Pathology Lab Equipment Market Size is set to witness a robust expansion from 2022 to 2028 with the rising significance of early disease detection in wake of the growing pervasiveness of various serious disorders, including cancer, across the globe. According to the World Health Organization (WHO) statistics, cancer led to around 10 million deaths across the globe in 2020. This is expected to instigate the demand for diagnostics which in turn will stimulate the adoption of pathology lab equipment.
Pathology lab equipment facilitate hematology, microbiology, immunology, genetic testing, and cytology with greater precision and lesser time. The ongoing development of innovative lab pathology equipment by the leading market players will strengthen the pathology lab equipment market trends in the future.
With regards to the application, diagnostics segment is estimated to witness considerable expansion over the forecast period of 2022-2028 with the growing awareness about early disease detection, especially for diagnosing infectious diseases. Diagnostics help in enhancing the effectiveness of treatments and avoiding long-term complications for the infected patient. This has urged various governing bodies to invest in diagnostics. For instance, in 2021, the U.S. Department of Health and Human Services (HHS) announced allocating USD 650 million to increase manufacturing capacity for rapid and high-quality diagnostic testing in the country.
In terms of end-user, clinical and diagnostic laboratories segment is anticipated to grow substantially over the analysis timeline of 2022-2028. This can be largely ascribed to the major role played by the clinical labs in providing prompt and highly reliable data to meet needs of clinicians involved in the patient health care and medical practice. The increasing number of these labs is expected to create lucrative opportunities for the industry. For instance, in 2021, the Rosalind Franklin laboratory, which is the first testing megalab of the UK, was opened in Royal Leamington Spa under the country’s NHS Test and Trace network. This lab is expected to process thousands of COVID-19 samples every day for the rapid detection of new variants and to curb the spread of the virus.
On the regional landscape, pathology lab equipment market is expected to exhibit notable growth in Asia Pacific by the end of 2028 owing to the increasing expenditure on healthcare in the region. Besides, the strong presence of various market players in the region who are focusing on business expansion strategies will further favor the industry growth. To illustrate, in 2021, FUJIFILM Corporation launched a project for verifying the effectiveness of artificial intelligence in diagnostic imaging in India.
The major companies active in pathology lab equipment market include Agilent, Shimadzu Corporation, Thermo Fisher Scientific, Danher, Fujifilm (Fujifilm Holdings Corporation), Waters and Bio Rad Laboratories. These business players are largely focusing on the development of innovative solutions that can effectively serve the customer demands and help them gain a competitive edge in the market.
Citing an instance, in 2021, Thermo Fisher Scientific introduced the QuantStudio 5 Dx Real-Time PCR System designed for assay developers and clinical laboratories. According to the company, this qPCR platform simplifies molecular diagnostic workflows for infectious diseases, Covid-19 testing, and oncology.
The emergence of the COVID-19 pandemic has positively impacted the market revenue due to the increased pressure on the clinical laboratories for SARS-CoV-2 testing. The heightened demand for these testing kits influenced laboratories to increase investments in pathology equipment. The growing awareness regarding better patient care and the introduction to favorable government initiatives will complement the market expansion over the foreseeable future.
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