Tissue Diagnostic Market Estimated to Exhibit of 9.50% CAGR through 2024
Over the forthcoming years, the rising trend of the quantitative and qualitative analyses of tissue samples, discovery of target specific antibodies in the biopharmaceutical industry, and the growing awareness about tissue diagnosis in emerging economies are expected to act as the most prominent factors behind the growth of this market. Thanks to these factors, the market, which stood at US$3.57 bn in 2015, is estimated to expand at a 9.50% CAGR between 2016 and 2024 and touch a value of US$8.02 bn by the end of 2024.
tissue diagnostic market
Tissue Diagnostic Instruments to Continue Enjoying Strong Demand
The two main products available in the global tissue diagnostic market are instruments and kits. Among the two, instruments surfaced as the key contributor to this market in 2015, holding a share of more than 77%. With the high usage of tissue diagnostic instruments in labs, hospitals, and diagnostic centers for faster and accurate analysis, their demand is anticipated to increase remarkably over the next few years, maintaining the lead of this product segment. The continual advancements in these instruments, such as reduction in equipment size and increased functionality, coupled with reasonable pricing, are projected to add to the growth of this segment in the years to come.
Hospitals, research laboratories, ambulatory surgical centers (ASCs), and diagnostic centers are the prime end users of tissue diagnostic products and services. Hospitals, with a majority share, has acquired the position of the leading contributor to this market and is anticipated to retain this over the forthcoming years. The increasing prevalence of cancer, especially various forms of tissue sarcoma, rising healthcare expenditure in emerging as well as developed countries, and the expanding base of the geriatric population are expected to drive the demand for tissue diagnostic products and services in hospitals and other end users in the near future.
North America to Report Continued Dominance
The Middle East and Africa, Europe, North America, Latin America, and Asia Pacific have emerged as the predominant geographical segments of the worldwide tissue diagnostic market. With a share of around 40%, North America registered dominance over these in 2015, thanks to a well-established pharmaceutical and biotechnology industry and the increase in research activities. Analysts predict that this regional market will remain on the top over the next few years on the grounds of the surging research capital, introduction of improved and technologically advanced tissue diagnostic devices, and the presence of the leading market players in a large number.
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In the recent times, the North America market for tissue diagnostics has been closely followed by Europe and Asia Pacific and the scenario is likely to remain more or less the same over the forthcoming years. The market for tissue diagnostics in Europe, which was primarily driven by the escalating investments from various research organizations for the advanced study of cancer, is likely to benefit further from the change in healthcare reforms, increasing implementation of government regulations, growth in the pharmaceutical industry, and the technological advancements in diagnostic technology. Asia Pacific, on the other hand, is expected to gain substantially in the years to come from ongoing industrialization and the continual drug discovery.
Abbott Laboratories, Becton Dickinson & Co., Genomic Health Inc., 3DHISTECH, Danaher Corp., Thermo Fisher Scientific Inc., GE Healthcare, Cell Signaling Technologies, Agilent Technologies, and Roche Diagnostics are some of the key players in the global tissue diagnostic market.
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