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Meticulous Research® – a market research company is researching a study titled “Tissue Diagnostics Market by Product (Consumables, Instruments), Technology (Immunohistochemistry, in Situ Hybridization, Digital Pathology & Workflow), Disease (Breast Cancer, Gastric Cancer, Lymphoma), End User (Hospital, CRO) - Global Forecast to 2024”.
Key Findings in the Global Tissue Diagnostics Market
In its preliminary finding it found that the tissue diagnostics market is highly competitive and is rapidly gaining traction. The growth of this market is mainly owing to the inflation in cancer patients, improving infrastructure for cancer diagnosis, increasing healthcare expenditure, and technological advancements in tissue diagnostics. In recent years, this market has witnessed significant new product launches by key players to broaden their product portfolios, advance the capabilities of their existing products, and ensure a competitive edge in the tissue diagnostics market.
Increasing Healthcare Expenditure Drives the Growth of Global Tissue Diagnostics Market
According to the World Health Organization’s (WHO) Global Health Expenditure database, overall expenditure on healthcare services has increased significantly in the recent years. Moreover, healthcare spending in developing countries is expected to rise exponentially by 2030.
Aging population is the major factor responsible for the increasing pressure on healthcare costs. Emerging markets are projected to age at approximately twice as fast as citizens in developed markets. As a result, by 2035, the share of the population aged 65 or older in countries such as China and Russia should be similar to that in countries such as the U.K. and the U.S. China is expected to witness substantial growth in healthcare spending from $611 billion in 2015 to $2.3 trillion in 2030. Thus, growing healthcare expenditure along with rising burden of cancer would propel the tissue diagnostics market during the forecast period.
Consumables Dominates the Market, By Product
Consumables accounted for the largest market share (%) over instruments, owing to the recurring need of consumables and technological advances in the development of novel consumables.
Immunohistochemistry Segment Dominates Market, By Technology
In 2018, immunohistochemistry commanded the largest market share (%) as compared to in situ hybridization, digital pathology and workflow management, H&E staining, and special staining. The largest share of immunohistochemistry is mainly attributed to the wide adoption of immunodiagnostics tests and point of care diagnostic tests.
Hospitals Leads the Adoption of Tissue Diagnostics
Based on end user, tissue diagnostics market is segmented into hospitals, research laboratories, pharmaceutical companies, contract research organization, ambulatory surgical centers, and others. Hospitals commanded the largest market share (%) of the global market in 2018. This is mainly attributed to significant patient pool treated in hospitals, increasing number of hospitals across the globe, and better accessibility and availability of various test results in hospitals.
North America Dominates the Global Tissue Diagnostics Market
In 2017, North America dominated the global tissue diagnostics market followed by Europe. However, Asia-Pacific is expected to grow with the highest CAGR during the projected period with growth centered at Japan, China, and India. Factors supporting the growth for this region include the growing healthcare expenditure, government support, rising prevalence of cancer, improving healthcare infrastructure, and rising focus of leading players in APAC region.
The key players being studied in the global tissue diagnostics market study are F. Hoffmann-La Roche Ltd. (Switzerland), Danaher Corporation (U.S.), Thermo Fisher Scientific Inc. (U.S.), Abbott Laboratories (U.S.), Agilent Technologies, Inc. (U.S.), Merck KGaA (Germany), Sakura Finetek Japan Co., Ltd. (Japan), Abcam plc. (U.K.), Becton, Dickinson, and Company (U.S.), QIAGEN (The Netherlands), Bio SB (U.S.), BioGenex (U.S.), Cell Signaling Technology, Inc. (U.S.), 3DHISTECH Ltd. (Hungary), and Cancer Genetics Inc. (U.S.).
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