(PharmaNewsWire.Com, October 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.
The global tissue diagnostic market size is expected to reach USD 4.7 billion by 2025 from USD 3.4 billion in 2020, at a CAGR of 6.5%. In 2019, North America is expected to dominate the tissue diagnostics market, followed by Europe.
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
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
However, 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 are the major factors driving the growth of the tissue diagnostic market
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