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(MoneyNewsWire.Net, May 03, 2018 ) The global tissue diagnostics market is expected to reach USD 5.14 Billion by 2022 from USD 3.68 Billion in 2017, at a CAGR of 6.9%. The growing incidence of cancer along with a rapidly aging population, technological advancements in tissue diagnostics techniques, and increasing healthcare expenditure are key factors driving the growth of this market.
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The global tissue diagnostics market is segmented by product, technology, disease, end user, and regions. By product, the market is segmented into instruments and consumables. The consumables segment is estimated to account for the largest market share of the global market in 2017. Factors driving the growth of this segment include the widespread use of consumables and advances in technology to develop novel consumables.
By technology, the market is classified into immunohistochemistry, in situ hybridization, digital pathology and workflow, and special staining. The immunohistochemistry segment is estimated to account for the largest share of the global tissue diagnostics market during the next five years. Growth in the IVD (in vitro diagnostics) market and the large number of products based on this technology are driving the growth of this market.
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On the basis of end user, the tissue diagnostics market is segmented into hospitals, pharmaceutical companies, research laboratories, contract research organizations, and other end users. The hospitals segment is estimated to account for the largest share of the global market during the forecast period. Growth in the number of hospitals coupled with better accessibility and availability of test results in hospitals are major factors driving the growth of this end-user segment.
The global tissue diagnostics market is dominated by North America, followed by Europe. North America will continue to dominate the global market during the forecast period. However, Asia is expected to witness the highest CAGR during the forecast period with growth centered at Japan, China, and India. Factors such as the rising focus of major players in emerging Asian countries and government support are driving the growth of the market in this region.
The factors such as the high degree of consolidation, the high cost of instruments, and complex regulatory framework for the approval of new products may restrain market growth to a certain extent.
Major industry players launched innovative products to maintain and improve their position in the tissue diagnostics market. Roche (Switzerland), Danaher (US), Thermo Fisher Scientific (US), Abbott (US), Agilent Technologies (US), Merck (Germany), and Sakura Finetek Japan (Japan) have been identified as the key players in this market. These companies have a broad product portfolio with comprehensive features and have also launched innovative products. These leaders have products for all end users in this market, a strong geographical presence, and focus on continuous product innovations.
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