The global anatomic pathology market is choc-o-bloc with companies with several large global players and a few local players, reports Transparency Market Research (TMR) in a new market study. This renders a stiff vendor landscape wherein companies are pouring in money into research and development for disease indication that will help them stay ahead in the game.
Prominent participants in the global anatomic pathology market include Abbott Laboratories, Danaher Corporation, Laboratory Corporation of America Holdings, Quest Diagnostics Incorporated, Thermo Fisher Scientific Inc., Agilent Technologies Inc., F. Hoffmann-La Roche Ltd., NeoGenomics Laboratories Inc., and Sakura Finetek USA Inc. among others.
As per projections of the TMR report, The Global Anatomic Pathology Market will likely expand at a CAGR of 6.5% between 2017 and 2025, for the market to touch a valuation of US$30,314.5 mn by the end of 2025. The global anatomic pathology market was evaluated at US$17,318.0 mn in 2016.
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Early Adoption of Advanced Technology for Disease Detection Makes North America Dominant
Services, amongst other key products and service segments, held the leading almost 45.9% market share in 2016. Based on application, disease diagnosis held the leading more than 47% market share in 2016. Geography-wise, North America currently leads the global anatomic pathology market; the region held the commanding more than 40% market share in 2016.
Extensive Use for Identifying Tumors, Cancers Rising at Alarming Rate Propelling Market
The global anatomic pathology market is primarily driven by the capability of anatomic pathology to identify abnormalities in order to detect disease and administer treatment. Hence, anatomic pathology finds extensive use for identifying and managing various types of tumors and cancers, which are increasing at an alarming rate. According to statistics of GLOBOCAN, around 15.2 million cancer cases were reported across the globe in 2015, and this number is anticipated to reach 19 million by 2025.
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Some other growth drivers of the global anatomic pathology market include rising prevalence of chronic diseases, increasing healthcare expenditure, growing aging population, and increasing use and efficiency of biomarkers for disease diagnosis. Prevalence of chronic diseases is currently at an all-time high mainly because of change in lifestyle and inadvertent exposure to radiation. Moreover, as per the World Health Report, chronic diseases are likely to be responsible for more than 70% deaths and 60% of disease burden globally by 2020. These factors are likely to foster the growth of anatomic pathology market.
In addition, technological advances that have been beneficial for early disease diagnosis have improved the quality of anatomic pathology as well. These factors are largely influencing the quality of anatomic pathology in developed economies that are supported by digital pathology, extensive R&D, and government initiatives to provide personalized medicine. Consequently, the anatomic pathology market in these regions is benefitted.
On the other hand, in developing countries government initiatives for creating awareness about advanced technologies are also likely to bode well for the anatomic pathology market in these regions.
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