(PharmaNewsWire.Com, June 02, 2020 ) Tissue Diagnostics industry is experiencing significant growth due to the rising incidence of cancer, developing infrastructure for cancer diagnosis, recommendation of cancer screening, availability of reimbursements, and increasing healthcare expenditure.
Predicted to grow at a CAGR of 14.8 % during the forecast period, the global tissue diagnostics market is estimated to reach USD 2.31 billion by 2022. In 2017, North America is expected to dominate the tissue diagnostics market, followed by Europe.
What are the Tissue Diagnostics Product Market Segments?
This report segments the tissue diagnostics product market into product, technology, diseases, end user, and region. Based on the product, the tissue diagnostics market is segmented into instruments and consumables. The consumables segment is expected to grow at the highest growth rate during the forecast period. This is attributed primarily to their requirement in large numbers, cost-effectiveness, and ease of use. The increasing number of reagent rental agreement is also one of the major factors to drive the growth of the consumables market globally
Based on the technology, the tissue diagnostic market is segmented into immunohistochemistry, in situ hybridization, digital pathology and workflow, and special staining. The immunohistochemistry segment is estimated to register the highest CAGR during the forecast period. This can primarily be attributed to the increasing prevalence of chronic diseases across the globe, where this technology is mostly used in tissue diagnostics.
By disease, the market is categorized into breast cancer, gastric cancer, lymphoma, prostate cancer, NSCLC, and other diseases. The breast cancer segment is expected to grow at the highest rate during the forecast period. The rising incidence of breast cancer is the major driving factor of this segment.
The end user segment of this market is categorized into hospitals, pharmaceutical companies, research laboratories, contract research organizations, and other end users. The research laboratories segment is expected to grow at the highest growth rate during the forecast period. This can be attributed to increasing outpatient surgeries such as endoscopies performed in ambulatory surgical centers (ASCs) and physician offices, which has increased the number of samples outsourced to clinical laboratories. In addition, research laboratories also offer advantages such as excellent complex and specialized testing capabilities, efficient billing and collection systems, and low test costs
The growth of the global market for tissue diagnostics is primarily influenced by the following factors:
Increasing incidence of cancer
Growing healthcare expenditure
Developing infrastructure for cancer diagnosis
Recommendations for cancer screening
Availability of reimbursements
Geographical growth scenario of Tissue Diagnostics Product Market
The tissue diagnostic market is segmented into five major regions, namely, Europe, North America, Asia Pacific, Latin America, and Middle East & Africa. In 2019, North America accounted for the largest share of the tissue diagnostic industry, followed by Europe.
The easy accessibility to advanced technologies, government initiatives for screening cancer patients, favorable reimbursement scenario for pathology diagnostic tests, increasing healthcare expenditure, and high-quality infrastructure for hospitals and clinical laboratories in the region are the major factors driving the growth of the tissue diagnostics market in North America.
Leading market players and strategies adopted
The prominent players operating in the global tissue diagnostic market include Roche (Switzerland), Danaher (US), Thermo Fisher Scientific (US), Abbott (US), Agilent Technologies (US), ABCAM (UK), Merck KGAA (Germany), BD (US), Hologic (US), Bio Rad (US), Biomeriux (France), Sakura Fientek Japan (Japan), BioSB (US), Biogenex (US), Cell Signaling Technology (US), Histoline Laboratories (Italy), Slee Medical GMBH (Germany), Amos Scientific PTY Ltd (Australia), Jinhua Yidi Medical Appliance Co.Ltd (China), Medite GMBH (Germany), Cellpath Ltd(UK), Dipath S.P.A. (Italy).
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