Tissue Diagnostics Market Insights, Share, Growth Drivers and Forecast by 2024
The global tissue diagnostics market is growing significantly due to increasing prevalence of cancer, and technological advancements in tissue diagnostics. Massive unexplored tissue diagnostics market in emerging economies and lack of efficient diagnostic procedures are creating ample opportunities for the global tissue diagnostics market to grow at a considerable rate in the coming years. The advanced research and development facilities and increasing investment by large pharmaceutical companies in small tissue diagnostics companies are propelling the demand for cost effective and efficient tissue diagnostics instruments.
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A recent trend observed in the tissue diagnostics industry is increasing usage of immunohistochemistry products as companion diagnostics devices. Increasing prevalence of cancer has fuelled the demand of better diagnostic techniques, which could detect cancer in the earliest stage. According to the WHO, in 2012, there were 14 million new cancer cases and 8.2 million cancer related deaths worldwide.
Some of the factors driving the growth of the global tissue diagnostics market are increasing prevalence of cancer, increasing investment in tissue diagnostics by pharmaceutical companies, rising awareness for cancer, rapidly aging population, technological advancements in tissue diagnostics procedures, and increasing healthcare expenditure. In addition, tissue diagnostic procedures enable medical professionals to detect cancer in early stage; hence, fueling the growth of the market. However, high cost of tissue diagnostics instruments and stringent regulatory requirements are some of the factors restraining the growth of the global tissue diagnostics market to some extent.
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Geographically, North America will be leading the global tissue diagnostics market in the coming years due to high prevalence of cancer cases, high healthcare expenditure, and presence of a large number of hospitals and pharmaceutical companies. Additionally, the legislative reform of Affordable Care Act in the U.S. is also expected to drive the North American market in the coming years.
Some of the major players operating in the global tissue diagnostics market are F. Hoffmann-La Roche AG., Sigma Aldrich Corporation, Abbott, Biogenex Laboratories, BioSB, Cell Signalling Technology Inc., Thermo Fisher Scientific, Inc., Danaher Corporation, Agilent Technologies, GE Healthcare, and Siemens Healthcare.