As per the report published by Fior Markets, the global anatomic pathology market is expected to grow from USD 16.82 Billion in 2017 to USD 32.91 Billion by 2025 at a CAGR of 8.53% during the forecast period from 2018-2025. North America is expected to dominate the market during the forecast period. Rising cases of chronic disease coupled with increasing number of elderly population are creating opportunities for the market. Need of timely diagnosis and treatment of disease is facilitating the anatomic pathology products in the region.
Global Anatomic Pathology Market by Product & Service (Instruments, Consumables, Services), Application, End User, Region” and Global Forecast 2018-2025.
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Companies operating in the market include Thermo Fisher Scientific, Danaher Corporation, F. Hoffmann-La Roche AG, Agilent Technologies, Quest Diagnostics Incorporated, Sakura Finetechnical Co., Ltd., Laboratory Corporation of America Holdings, NeoGenomics Laboratories, Inc., Bio SB, BioGenex, Cardinal Health, Inc., CliniSys Group, Syntec Scientific, Biocartis NV among others. New product launches and technological advancements by players is driving the growth of the market. For instance, in 2016, Leica Biosystems and UCLA Department of Pathology and Laboratory Medicine collaborated to accelerate adoption of digital pathology. In 2018, philips and NovoPath Inc. combined their NovoPath anatomic pathology software platform and Philips IntelliSite Pathology Solution and Wholeslide Imaging System. Such initiatives by market players has increased in the usage rate of anatomy pathological systems for clinical applications and support a wide range of diagnosis applications.
Product and services segment include instruments, consumables and services. The services segment is dominating the market and is anticipated to grow with the highest CAGR of 10.42% over the forecast period. Detection of diseases at early stage and increasing prevalence of chronic diseases driving the growth of the segment. Application segment is divided into diseases diagnosis, drug discovery & development and other applications. The disease diagnosis segment is dominating the segment owing to the growing patient population and improving healthcare infrastructure in developing countries. End user segment is classified into pathology labs, research institutes, hospitals, and others. Pathology labs based segment is dominating market and held the largest market share of 41.11% in 2017. Growing awareness regarding benefits of early detection and technological advancement are projected to drive the growth of the segment.
Rising cases of chronic disease and increasing requirement to address the timely diagnosis of medical conditions are driving the market. In addition, growing awareness and increase in patient pool in developing countries are also driving the growth of the market. Changing regulatory requirements and lack of skilled professionals may restrict the growth of the market. However, increase in healthcare expenditure and increase in usage of biomarkers during disease diagnosis are bolstering the market progression.
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