Increase in incidence of chronic diseases and high focus on early diagnosis of diseases drive the growth of the global pathological examination market
PORTLAND, Oregon, April 24, 2019 /PRNewswire/ -- Allied Market Research recently published a report, titled, Pathological Examination Market by Type (Traditional Pathology and Digital Pathology) and Application (Digestive Organs and Other Applications): Global Opportunity Analysis and Industry Forecast, 2017 - 2025. The research offers a detailed analysis on changing market dynamics, key investment pockets, major segments, and market competition. According to the report, the global pathological examination market generated $171.08 billion in 2017, and is expected to reach $438.16 billion by 2025, growing at a CAGR of 12.3% from 2019 to 2025.
Factors such as increase in prevalence of chronic diseases and high focus on early diagnosis of diseases drive the market growth. However, shortage of pathologists and skilled technicians restrains the growth of the market. Conversely, use of digital pathology in disease diagnosis create new opportunities for growth of the market.
Other applications segment to be lucrative through 2025
Among applications, the other applications segment accounted for more than three-fourths of the market share in 2017 and would retain its dominance through 2025. The same would grow at the fastest CAGR of 13% during the forecast period. This is due to the high adoption of pathological examinations for diagnosis and treatment of various disease classes such as cancer, gynecology, and diabetes as well as increasing prevalence of chronic diseases worldwide. The report also analyzes applications such as digestive organs.
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Traditional segment to lead in terms of revenue through 2025
Among types, the traditional segment was the largest in 2017, capturing 91% of the market share and would maintain its dominance through 2025. However, the digital segment would grow at the fastest CAGR of 15.4% from 2019 to 2025.
Asia to be the fastest growing region through 2025
The market in the U.S. was the largest in 2017, grabbing more than half of the market share and is likely to dominate the market through 2025. This is due to early diagnosis, high purchasing power, wide availability of advanced technologies, and better reimbursement policies in the region. However, the market in Asia would achieve the fastest CAGR of 15.2% during the forecast period. This is due to the rise in incidence of chronic diseases, developing healthcare infrastructure, growing healthcare awareness, and growing awareness for early screening or diagnosis of the diseases. The report also analyzes regions such as Europe and rest of the world.
Key players of the industry
Leading market players analyzed in the research include Quest Diagnostics, Inc., Sonic Healthcare Limited, Spectra Laboratories, Diagnostic Pathology Services, Inc., Q2 Solutions, Histo-Scientific Research Laboratories, among others. These market players have adopted various strategies including collaborations, joint ventures, partnerships, expansions, and others to gain a strong position in the industry.
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