Thermo Fisher Scientific Inc., NeoGenomics Laboratories Inc., PHC Holdings Corporation, Quest Diagnostics Incorporated, Agiliti Technologies Inc., Sakura Finetek USA Inc., and Origene Technologies Inc. are some of the key players operating in the global anatomic pathology market
NEW YORK, May 23, 2019 (GLOBE NEWSWIRE) -- Global anatomic pathology market to generate $24.3 billion revenue by 2024, advancing at a CAGR of 5.8% during the forecast period. Increasing incidence of chronic diseases, advancements in technologies, and rising geriatric population are some of the key drivers propelling the market growth, according to P&S Intelligence.
On the basis of application, the anatomic pathology market is classified into disease diagnosis, drug discovery, and others. Of these, diseases diagnosis is expected to be the largest and the fastest growing category, contributing 66.4% of the total market share by 2024. This is due to the growing geriatric population, and increasing number of patients suffering from chronic ailments. However, the drug discovery category is expected to witness a sluggish growth, with a CAGR of 5.5% during the forecast period.
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Based on end user, the anatomic pathology market is categorized into diagnostic laboratories, hospitals and clinics, ambulatory surgical centers, and academic and research organizations. Amongst these, diagnostic laboratories dominated the market during the historical period, with a market share of 45.8% in 2018, as compared to 31.4% market share of hospitals and clinics category. This is primarily due to the low cost of tests offered by diagnostic laboratories, as compared to hospitals and clinics.
The APAC anatomic pathology market is expected to witness the fastest growth, propelling at a CAGR of 6.7% during the forecast period. The growth is mainly attributed to acceptance of personalized medicine, investment in diagnostic research by government and non-government organizations, increasing patient pool suffering from chronic ailments, and penetration of established players in the region.
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Increasing penetration of international players is helping in offering innovative and advanced anatomic pathology instruments and consumables in APAC. For instance, in January 2019, Biocartis Group NV collaborated with Nichirei Bioscience, one of the leading suppliers of biological and diagnostics products in Japan, for the product registration and exclusive distribution of Biocartis’ molecular diagnostic (MDx) oncology tests in Japan, which perform on the fully-automated sample-to-result Idylla platform. Under the terms of the agreement, Nichirei Bioscience will seek the regulatory approval of Idylla MDx oncology tests from the Japanese Ministry of Health, Labor, and Welfare. After the successful registration, Nichirei Bioscience’s sales force has planned to distribute Biocartis’ Idylla platform across its commercial network of 2,000 pathology laboratories in Japan.
Besides, Biocartis Group NV got into a joint venture with Guangzhou Wondfo Biotech Co. Ltd., a leading diagnostic company in China in September 2018. The strategy behind this joint venture was to increase the commercialization of the fully-automated molecular diagnostics (MDx) Idylla platform designed by Biocartis Group NV in Mainland China. Such joint venture in the country is expected to thrive the anatomic pathology market growth in APAC.
Browse report overview with 122 tables and 76 figures spread through 227 pages and detailed TOC on "Anatomic Pathology Market Research Report: By Product (Consumables, Instruments), type (Histopathology, Cytopathology, Surgical Pathology), technique (Special Staining, Immunohistochemistry, Electron Microscopy, Genetic Testing), Application (Disease Diagnosis, Drug Discovery), End-User (Hospitals and Clinics, Diagnostic Laboratories, Ambulatory Surgical Centers, Academic and Research Organizations), Regional Insight (U.S., Canada, France, Germany, Italy, Spain, U.K., Russia, Sweden, Norway, Belgium, Switzerland, Poland, Austria, Japan, China, Thailand, Indonesia, Singapore, Australia, Malaysia, South Korea, India, Mexico, Brazil, Argentina, Chile, Saudi Arabia, U.A.E., Israel, South Africa) – Global Industry Analysis and Forecast to 2024"at:https://www.psmarketresearch.com/market-analysis/anatomic-pathology-market
The players in the anatomic pathology market are coming up with innovative solutions to enhance their market presence. For instance, in February 2019, Quest Diagnostics Incorporated, a U.S.-based provider of diagnostic information services, acquired the clinical laboratory services business of Boyce & Bynum Pathology Laboratories (BBPL), a leading provider of diagnostic and clinical laboratory services in the Midwest. The acquisition aims at bringing a wider menu of innovative clinical laboratory and anatomic pathology services to patients and providers throughout the region.
Besides, in January 2019, PHC Holdings Corporation, a global healthcare company that offers value-added products and solutions across diabetes care, diagnostics, and life sciences and healthcare IT, signed a definitive agreement with Thermo Fisher Scientific Inc. to acquire Thermo Fisher’s anatomical pathology business, for approximately $1.14 billion. The anatomical pathology business segment providers microscope slides, instruments, and consumables. It generates approximately $350 million in annual revenue and around 1,200 employees work under this segment in the U.S., Europe, and China.
Further, in June 2018, NeoGenomics Laboratories Inc. (NeoGenomics), a leading provider of cancer-focused genetic testing services, collaborated with Pharmaceutical Product Development LLC (PPD), a leading global contract research organization (CRO), to provide a fully integrated pathology and molecular testing solutions to PPD’s pharmaceutical and biotech clients. As a part of the collaboration, NeoGenomics provides a wide range of lab testing services to support PPD’s oncology clinical trial activities in the U.S., Europe, and Asia.
Thermo Fisher Scientific Inc., NeoGenomics Laboratories Inc., PHC Holdings Corporation, Quest Diagnostics Incorporated, Agiliti Technologies Inc., Sakura Finetek USA Inc., and Origene Technologies Inc. are some of the key players operating in the global anatomic pathology market.
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