The global tissue diagnostic market is recognized with extreme research and development for advancements in technology, states Transparency Market Research (TMR) in a research report. The global market for tissue diagnostic is highly fragmented with the presence of leading global players. The leading six companies operating in this market are Thermo Fisher Scientific, Agilent Technologies, Inc., Becton, Dickinson and Co., Abbott Laboratories, Danaher Corp., and Roche Holding AG. In 2015, these companies accounted held a share of 67.5% in the global tissue diagnostic market. In order to sustain in the global tissue diagnostic market, these leading players are focusing on strategic collaborations along with mergers and acquisitions. This further expected to intensify the competitive rivalry among the players operating in the market in the coming years.
According to a TMR analyst, “The global market for tissue diagnostic is likely to witness a 9.50% CAGR from 2016 to 2024. Rising from a worth of US$3.57 bn in 2015, the market is likely to be valued at US$8.02 bn by 2024.” The opportunities in the market are likely to enhance with the years ahead.
Tissue Diagnostic Instruments to Witness Strong Demand
The primary products available in the global market for tissue diagnostic are kits and instruments. Amongst these two, the instruments segment emerged as the primary contributor to the global tissue diagnostic market in 2015, accounting for a share of over 77%. The growing demand for tissue diagnostic instruments can be attributed to the rising employment of these instruments in diagnostic centers, hospitals, and laboratories for accurate and fast analysis. The demand for tissue diagnostic is likely to rise remarkably in the coming years. The incessant advancements in the tissue diagnostic instruments such as rising functionality and reduced equipment sixe along with affordable rising is anticipated to add to the progress of this segment during the forecast period.
Region-wise, the global market for tissue diagnostic has been segmented into Asia Pacific, Europe, Latin America, North America, and the Middle East and Africa. In 2015, North America emerged as the leading region in global market accounting for a share close to 40%. This dominance can be attributed to the well-established biotechnology and pharmaceutical industry and the rising research projects in the region. The prevalence of leading players in the region and the advent of technologically advanced and improved tissue diagnostic devices are likely to help the region in maintaining its dominance in the coming years.
Growing Prevalence of Cancer to Propel Demand for Tissue Diagnostics
The growing incidences of cancer has presented new avenues of growth for the global tissue diagnostics market. According to a study conducted by the World Health Organization, Cancer caused almost 8.8 million death in 2015. The growing level of awareness among consumers regarding the benefits of early cancer diagnosis and the treatment and accurate results provided by tissue diagnostic techniques has surged its demand and is likely to keep growing in the coming years. Additionally, the enhancement in healthcare infrastructure is expected to expand the growth horizons of the global tissue diagnostic market. In the coming years, the growing trend of qualitative and quantitative assessment of tissue samples and the finding of target explicit antibodies in the biopharmaceutical industry is further expected to benefit the market in the long run. However, the growth of the market is anticipated to be hindered by high cost of healthcare, lengthy approval processes, and the dearth of favorable reimbursement scenario.
This review of the market is based on a recent market research report published by Transparency Market Research, titled, “Tissue Diagnostic Market (Product Type - Instruments and Kits; Technology - Immuno Histochemistry, In-Situ Hybridization, Digital Pathology, and Special Staining; End User - Hospitals, Ambulatory Surgical Centers, Diagnostic Centers, and Research Laboratories) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2016 - 2024.”
The global tissue diagnostic market has been segmented as follows:
By Product Type
- IHC (Immuno histochemistry)
- ISH (Is-situ hybridization)
- Digital Pathology
- Special Staining
By End User
- Ambulatory surgical centers
- Diagnostic centers
- Research laboratories
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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