Global Tissue Diagnostics Market Set to Script Impressive Growth: Projected to Grow at the CAGR of 7.5% in the Forecast Period
Published | 12 July 2021
A recent study conducted by the
strategic consulting and market research firm, BlueWeave Consulting,
revealed that the global
tissue diagnostics market was worth USD 4.9 billion in the year 2020. The data yielded by the study further reveals
that the market is estimated to grow at the CAGR of 7.5%, earning revenue of
around USD 8.1 billion by the end of 2027. Changing lifestyles, increasing
consumption of alcohol, along with rising awareness regarding cancer are increasing
the demand for tissue diagnosis which is driving the growth of the global
tissue diagnostics market forward.
Expanding Healthcare Expenditure Driving
the Market Forward
The escalating healthcare
expenditures from the government as well as the general public have
become a primary driver of the global tissue diagnostics market. As the
governments of different countries are working towards building a robust healthcare
infrastructure, the number of hospitals and diagnostic centers is increasing
exponentially, thereby driving the demand for tissue diagnostics. Furthermore,
due to the rising per capita income of the people, they are spending more on
their health. Furthermore, health-conscious people are increasingly prepared to
spend money on diagnostic treatments even for minor symptoms, which is driving
up market demand.
Technological Advancements in the
Tissue Diagnostic Market
With the increasing prevalence of
cancer, there is a greater demand for diagnostic technologies that can detect
and monitor cancers in their early stages. As a result, manufacturing companies
are concentrating on launching products that are both effective and automated. That
is why the digital pathology sector is flourishing at a great pace. Digital pathology employs the
whole-slide imaging (WSI) technology, which allows researchers and analysts to
perform a quantitative study of the tissue while also allowing image sharing
across remote locations. The industry is also growing due to the implementation
of sophisticated technology for diagnosis and research.
Breast Cancer Segment Will Grow at a
Healthy CAGR in the Forecast Period
Based on applications, the global
tissue diagnostics segment
is divided into several segments—breast cancer,
gastric cancer, lymphoma, prostate cancer, non-small cell lung cancer (NSCLC),
and other diseases. Among these, the breast cancer segment is growing at
the highest CAGR due to the rising prevalence of the disease among women all
around the world. The rising use of advanced technologies, as well as the
massive amount of research being done to better understand this issue, has been
a major contributor to the growth in breast cancer diagnoses.
Global Tissue Diagnostics Market -
Regional Insights
Geographically, the global tissue
diagnostics market is segmented into North
America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. With
the rising prevalence of cancer among its population and the provision of
adequate reimbursement regulations that make diagnosis and treatment more
accessible to more people, North America dominates the global tissue
diagnostics market. Furthermore, with favorable government initiatives for
treating cancer and expanding healthcare expenditure, the tissue diagnostics
market is flourishing in this region. Following North America, Europe has a
sizable portion of the global tissue diagnostics market, owing to its expanding
public cancer-prevention efforts.
Impact of Covid-19 on the Global Tissue Diagnostics
Market
The global tissue diagnostics
industry was severely impacted during the early phases of the Covid-19
outbreak. All of the resources, both material and human, were devoted to
dealing with the deadly Covid-19 cases, which were only surging with each
passing day. The focus of research institutes and investments began to shift
toward studying and eradicating the virus, leaving little or no room for tissue
diagnostics. However, as the prevalence of cancer has spiraled up due
to inadequate treatment during the Covid-19 period, the market for global
tissue diagnostics is predicted to rise in the post-Covid-19 world.
Competitive Landscape
The leading market players in the global tissue diagnostics market are Abbott
Laboratories, Danaher Corporation, Agilent Technologies, Inc., Thermo Fisher
Scientific, BioGenex Laboratories, F. Hoffmann-La Roche Ltd, Cancer Genetics,
Inc., Genomic Health, Inc., Merck KGaA, Becton, Dickinson And Company, Amos
Scientific Pty Ltd, Bio Sb, Sakura Finetek Japan, Slee Medical GMBH, Cellpath
Ltd, Hologic, Inc., Medite GMBH, Jinhua Yidi Medical Appliance Co. Ltd,
Histo-Line Laboratories, and other prominent players.
The adoption of organic and inorganic
strategies, such as partnerships, collaboration, acquisitions, etc. is highly
prevalent in this market. Moreover, the companies invest a significant amount
into research and development to expand their product portfolio to stay ahead
in the market.
Don’t miss the business opportunity
of the global tissue diagnostics market. Consult our analysts to gain crucial
insights and facilitate your business growth.
The in-depth analysis of the report
provides information about growth potential, upcoming trends, and statistics of
the global tissue diagnostics market. It also highlights the factors driving
forecasts of total market size. The report promises to provide recent
technology trends of the global tissue diagnostics market and industry insights
to help decision-makers make sound strategic decisions. Furthermore, the report
also analyses the growth drivers, challenges, and competitive dynamics of the
market.
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