The tissue diagnostics market is estimated to be valued at USD 19,907.1 Million in 2021, and it is expanded to grow at a significant CAGR of 9.5% over 2022-2028. An increase in the burden of disease among the population leads to a growing number of anatomic pathology tests requests to hospitals and independent laboratories etc. This is expected to boost the market for anatomic pathology services. In order to achieve sustainable development goals, access to high-quality and timely pathology and laboratory services is needed, and certain non-communicable diseases cannot be diagnosed only based on physical examination of clinical pathology. Hence, the number of test requests for anatomic pathology is increasing. According to the 2016 status report on “In Vitro Diagnostic Testing in Medical Practice,” the volume of laboratory testing is driven by clinical demand, and 66% of clinical decisions in the U.S. and Germany are based on anatomic pathology testing. Pathology and laboratory medicine comprise a mere 2.3% of the total healthcare spending. Despite this, pathology services are estimated to impact 70% -80% of the healthcare decisions. The pathology industry has started focusing on anatomic pathology due to industry fragmentation, high skilled nature of anatomic pathology services, and substantial historical growth in demand for anatomic pathology services despite payments cuts. This provides an opportunity for manufacturers of anatomic pathology solutions to invest in the independent pathology laboratories because demand for pathology services. The anatomic pathology segment is expected to contribute the highest revenue share of 75.4 percent in the tissue diagnostics market in 2020, owing to the vastly increased prevalence of chronic diseases worldwide, where this technology is used chiefly in tissue diagnostics. Moreover, an increasing number of hospitals are providing laboratory outreach programs which are expected to drive the growth of the anatomic pathology market.
Recent Market Developments:
In March 2021, Agilent Technologies Inc. announced that it has entered into a definitive agreement to acquire Resolution Bioscience Inc., a leader in the development and commercialization of next-generation sequencing (NGS)-based precision oncology solutions. The acquisition complements and expands Agilent’s capabilities in NGS-based cancer diagnostics and provides the company with innovative technology to further serve the needs of the fast-growing precision medicine market.
In July 2021, BD (Becton, Dickinson and Company), a leading global medical technology company, announced it has acquired Tepha, Inc., a leading developer and manufacturer of a propriletary resorbable polymer technology.