Anatomic Pathology Market
NEW YORK, Nov. 4, 2019 /PRNewswire/ --
Anatomic Pathology Market
The global anatomic pathology market is projected to attain a size of $24.3 billion by 2024, progressing at a 5.8% CAGR during the forecast period. The increasing prevalence of chronic diseases, developments in technology, and surging geriatric population are some of the major reasons behind the growth of the market. On the basis of application, the market is categorized into drug discovery, disease diagnosis, and others. Out of these, the disease diagnosis category is expected to hold the largest share of more than 65.0% in the market by 2024.
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This is attributed to the surging aging population and rising number of patients suffering from the chronic ailments. When segmented by end user, the anatomic pathology market is classified into diagnostic laboratories, ambulatory surgical centers, hospitals and clinics, and academic and research organizations. Among these, in 2018, diagnostic laboratories led the market with a share of 45.8%, followed by hospitals and clinics that held a 31.4% share. The reason behind this is that these laboratories are less expensive as compared to hospitals and clinics.
The Asia-Pacific (APAC) anatomic pathology market is predicted to witness the fastest growth at a 6.7% CAGR during the forecast period. The key factors responsible for such rapid progress would be the acceptance of personalized medicine, growing number of chronic ailment patients, increasing investment in diagnostic research by non-government and government organizations, and entry of established players in the region. The increasing entrance rate of international players in the market is helping in better availability of advanced and innovative anatomic pathology consumables and instruments in APAC.
For instance, in January 2019, Nichirei Bioscience (one of the leading suppliers of diagnostic and biological products in Japan) collaborated with Biocartis Group NV for the product registration and exclusive distribution of molecular diagnostic (MDx) oncology tests, developed by Biocartis, in Japan, which work on the sample-to-result Idylla platform, which is fully automated, Under this, Nichirei Bioscience agreed to get the regulatory approval of the Japanese Ministry of Health, Labour, and Welfare for Idylla MDx oncology tests. After the registration, Nichirei Bioscience aims to provide Biocartis' Idylla platform to 2,000 pathology laboratories within its commercial network in Japan.
The key players operating in the anatomic pathology market are gearing up to introduce innovative solutions to improve their market presence. For instance, in February 2019, Quest Diagnostics Inc., a U.S.-based diagnostic information services provider, purchased the clinical laboratory services unit of Boyce & Bynum Pathology Laboratories (BBPL), a leading supplier of diagnostic and clinical laboratory services in the Midwest. The acquisition is aimed at offering a larger portfolio of anatomic pathology and innovative clinical laboratory services to providers and patients throughout the region.
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