(IT-NEWSWIRE.COM, March 25, 2020 ) 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 estimated to grow from USD 33.0 billion in 2019 to USD 44.4 billion by 2024, at a CAGR of 6.1%.
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The growth in this market is majorly driven by the high incidence of cancer and other target diseases, availability of reimbursement, and the growing focus on personalized medicine. However, the availability of refurbished products, the lack of skilled professionals, and product recalls are expected to hamper market growth to a certain extent during the forecast period.
Market segmented into :
1. By product & service, the market is segmented into services, instruments, and consumables. The services segment accounted for the largest market share in 2018 and is expected to register the highest CAGR during the forecast period. The growth 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.
2. Based on application, the market is segmented into disease diagnosis and medical research. The market for disease diagnosis is further segmented into cancer and other diseases. In 2018, the disease diagnosis segment accounted for the largest market share. This can be attributed to the rapid growth in the geriatric population and the increasing incidence of cancer and other chronic diseases.
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3. Based on region, the market is segmented into North America, Europe, the Asia Pacific, and the Rest of the World. In 2018, North America accounted for the largest market share, followed by Europe.
Geographical Growth Analysis:
Based on region, the market is segmented into North America, Europe, the Asia Pacific, and the Rest of the World. In 2018, North America accounted for the largest market share, followed by Europe. The easy accessibility to advanced technologies, government initiatives for screening cancer patients, favorable reimbursement scenario for anatomic pathology diagnostic tests, increasing healthcare expenditure, and the presence of high-quality infrastructure for hospitals and clinical laboratories in the region are the major factors driving the growth of the market in North America.
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Mr. Sanjay Gupta