What's driving the Anatomic Pathology Market Size? | Key Players are NeoGenomics Laboratories, PHC Holdings Corporation, Quest Diagnostics, Sakura Finetek USA, Inc., OriGene Technologies, Inc., Thermo Fisher Scientific

The global anatomic pathology market is expected to generate $24.3 billion revenue by 2024. Increasing incidence of chronic diseases, advancements in technologies, and rising geriatric population are some of the key drivers propelling the market growth.

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On the basis of application, the anatomic pathology market is classified into disease diagnosis, drug discovery, and others. Of these, diseases diagnosis is expected to be the largest and the fastest growing category, contributing 66.4% of the total market share by 2024. This is due to the growing geriatric population, and increasing number of patients suffering from chronic ailments. However, the drug discovery category is expected to witness a sluggish growth, with a CAGR of 5.5% during the forecast period.

Based on end user, the anatomic pathology market is categorized into diagnostic laboratories, hospitals and clinics, ambulatory surgical centers, and academic and research organizations. Amongst these, diagnostic laboratories dominated the market during the historical period, with a market share of 45.8% in 2018, as compared to 31.4% market share of hospitals and clinics category. This is primarily due to the low cost of tests offered by diagnostic laboratories, as compared to hospitals and clinics.

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The APAC anatomic pathology market is expected to witness the fastest growth, propelling at a CAGR of 6.7% during the forecast period. The growth is mainly attributed to acceptance of personalized medicine, investment in diagnostic research by government and non-government organizations, increasing patient pool suffering from chronic ailments, and penetration of established players in the region.

The players in the anatomic pathology market are coming up with innovative solutions to enhance their market presence. For instance, in February 2019, Quest Diagnostics Incorporated, a U.S.-based provider of diagnostic information services, acquired the clinical laboratory services business of Boyce & Bynum Pathology Laboratories (BBPL), a leading provider of diagnostic and clinical laboratory services in the Midwest. The acquisition aims at bringing a wider menu of innovative clinical laboratory and anatomic pathology services to patients and providers throughout the region.

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Some of the key Players operating in the global anatomic pathology market are:
1- NeoGenomics Laboratories
2- PHC Holdings Corporation
3- Quest Diagnostics
4- Sakura Finetek USA, Inc.
5- OriGene Technologies, Inc.
6- Thermo Fisher Scientific

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This release was published on openPR.