood Count Device Market

Complete Blood Count Device Market Is Estimated To Witness High Growth Owing To Advancements In Hematology Testing Automation And Diagnostics

The complete blood count device market has been witnessing significant growth rate owing to increase in prevalence of various infectious and chronic diseases worldwide. Complete blood count devices help in determining overall health status in patients by measuring number of red blood cells, white blood cells and platelets along with hemoglobin concentration and hematocrit level in blood sample. Advantages of complete blood count devices include ability to automate blood analysis and perform accurate hematology screening and diagnostics within short span of time. Rising need for advanced diagnostic testing for anemia, infection and blood disorders is providing a thrust to the demand of complete blood count devices globally. The Global complete blood count device market is estimated to be valued at US$ 4922.18 Mn in 2024 and is expected to exhibit a CAGR of 12.% over the forecast period 2024 to 2030.

Key Takeaways

Key players operating in the complete blood count device market are Agilent Technologies, Inc., BD, F. Hoffmann-La Roche Ltd., Bio-Rad Laboratories, Inc., Danaher, Illumina, Inc., Thermo Fisher Scientific Inc., QIAGEN, Merck KGaA, Shimadzu Corporation, Hitachi, Ltd., Bruker, Oxford Instruments, ZEISS International, Genome Medical, Inc., Hamilton Company, and Beckman Coulter, Inc. Key opportunities in the market include rising government and private investments in developing new hematology analyzers, increasing demand for point-of-care hematology testing devices and growing adoption of automated hematology devices in clinical laboratories and hospitals. Technological advancements such as development of novel reagents, microfluidics technology and implementation of artificial intelligence are further supporting the growth of complete blood count device market.

Market Drivers

Some of the major Complete Blood Count Device Market Demand  drivers for complete blood count device market are increasing healthcare expenditure worldwide, rising geriatric population prone to various blood-related diseases, growing number of blood donations and blood transfusion procedures performed globally every year. Also, increasing prevalence of lifestyle diseases such as diabetes mellitus and rising diagnostic testing rates especially in developing nations are contributing to the demand of complete blood count devices. Government initiatives to modernize healthcare infrastructure and availability of reimbursement for diagnostic testing will further support the market growth during the forecast period.

Current challenges in Complete Blood Count Device Market
Increased demand for the high quality and affordable healthcare facilities are presenting key challenges in the Complete Blood Count Device Market. Rising incidences of lifestyle diseases have amplified the patient flow, putting pressure on healthcare facilities. At the same time, the desire for reliable yet affordable treatment options is consistently rising. This brings forth complex challenges related to improving accessibility while maintaining optimal quality and reducing costs. Technology development in this sector needs to focus on these critical aspects to drive continued market growth in the coming years.

SWOT Analysis

Strength: Automation and digitization of complete blood count devices have improved accuracy and efficiency of tests. Standardization of results reduces manual errors.
Weakness: High capital investment requirements pose entry barriers for small players. Stringent regulatory approvals delayed market entry of novel solutions.
Opportunity: Untapped growth opportunities in rural and remote regions due to limited availability of diagnostic services. Integration of AI/IoT capabilities can enhance diagnostics and expand application scope.
Threats: Economic slowdowns may limit healthcare budgets, negatively impacting market investments. Strong bargaining power of large hospitals puts pricing pressures on device manufacturers.

Geographical Regions

North America currently holds the largest share of the complete blood count device market, in terms of value, owing to the rapid adoption of advanced diagnostic technologies and well-established healthcare systems. Asia Pacific is anticipated to witness the fastest growth over the forecast period. This can be attributed to growing medical tourism across India and South-East Asian countries, increasing per capita healthcare expenditure in China and India, and rising government investments to strengthen healthcare infrastructure.

The complete blood count device market in Europe enjoys significant revenues owing to the availability of supportive regulations, increasing healthcare adoption, and presence of major industry players. On the other hand, Latin America is projected to provide lucrative opportunities for market participants during the forecast period. This is due to the increasing burden of infectious and chronic diseases coupled with expanding medical insurance coverage in the region.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it