CHICAGO, Oct. 30, 2019 /PRNewswire/ -- According to the new market research report "Anatomic Pathology Market by Product & Service [instruments (Tissue Processing Systems, Microtomes), Consumables (Antibodies), Histopathology], Application (Disease Diagnosis (Cancer (Gastrointestinal)], End User (Hospital, Lab) - Global Forecast to 2024", published by MarketsandMarkets™, the Anatomic Pathology Market is projected to reach a value of USD 44.4 billion by 2024 from USD 33.0 billion in 2019, at a CAGR of 6.1% from 2019 to 2024.
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The high incidence of cancer and other target diseases, availability of reimbursement, and the growing focus on personalized medicine are the major factors driving the growth of the Anatomic Pathology Market.
The services segment accounted for the largest share of the Anatomic Pathology Market, by product & service, in 2018
Based on product & service, the Anatomic Pathology Market is segmented into services, consumables, and instruments. The services segment accounted for the largest share of the Anatomic Pathology Market in 2018. The large share of this segment can be attributed to the availability of reimbursements for diagnostic tests, rapid growth in the geriatric population, and the increasing incidence of cancer and other chronic diseases.
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Hospital laboratories segment to register the highest growth rate during the forecast period
Based on end user, the Anatomic Pathology Market is segmented into hospital laboratories, clinical laboratories, and other end users. In 2018, the hospital laboratories segment accounted for the largest market share and is expected to grow at the highest CAGR during the forecast period. The growth in this market can be attributed to the increasing number of patient visits to hospitals, growing number of in-house diagnostic procedures performed in hospitals, growing awareness regarding early disease diagnosis, and the availability of reimbursements in developed markets for clinical tests performed in hospitals.
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North America is the largest regional market for anatomic pathology
By region, the Anatomic Pathology Market is segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW). In 2018, North America accounted for the largest market share, followed by Europe. The rising prevalence of chronic diseases, increasing healthcare expenditure, the high-quality infrastructure for hospitals and clinical laboratories, and the presence of major market players in the region are driving the growth of the Anatomic Pathology Market in North America.
The prominent players operating in the Anatomic Pathology Market include F. Hoffmann-La Roche Ltd. (Switzerland), Danaher Corporation (US), Thermo Fisher Scientific (US), Hologic, Inc. (US), Agilent Technologies (US), Becton, Dickinson and Company (US), Sakura Finetek (Japan), Merck KGaA (Germany), Bio SB (US), Diapath S.p.A. (Italy), and BioGenex Laboratories (US).
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