As per expert analysts, the Tissue Diagnostic Market had registered revenue worth US$3.57 bn in 2015, which is further expected to expand at a splendid CAGR of 9.50% during the forecast period from 2016 to 2024. This growth is prophesied to occur in the form of a decent increase in revenue registered at US$8.02 bn by the end of 2024.
Rapidly Increasing Caner Instances Boosts Demand for Quality Tissue Diagnosis
The global tissue diagnostic market is majorly being driven due to due to rising cases of cancer, which demands regular tests being conducted to check cancerous tissue growth in those potentially affected by this disease. Rising geriatric population also has been majorly responsible for making the market progress at a rapid pace. This is mainly due to a high prevalence of cancer and other deadly diseases witnessed to occur in elderly people. With an increasing demand of top-notch quality treatment in against cancer, the global tissue diagnostic market is expected to grow rampantly during the next few years. Widespread advancements occurring in the medical and healthcare infrastructure all over the globe owing to such demands coupled with improved cancer detection technology too has provided a huge impetus to the market's expansion. New computer-aided diagnostics and imaging devices find high employment in various healthcare centers, where tissue diagnosis is carried out.
High Costs and Delay in Approvals Stunts Market's Expansion
However, the global tissue diagnostic market is majorly restricted owing to delays in the introduction of new treatments coupled with unfavorable reimbursements. Such delays for new approvals and potential tests mainly exist owing to a lax attitude of most regional and international food and drug administrations and organizations. Moreover, high costs of the diagnostic tests coupled with steep treatment prices is also expected to hamper the global tissue diagnostic market's growth curve. Such high costs might discourage those has less disposable income from opting for the relevant procedures. Nonetheless, many players are expected to regulate costs of the procedures involved in tissue diagnosis. This could ultimately reduce effects of most restraints affecting the global tissue diagnostic market.
From a geographical perspective, this market is mainly spread across North America, Asia Pacific, the Middle East and Africa, Latin America, and Europe. Of these, North America holds a leading position in the market owing to a strong medical infrastructure and high prevalence of cancer in the region. However, Asia Pacific too is catching up with in the market's growth owing to increasing number of people getting affected with cancer and other deadly diseases that demands quality tissue diagnosis.
The global tissue diagnostic market depicts the presence of a highly competitive and emerging vendor landscape, says Transparency Market Research on the basis of a newly published report. Such a high competitive intensity mainly exists owing to new device upgrades being launched by players with regards to enhancing the associated equipment. Moreover, with an increase in the number of players projected to occur during the next few years, the competition is prophesied to further intensify.
Most businesses are focused on participating in valuable mergers and acquisitions to maintain their leading stance in the tissue diagnostic market. Cell Signaling Technologies, Agilent Technologies, Abbott Laboratories, Becton Dickinson & Co., Genomic Health Inc., 3DHISTECH, Danaher Corp., GE Healthcare, Thermo Fisher Scientific Inc., and Roche Diagnostics are some of the key players operating in the global tissue diagnostic market.
The information presented in this review is based on a TMR report, titled, "Tissue Diagnostic Market (Product Type - Instruments and Kits; Technology - Immuno Histochemistry, In-Situ Hybridization, Digital Pathology, and Special Staining; End User - Hospitals, Ambulatory Surgical Centers, Diagnostic Centers, and Research Laboratories) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2016 - 2024".
North America holds a leading position in the market owing to a strong medical infrastructure and high prevalence of cancer in the region.
The global tissue diagnostic market is majorly being driven due to due to rising cases of cancer, which demands regular tests being conducted to check cancerous tissue growth in those potentially affected by this disease.
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