SAN FRANCISCO, Nov. 25, 2021 /PRNewswire/ -- The global anatomic pathology marketsize is expected to reach USD 34.66 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 10.08% from 2021 to 2028. The advent of technology in the instruments and the protocols used during the anatomic pathological procedures is anticipated to increase the adoption rate of advanced anatomic pathological instruments.
Key Insights & Findings:
By product and services, the consumables segment accounted for the largest share in 2020. High availability, low cost, and a frequent purchase rate of consumables contributed to the segment growth
The instruments product and services segment is expected to witness the fastest growth over the forecast period. Technological advancements in instruments to minimize the risk of errors through the integration of novel design are expected to drive the segment
The disease diagnosis application segment dominated the market in 2020 owing to the increasing role of anatomic pathological tools in identifying any anomalies that help diagnose a condition. The use of biomarkers for tracking and identifying infections and diseases during diagnostic processes is expected to boost the growth of the segment
In terms of end use, the hospitals segment captured the largest share in 2020 due to an increase in the hospitalization rate that stimulates the adoption of pathological workflows for disease monitoring and diagnosis
The diagnostic laboratories end-use segment growth is facilitated by the use of state-of-the-art laboratory equipment and instrumentation, multiple electronic interfaces, and information systems
Market players are collaborating for the refurbishment of pathology products by the incorporation of innovative disease diagnostic models. In April 2021, Leica Biosystems collaborated with Paige, an AI-based diagnostics company, for expanded access to computational pathology products for translational and clinical research. Under this partnership, Paige's AI-enabled research software and Leica Biosystems' digital pathology platform were combined. This, in turn, accelerates investments in the up-gradation of pathological equipment.
Pathology-training programs offered to pathologist trainees by public and private entities drive the market. For instance, the Accreditation Council for Graduate Medical Education accredited residency programs for anatomic pathology provide education and training to individuals via numerous teaching conferences.
The drug discovery and development application segment are expected to witness the fastest growth over the forecast period due to the shifting paradigm from conventional medicine to personalized medicine. This is primarily due to the growing reliance on discoveries of putative biomarkers for the development of personalized therapies. Ongoing pathology training programs to ensure that the pathology residents are aware of the developments taking place in the field of personalized medicine have also accelerated the market growth.
North America held the largest revenue share in 2020 owing to a large number of funding programs by public agencies and the presence of key players. Asia Pacific is expected to witness the fastest growth due to the presence of multiple associations that are engaged in conducting pathology training programs.
Key players are undertaking various strategic initiatives such as mergers & acquisitions and new product development to maintain their market presence. For instance, in May 2021, CellCarta acquired Reveal Biosciences, an AI-based pathology firm. This acquisition is aimed at expanding CellCarta's offerings in AI-enabled multi-omic data analysis services and applications.
Grand View Research has segmented the global anatomic pathology market on the basis of product and services, application, end-use, and region:
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Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.