(PharmaNewsWire.Com, March 26, 2021 ) This study involved four major activities in estimating the current size of the anatomic pathology market. Exhaustive secondary research was carried out to collect information on the market, its peer markets, and its parent market. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research.
[306 Pages Report] The global anatomic pathology market size is estimated to grow from USD 33.3 billion in 2020 to USD 46.8 billion by 2025, at a CAGR of 7.1%.
The growth in this market is majorly driven by the high incidence of cancer and other target diseases, availability of reimbursement, and the growing focus on personalized medicine. However, the availability of refurbished products, the lack of skilled professionals, and product recalls are expected to hamper the market growth to a certain extent during the forecast period.
Market Dynamics
1. High incidence of cancer and other target diseases 2. Recommendations for cancer screening 3. Availability of reimbursement 4. Growing focus on personalized medicine
COVID-19 Impact on Anatomic Pathology Market
Globally, the COVID-19 outbreak has impacted every aspect of the diagnostics industry, including the anatomic pathology market. In the last few months, the number of patient visits to hospitals has reduced significantly, despite emergency and OPD services being available in hospitals.
After commencing cancer surgeries or other surgeries, surgeons run through a series of pathology tests to decide the best treatment for patients. However, due to the lockdown in Q2 of many countries, elective and cancer surgeries have reduced significantly. For instance, according to the World Economic Forum, 28 million elective surgeries and 38% of global cancer surgeries have been delayed or postponed in Q2. As a result, the number of diagnostic tests has reduced. This has further reduced the sales of anatomic pathology products during the Q2 2020. Moreover, due to the robust increase in the incidence of COVID- 19, pathology laboratories are now prioritizing and focusing on COVID-19 tests.
By product & service, the anatomic pathology market is segmented into services, instruments, and consumables. The services segment accounted for the largest market share in 2019 and is expected to register the highest CAGR during the forecast period. The growth of this segment can be attributed to the availability of reimbursements for diagnostic tests, rapid growth in the geriatric population, and the increasing incidence of cancer and other chronic diseases.
The geographical regions mapped in the report are:
1. North America 2. Europe 3. Asia Pacific 4. Rest of the World 5. Latin America 6. Middle East & Africa
Based on the region, the global anatomic pathology market is segmented into North America, Europe, the Asia Pacific, and the Rest of the World. In 2019, North America accounted for the largest market share, followed by Europe. The easy accessibility to advanced technologies, government initiatives for screening cancer patients, favorable reimbursement scenario for anatomic pathology diagnostic tests, increasing healthcare expenditure, and the presence of high-quality infrastructure for hospitals and clinical laboratories in the region are the major factors driving the growth of the anatomic pathology market in North America.
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