Global Tissue Diagnostics Market 2022-2028

Global Tissue Diagnostics Market 2022-2028

Global tissue diagnostics market was valued at $5.4 billion in 2021 and is anticipated to grow at a considerable CAGR of 6.4% during the forecast period. The need for more accurate diagnosis in cases of cancer has resulted in the development of more advanced diagnostic technologies such as tissue diagnostics. Cancer is a fatal disease, and it is prevalent across the globe with a huge economic burden in emerging and low-middle income group countries. It has a considerable presence in developed and developing economies such as the US, UK, Spain, China, India, and Korea. Tissue diagnosis includes Haematoxylin & Eosin (H&E) Stain, Immunohistochemistry (IHC) Test, Fluorescent in Situ Hybridization (FISH) Test, Silver in Situ Hybridization (SISH) Test, Pathology, and other stain tests. These diagnostic services are widely available and due to technological advancement, innovation and efficient results these diagnostic devices are in huge demand.

Impact of COVID-19 Pandemic on Global Tissue Diagnostics Market

During COVID-19, many countries had been impacted by the pandemic, and the governments of these countries had ordered nationwide lockdowns which shut down operations of various industries. Additionally, the global tissue diagnostic market was also impacted by the COVID-19 pandemic due to the operational halt of the market players due to lockdowns. However, the surge in the rising number of patients requiring tissue diagnosis presented lucrative growth opportunities for the growth of the market during the COVID-19 pandemic.

Segmental Outlook

The global tissue diagnostic market is segmented based ontechnology, diagnosis, product and end-user. Based on the technology, the market is segmentedinto immunohistochemistry, in-situ hybridization, h&e stain, special staining, digital pathology and others. Based on the diagnosis, the market is sub-segmented intobreast cancer, gastric cancer, lymphoma, prostate cancer, non-small cell lung carcinoma and others. Based on product, the market is segmented into instruments (slide staining systems, scanners, tissue processing systems and others) and consumables (antibody, kits, reagents, probes and others). Based on the end-user, the market is segmented into hospitals & clinics, laboratories & research institutes, and others.

Consumable Holds a Prominent Share in the Global Tissue Diagnostics Market.

Based on the product, the consumables are expected to grow at a significant rate during the forecast period. This is attributed to their increasing requirement in large numbers as well as cost-effectiveness along with ease of use. Additionally, the growth of the consumables segment is also due to the increasing number of reagent rental agreements.

Regional Outlook

The global tissue diagnostics market is further segmented based on geography including North America (the US, and Canada), Europe (UK, Germany, Italy, Spain, France, and Others), Asia-Pacific (India, China, Japan, South Korea, and Others), and the Rest of the World (the Middle East &Africa, and Latin America). North America is anticipated to grow during the forecast period due to the Easy accessibility to advanced technologies as well as government initiatives for screening cancer patients in the region.

Asia-Pacific Region Holds a Prominent Share in the Global Tissue Diagnostics Market.

The Asia-Pacific region holds a prominent share in the tissue diagnostics market. The major factor driving the growth of the market in the region due to high prevalence of cancer. Asia-Pacific countries such as China, India, Japan, and Korea are the key markets and are expected to improve upon their existing diagnostic technologies. Additionally, improved healthcare spending, infrastructure, and favorable government policies are the key factors that are expected to drive the market in the region.

Market Players Outlook

The major companies serving the global tissue diagnostics market include Abbott Laboratories, F. Hoffmann-La Roche AG, Bio-Genex Laboratories, Bio SB Inc.,and Agilent Technologies among others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers & acquisitions, partnerships, geographical expansion and collaborations to stay competitive in the market. For instance, in August 2019, Roche announced the expanded use of the VENTANA PD-L1 (SP142) Assay3,4 in triple-negative breast cancer for patients living in CE (ConformitéEuropéene) markets.