- Technological advancements in diagnostic procedures is one of the significant factors influencing the market growth
- Market Size – USD 3.12 Billion in 2019, Market Growth - CAGR of 6.1%, Market Trends – Growing prevalence of cancer
NEW YORK, Aug. 13, 2020 /PRNewswire/ -- The Global Tissue Diagnostic Market is expected to reach USD 5.02 Billion by 2027, according to a new report by Reports and Data. Tissue diagnostics is the process of removing the tissues and staining it for the diagnosis of diseases, particularly cancer. Recently, there have been novel technological advancements in the network-based medicine, which allows for detection, visualization, and monitoring of conditions in a more effective way, which would result in better treatment of the diseases.
The growing prevalence of cancer is a significant factor in driving the market growth. Cancer has a significant impact on global society, including the U.S. Detection of cancer at an early stage significantly increases the chances 0f survival. Creating awareness to encourage early diagnosis and screening are the crucial steps responsible for early detection of cancer. Identifying likely warning symptoms of cancer and taking rapid measures is necessary for early diagnosis. Greater awareness of probable symptoms of cancer amongst physicians, nurses, and other healthcare providers, in addition to the general public, would positively impact the survival rate and hence would be instrumental in increasing the market demand.
COVID-19 Impact Analysis
As economies across the globe are experiencing the negative impact of the Covid-19 pandemic, organizations are suffering losses, among various other challenges. Nevertheless, firms in the pharmaceutical industry are of immense importance in combatting the pandemic and are witnessing positive growth in the contagious disease landscape with the race for treatment approval therapy gaining momentum. Tissue diagnostics finds usage in detecting the presence of SARS-CoV-2 in the tissues of patients and hence is gaining significant traction in the market.
By type, diagnostics kits held a substantial market share in 2019, owing to the offering of ease and convenience of use. There are various diagnostic kits available in the market, some of which provide an instant result, whereas others as collection devices for tissue specimens, which need to be sent to laboratories for further processing.
By technology, in situ hybridization held the second-largest market share in 2019. There are many advantages of in situ hybridization comprising the application to frozen tissues, as well as its usage in combination with immunohistochemistry for the identification protein, along with mRNA.
By application, prostate cancer is likely to grow at a rate of 5.9% in the forecast period. According to the American Cancer Society, men aged 65 years or older have around 66.0% higher risk of suffering from the disease. Also, prostate cancer holds the second spot among the cancer diseases responsible for the death of men in America.
By end-user, the pharmaceutical organization is likely to grow at a rate of 6.5% in the forecast period 2019, owing to an extensive application of tissue diagnostic in the process of drug development and several other analytical procedures.
The market in the Asia Pacific region is expected to grow at the fastest rate of 7.3% in the forecast period. The high growth of the APAC region is attributed to the growing prevalence of target conditions, growth of the pharmaceutical industry, and a surge in R&D activities the diagnostic procedures, among others.
Key participants include Thermo Fisher Scientific, Danaher, Becton, Dickinson, and Company, Agilent Technologies, Abbott, Roche, Merck KGaA, Biogenex, Hologic Inc., and Abcam, among others.
In May 2020, Agilent Technologies Inc. Visiopharm made an announcement about the signing of a co-agreement for end-to-end standardization and quality of tissue diagnostics and cater to the growing requirements of pathology labs globally.
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