Tissue Diagnostics Market Research on Present and Future Growth Prospects by 2027
The global tissue diagnostic market is expected to reach USD 5.02 Billion by 2027, according to a new report by Reports and Data. Tissue diagnostics is the process of removing the tissues and staining it for the diagnosis of diseases, particularly cancer. Recently, there have been novel technological advancements in the network-based medicine, which allows for detection, visualization, and monitoring of conditions in a more effective way, which would result in better treatment of the diseases.
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The growing prevalence of cancer is a significant factor in driving the market growth. Cancer has a significant impact on global society, including the US. Detection of cancer at an early stage significantly increases the chances 0f survival. Creating awareness to encourage early diagnosis and screening are the crucial steps responsible for early detection of cancer. Identifying likely warning symptoms of cancer and taking rapid measures is necessary for early diagnosis. Greater awareness of probable symptoms of cancer amongst physicians, nurses, and other healthcare providers, in addition to the general public, would positively impact the survival rate and hence would be instrumental in increasing the market demand.
Further key findings from the report suggest
- By type, diagnostics kits held a substantial market share in 2019, owing to the offering of ease and convenience of use. There are various diagnostic kits available in the market, some of which provide an instant result, whereas others as collection devices for tissue specimens, which need to be sent to laboratories for further processing.
- By technology, in situ hybridization held the second-largest market share in 2019. There are many advantages of in situ hybridization comprising the application to frozen tissues, as well as its usage in combination with immunohistochemistry for the identification protein, along with mRNA.
- By application, prostate cancer is likely to grow at a rate of 5.9% in the forecast period. According to the American Cancer Society, men aged 65 years or older have around 66.0% higher risk of suffering from the disease. Also, prostate cancer holds the second spot among the cancer diseases responsible for the death of men in America.
- By end-user, the pharmaceutical organization is likely to grow at a rate of 6.5% in the forecast period 2019, owing to an extensive application of tissue diagnostic in the process of drug development and several other analytical procedures.
- The market in the Asia Pacific region is expected to grow at the fastest rate of 7.3% in the forecast period. The high growth of the APAC region is owing to the growing prevalence of target conditions, growth of the pharmaceutical industry, and a surge in R&D activities the diagnostic procedures, among others.
- In May 2020, Agilent Technologies Inc. Visiopharm made an announcement about the signing of a co-agreement for end-to-end standardization and quality of tissue diagnostics and cater to the growing requirements of pathology labs globally.
The ongoing pandemic is significantly changing the dynamics of the pharma and healthcare sector. Various countries are facing challenges such as shortage of medicines, vaccines, healthcare devices in hospitals. This is expected to open lucrative growth opportunities for market players in the coming years.
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The global market comprises various market players operating at regional and global levels. These key players are adopting various strategies such as R&D investments, license agreements, partnerships, merger and acquisitions, collaborations, and joint ventures to gain robust footing in the market.
Top Companies Profiled in the Report:
Thermo Fisher Scientific, Danaher, Becton, Dickinson, and Company, Agilent Technologies, Abbott, Roche, Merck KGaA, Biogenex, Hologic Inc., and Abcam, among others.
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Tissue Diagnostics Market Research on Present and Future Growth Prospects by 2027 Segmentation:
Type Outlook (Revenue, USD Million; 2017-2027)
- Diagnostic Kits
- Slide Training System
- Tissue Processing System
Technology Outlook (Revenue, USD Million; 2017-2027)
- In Situ Hybridization
- Digital Pathology & Workflow
- Primary & Special Training
- Anatomic Pathology
Application Outlook (Revenue, USD Million; 2017-2027)
- Breast Cancer
- Prostate Cancer
- Non-Small Lung Cancer
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Rest of Asia Pacific)
- Latin America (Brazil, Rest of LATAM)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)
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This study aims to define market sizes and forecast the values for different segments and countries in the coming eight years. The study aims to include qualitative and quantitative perspectives about the industry within the regions and countries covered in the report. The report also outlines the significant factors, such as driving factors and challenges, that will determine the market’s future growth.
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