Global Tissue Diagnostics Market Set to Script Impressive Growth: Projected to Grow at the CAGR of 7.5% in the Forecast Period

Published | 12 July 2021

A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the global tissue diagnostics market was worth USD 4.9 billion in the year 2020. The data yielded by the study further reveals that the market is estimated to grow at the CAGR of 7.5%, earning revenue of around USD 8.1 billion by the end of 2027. Changing lifestyles, increasing consumption of alcohol, along with rising awareness regarding cancer are increasing the demand for tissue diagnosis which is driving the growth of the global tissue diagnostics market forward.

Expanding Healthcare Expenditure Driving the Market Forward

The escalating healthcare expenditures from the government as well as the general public have become a primary driver of the global tissue diagnostics market. As the governments of different countries are working towards building a robust healthcare infrastructure, the number of hospitals and diagnostic centers is increasing exponentially, thereby driving the demand for tissue diagnostics. Furthermore, due to the rising per capita income of the people, they are spending more on their health. Furthermore, health-conscious people are increasingly prepared to spend money on diagnostic treatments even for minor symptoms, which is driving up market demand.

Technological Advancements in the Tissue Diagnostic Market

With the increasing prevalence of cancer, there is a greater demand for diagnostic technologies that can detect and monitor cancers in their early stages. As a result, manufacturing companies are concentrating on launching products that are both effective and automated. That is why the digital pathology sector is flourishing at a great pace. Digital pathology employs the whole-slide imaging (WSI) technology, which allows researchers and analysts to perform a quantitative study of the tissue while also allowing image sharing across remote locations. The industry is also growing due to the implementation of sophisticated technology for diagnosis and research.

Breast Cancer Segment Will Grow at a Healthy CAGR in the Forecast Period

Based on applications, the global tissue diagnostics segment is divided into several segments—breast cancer, gastric cancer, lymphoma, prostate cancer, non-small cell lung cancer (NSCLC), and other diseases. Among these, the breast cancer segment is growing at the highest CAGR due to the rising prevalence of the disease among women all around the world. The rising use of advanced technologies, as well as the massive amount of research being done to better understand this issue, has been a major contributor to the growth in breast cancer diagnoses.

Global Tissue Diagnostics Market - Regional Insights

Geographically, the global tissue diagnostics market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. With the rising prevalence of cancer among its population and the provision of adequate reimbursement regulations that make diagnosis and treatment more accessible to more people, North America dominates the global tissue diagnostics market. Furthermore, with favorable government initiatives for treating cancer and expanding healthcare expenditure, the tissue diagnostics market is flourishing in this region. Following North America, Europe has a sizable portion of the global tissue diagnostics market, owing to its expanding public cancer-prevention efforts.

Impact of Covid-19 on the Global Tissue Diagnostics Market

The global tissue diagnostics industry was severely impacted during the early phases of the Covid-19 outbreak. All of the resources, both material and human, were devoted to dealing with the deadly Covid-19 cases, which were only surging with each passing day. The focus of research institutes and investments began to shift toward studying and eradicating the virus, leaving little or no room for tissue diagnostics. However, as the prevalence of cancer has spiraled up due to inadequate treatment during the Covid-19 period, the market for global tissue diagnostics is predicted to rise in the post-Covid-19 world.

Competitive Landscape

The leading market players in the global tissue diagnostics market are Abbott Laboratories, Danaher Corporation, Agilent Technologies, Inc., Thermo Fisher Scientific, BioGenex Laboratories, F. Hoffmann-La Roche Ltd, Cancer Genetics, Inc., Genomic Health, Inc., Merck KGaA, Becton, Dickinson And Company, Amos Scientific Pty Ltd, Bio Sb, Sakura Finetek Japan, Slee Medical GMBH, Cellpath Ltd, Hologic, Inc., Medite GMBH, Jinhua Yidi Medical Appliance Co. Ltd, Histo-Line Laboratories, and other prominent players.

The adoption of organic and inorganic strategies, such as partnerships, collaboration, acquisitions, etc. is highly prevalent in this market. Moreover, the companies invest a significant amount into research and development to expand their product portfolio to stay ahead in the market.

Don’t miss the business opportunity of the global tissue diagnostics market. Consult our analysts to gain crucial insights and facilitate your business growth.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global tissue diagnostics market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global tissue diagnostics market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.

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