(PharmaNewsWire.Com, November 19, 2020 ) The Tissue Diagnostics Market size is projected to reach USD 4.7 billion by 2025 from USD 3.4 billion in 2020, growing at a CAGR of 6.5% from 2020 to 2025.
The rising incidence of cancer, growing healthcare expenditure, improving infrastructure of cancer diagnosis, and technological advancements in tissue diagnostics are driving the growth of the global market.
Moreover, significant opportunities in BRICS countries, growing demand for personalized medicines, and increasing number of clinical trials pertaining to cancer drugs are expected to create significant growth opportunities for the market players in the coming years.
Consumables accounted for the largest share of the tissue diagnostic market, by product, in 2019
By product, the tissue diagnostic market is segmented into instruments and consumables. The consumables segment is expected to grow at the highest rate during the forecast period. The large market share of this segment is attributed to their requirement in large numbers, cost-effectiveness, and ease of use.
By technology, immunohistochemistry accounted for the largest market share in 2019
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 is increasing prevalence of chronic diseases across the globe, where this technology is mostly used in tissue diagnostics.
North America was the largest regional market for tissue diagnostic in 2019
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.
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