Tissue Diagnostics Market Size is slated to account for a remunerative growth from 2021 to 2027, fueled by the growing incidences of cancer, developing infrastructure for cancer diagnosis, availability of reimbursement policies, expanding healthcare expenditure, and recommendation of cancer screening. According to WHO statistics, cancer accounted for nearly 10 million deaths in 2020. Moreover, the national cost for cancer care in the United States was approximately $208.9 billion in 2020. This has urged the government to introduce reforms and initiatives to curb the treatment costs, putting forth the demand for market.
However, dearth of awareness about tissue diagnostics in various underdeveloped economies might hamper the growth curve of market during the forecast timeline.
In terms of the product, the consumables market would grow at a significant rate through 2027. This can be ascribed to various factors including the increasing requirement of these in large numbers, ease of use, and cost-effectiveness. In addition, the segment growth would also come from the increasing number of reagent rental agreements across diverse countries.
Based on the technology, H&E slide staining segment would record significant gains over the coming years. Hematoxylin and eosin (H&E) stain make up about 80% of an anatomical pathology lab’s work, thereby emerging as a rapid diagnostic tool for pathologists. This technology of staining acidophilic and basophilic structures using H&E offers pathologists morphological and functional details at the cellular level. Besides, compared to other diagnostic methods like immunohistochemistry, H&E is deemed to be faster, much simpler, highly stable, and less expensive.
Cervical cancer segment is poised to hold a considerable revenue share in the coming years impelled by the growing prevalence of cervical cancer in various developed as well as developing nations. As per Cancer.org estimates, nearly 14,480 new cases of cervical cancer would be diagnosed by 2021 end, with about 4,290 women succumbing to death due to the disease. Introduction to the technology, aligned with rising focus on research activities for developing advanced technology would boost the business revenue through 2027. Moreover, escalating cognizance pertaining to effective cervical cancer diagnosis would push the demand for tissue diagnostics during the forecast period.
Asia Pacific tissue diagnostics market would account for notable growth in the coming years. This can be reasoned to the rising incidence of cancers and growing geriatric population. According to reliable estimates, nearly 2.25 million people are living with cancer in the Indian subcontinent with almost more than 7 lakh people dying due to the disease. Furthermore, the accessibility to technically advanced cancer diagnostic techniques and tools, favorable R&D initiatives, increasing healthcare expenditure, and government funding towards the development and launch of advanced diagnostic platforms would complement the regional growth.
Abbott Laboratories, Agilent, Roche, Thermo Fisher Scientific, Merck Group (E. Merck KG), Sigma Aldrich (Merck Group), Genomic Health (EXACT Sciences Corporation), and others are some of the well-known faces operating in the global market. These participants are engaged in various marketing tactics like mergers and acquisitions, partnerships, product launches, and more, to gain a competitive edge in the overall market space.
The global market depicted a moderate growth during the COVID-19 pandemic in 2020. The research laboratories across different parts of the world were involved in studying the impact of the coronavirus infection spread and developing potential medications and treatments for the same. However, cancer treatment tools and techniques were also being studied during the pandemic, offering positive growth prospects.
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