CellaVision is a €350m OEM of proprietary blood analysis equipment in Sweden. CellaVision has grown sales at a 13% CAGR in the past decade with ~30% EBITDA margins. The stock has tripled over the same period.

This research roundup explores how CellaVision has come to dominate its niche in hematology with >80% market share and the relationship with its distributor Sysmex, who accounts for >70% of CellaVision’s revenue.

Hematology market

Blood tests are the most common diagnostic test, with 2 billion tests completed per year in the United States. Complete blood counts (CBC) is the most common blood test. CellaVision estimates there are 4 billion tests completed globally.

“It is estimated that about four billion tests are carried out around the world every year.“ - CellaVision 2021 Annual Report

The global hematology market is estimated to be worth ~$4 billion a year, depending on estimates. Sysmex, for example, estimates the hematology analyzers & reagents market to be worth $4 billion a year. 

Within the larger hematology market, CellaVision targets an addressable market worth between €175-250m compared to 2024 revenue of ~65m EUR (724m SEK).

The market is split between what CellaVision refers to as large labs (>130 samples a day), where CellaVision is 27% penetrated (as of 2024) and small- and medium sized labs, where the company currently has little presence.

Industry structure