Global tissue diagnostics market size to surpass 6.5% CAGR through 2027
According to the report titled ‘Global Tissue Diagnostics Market Size study, by Product (Consumables, Instruments), Technology (Immunohistochemistry (IHC), In Situ Hybridization (ISH), Digital Pathology and Workflow Management, Special Staining), by Application (Breast Cancer, Gastric Cancer, Prostate Cancer, Lymphoma, Non-Small Cell Lung Cancer (NSCLC), Others), by End-User (Hospitals, Research Laboratories, Pharmaceutical Companies, Contract Research Organizations, Others) and Regional Forecasts 2020-2027., Global tissue diagnostics market was valued at USD 3.2 billion in 2019 and is expected to grow with a CAGR of 6.5% during 2020-2027.
Rising healthcare spending, increasing cancer cases, growing elderly population, and adoption of automated systems are the vital factors driving the growth of global tissue diagnostics market.
Notably, tissue diagnostics technique is used for removal of tissue from patient’s body, which is then processed, tested, and assessed under microscope in order to identify the disease like cancer. It is usually done through needle aspiration cytology, open biopsy, and core biopsy. The diseases can be precisely identified owing to advancements in these techniques and equipment of tissue diagnostics.
According to International Agency for Research on Cancer (IARC), in 2018, 9.5 million cancer deaths and 17 million new cancer cases were recorded across the globe. The statistics are further expected to attain 16.3 million cancer deaths and 27.5 million new cancer cases worldwide by the year 2040, stimulating global tissue diagnostics market trends.
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Amidst COVID-19 pandemic, tissue diagnostic virology suppliers are facing challenges to meet the surging demand of testing kits as many patients need to undergo testing and screening for coronavirus, facilitating the business scenario. However, budget limitations and high degree of consolidation are likely to act as restraining factors for global tissue diagnostics industry landscape over the study period.
Citing the regional landscape, worldwide tissue diagnostics market sphere is segmented into North America, Latin America, Asia Pacific, Europe, and Rest of the World. The report claims that North America presently leads the global tissue diagnostics industry and is expected to grow further over the assessment period. The regional growth is attributable to current advancements in gene & immunoassay-based products and increasing number of patients with coronavirus.
Meanwhile, Asia Pacific tissue diagnostics market is slated to grow substantially over the estimated timeframe, owing to enhancing healthcare infrastructure, increasing cancer cases, and growing aging population.
Major contenders influencing global tissue diagnostics market dynamics are Hologic Inc., BioGenex Laboratories, Becton, Dickinson and Company, Sakura Finetek Japan Co. Ltd., Merck KGaA, Agilent Technologies Inc., Abbott Laboratories, Thermo Fisher Scientific, Danaher Corporation, and F. Hoffmann-La Roche AG.
To access a sample pages of this report titled “Global Tissue Diagnostics Market Size study, by Product (Consumables, Instruments), Technology (Immunohistochemistry (IHC), In Situ Hybridization (ISH), Digital Pathology and Workflow Management, Special Staining), by Application (Breast Cancer, Gastric Cancer, Prostate Cancer, Lymphoma, Non-Small Cell Lung Cancer (NSCLC), Others), by End-User (Hospitals, Research Laboratories, Pharmaceutical Companies, Contract Research Organizations, Others) and Regional Forecasts 2020-2027” in detail along with the table of contents, please click the link below:
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