(PharmaNewsWire.Com, December 12, 2020 ) 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%.
Consumables segment to dominate the tissue diagnostic market
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.
Immunohistochemistry segment to dominate the tissue diagnostic market
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.
North America was the largest regional market for tissue diagnostic
The tissue diagnostic market has been analyzed for North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. In 2019, North America held the largest share of the market, followed by Europe.
Easy accessibility to advanced technologies, government initiatives for screening cancer patients, favourable reimbursement scenario for pathology diagnostic tests, increasing healthcare expenditure, and high-quality infrastructure for hospitals and clinical laboratories in this region are the major factors driving the growth of the tissue diagnostic market in North America.
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