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Tissue Diagnostic Market to Grow at a CAGR of 9.50% through 2024
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By the completion of 2024, the global tissue diagnostic market has been prophesied by TMR to earn an US$8.02 bn at a 9.50% CAGR applicable for the forecast tenure 2016-2024. In 2015, the market had achieved an estimate revenue of US$3.57 bn. In terms of product, instruments could take longer strides in the market to outshine with their larger share. This segment had collected a share of over 77.00% in 2015. By region, North America had gained a stronger share in the same year while garnering a revenue of US$1.4 bn. This could well lead to its higher ranking in the coming years.
Improvement in Healthcare Infrastructure for Better Cancer Care Raises Expectations
The U.S. is projected by the Association of periOperative Registered Nurses (AORN) to witness an 80.00% increase in the count of people aged 65 years between 2010 and 2030. Since the elderly require medical care most of the time and are highly vulnerable to diseases, increase in geriatric population could augment the demand for tissue diagnostic services. Spiraling incidence of cancer could be a powerful factor increasing the demand in the world tissue diagnostic market. It is estimated that one in six deaths occur due to cancer on the global platform.
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With the rising need for better care for cancer patients, there has been a noticeable improvement in healthcare infrastructure. This could impact the world tissue diagnostic market at an intermediate level in the near future. The use of imaging technology and computer-aided diagnosis (CAD) systems for detecting cancer in early stages has been foreseen to positively influence the market.
Long and Costly FDA Approvals Delay Arrival of New Treatments and Potential Tests
Expensive healthcare cost as a result of factors such as high charges for treatments and diagnostic tests has been envisioned to hamper the growth of the international tissue diagnostic market. Private insurance companies implementing time-consuming and complicated processes to evaluate applicants and market their services could increase administrative expenses of healthcare providers. Moreover, unfavorable reimbursement and delay in the introduction of new treatments have been forecast to discourage the demand in the market. FDA approvals could be tiring, take more time than usual, and also incur a large expense.
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However, expansion in developing countries due to their increasing disposable income, high awareness, and economic development could create some opportunities in the international tissue diagnostic market. Technological development and innovation, rise in mergers and acquisitions, and swelling awareness have been expected to be other factors improving market growth.
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