Hematology is the study of blood and blood forming organs. It involves the formation and development of blood cells through hematopoiesis. Hematopoiesis begins in the yolk sac and later the liver, spleen, and bone marrow take over production of blood cells. The bone marrow contains stem cells that can differentiate into various blood cell types through committed progenitor cells. It maintains homeostasis by replacing blood cells that have a limited lifespan.