Pathology Services Market Surges Past US$ 16.5 Billion Mark by 2032, Fueled by 6.7% CAGR

It is anticipated that the global pathology services market will reach a valuation of US$ 16.5 billion in 2023, up from US$ 15.5 billion in 2022.

Demand is predicted to increase at a 6.7% value CAGR between 2023 and 2033, and by the end of that projection period, it is projected to achieve a worth of US$ 31.6 billion.

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The pathology services market is poised for significant growth, driven by the increasing prevalence of chronic diseases, high incidence of cancer, and other target diseases. This expansion is further fueled by a growing emphasis on personalized medicine and numerous government-supported programs and training initiatives.

Market Drivers:

The rise in chronic diseases and cancer cases worldwide is a primary driver of the pathology services market. Additionally, the sector is experiencing rapid growth due to the focus on personalized medicine and substantial government support through various programs and training modules.

Key Companies Profiled:
• ACL Laboratories
• AmeriPath
• Biogenex
• BioReference Health, LLC.,
• Clinical Pathology Laboratories
• Krsnaa Diagnostics
• Labtests
• PathGroup
• Sonic Healthcare
• Spectrum Healthcare Partners
• StrataDx
• Sutter Health
• Synnovis Group LLP
• Unilabs Corporation
• C-path Connected pathology

Segment Analysis:

The hospital segment is expected to dominate the pathology services market during the forecast period. This dominance is attributed to the presence of well-developed infrastructure and well-trained staff in hospital-based pathological laboratories, which enhances the growth of this segment.

Competitive Landscape:

Key players in the global pathology services market include ACL Laboratories, AmeriPath, Biogenex, BioReference Health, LLC., Clinical Pathology Laboratories, Krsnaa Diagnostics, Labtests, PathGroup, Sonic Healthcare, Spectrum Healthcare Partners, StrataDx, Sutter Health, Synnovis Group LLP, Unilabs Corporation, and C-path Connected Pathology, among others.

Leading companies are making strategic investments in technological innovations and R&D initiatives to improve service quality. To gain a substantial market share and strengthen their position, service providers are pursuing expansion strategies such as new developments, mergers and acquisitions, collaborations, partnerships, and joint ventures.

Recent Developments:

January 2022: PathGroup acquired Pathology Consultants, a leading provider of pathology services based in Greenville, S.C.

November 2022: Sonic Healthcare announced the acquisition of a shareholding in Microba Life Sciences Limited.

April 2021: SYNLAB entered into a collaboration with Guy's and St Thomas' and King's College Hospital NHS Foundation Trusts to deliver and transform pathology services for hospitals.

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Emerging Trends:

Growing Demand for Automation: The adoption of automation technologies such as artificial intelligence (AI) and robotics is increasing in pathology services. These technologies reduce turnaround times for specimen processing, improve accuracy, and lower labor costs.

Increasing Use of Telemedicine: Telemedicine enables remote pathology services, allowing laboratories to serve rural or underserved areas, thus driving market growth.

Expansion of Point-of-Care Diagnostics: Point-of-care diagnostics, which provide immediate results, are gaining popularity in pathology services, further driving market growth.

Rising Demand for Biomarkers: Biomarkers are increasingly used in pathology to diagnose, monitor, and predict diseases, contributing to market expansion.

Growing Demand for Digital Pathology: The digitization of pathology services through digital pathology improves accuracy and efficiency, supporting market growth.

Key Segments Covered in Pathology Services Industry Report:

• By Application :
o Disease Diagnostics
o Drug Discovery and Development
o Others
• By End-User :
o Hospitals
o Research Laboratories
o Diagnostic Laboratories
o Others
• By Region :
o North America
o Latin America
o Europe
o East Asia
o South Asia and Oceania
o Middle East & Africa

The pathology services market is on a robust growth trajectory, driven by the increasing prevalence of chronic diseases, advancements in personalized medicine, and technological innovations. As the market continues to evolve, key players are strategically investing in R&D and embracing new technologies to enhance service quality and meet the rising demand for accurate and efficient pathology services.

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This release was published on openPR.