Rockville, Feb. 27, 2023 (GLOBE NEWSWIRE) -- The global pathology services market was valued at US$ 15.5 Billion in 2022 and is expected to be valued at US$ 16.5 Billion in 2023. During the 2023-2033 period of assessment, demand is expected to rise at a 6.7% value CAGR, likely to surpass a valuation of US$ 31.6 Billion by the end of the said forecast period.
The increasing prevalence of chronic diseases, high incidence of cancer, and other target diseases drive the growth of the pathology services market. The pathology services market will show rapid growth due to the growing focus on personalized medicine, and a substantial number of supporting programs and training modules by the government.
Based on the end-user, the hospital segment is expected to dominate the market in the forecast period. The presence of well-developed infrastructure, coupled with a well-trained staff in hospital-based pathological laboratories, stimulates the growth of the hospital segment.
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Report Attributes | Details |
| Forecast Period | 2023 - 2033 |
| Value Projection (2032) | US$ 31.6 Billion |
| Growth Rate (2022-2032) | 6.7 % CAGR |
| No. of Pages | 170 pages |
| No. of Tables | 41 Tables |
| No. of Figures | 74 Figures |
Key Takeaways from Market Study
- The global pathology service demand is likely to surge at a 6.7% CAGR during the forecast period.
- North America dominates the global pathology services market, with a market share of 37% and registering a value of 5.7Billion.
- Based on the application, Disease diagnostic segment will expand the fastest, accounting for a market share of 45% over the forecast period.
- By End-User, the Hospital segment will remain the most prominent user, accounting market share of 43% throughout the forecast period.
“Rising prevalence of the chronic disorder, increasing geriatric population and technological advancement in pathology procedures are projected to drive the growth of the pathology services market”, says a Fact.MR analyst.
Competitive Landscape
Examples of some of the market participants in the global pathology services market identified across the value chain include ACL Laboratories, AmeriPath, Biogenex, BioReference Health, LLC., Clinical Pathology Laboratories, Krsnaa Diagnostics, Labtests, PathGroup, Sonic healthcare, Spectrum Healthcare Partners, StrataDx, Sutter Health, Synnovis Group LLP, Unilabs Corporation, C-path Connected pathology among others.
Leading market players are making strategic investments in technological innovation and R&D initiatives to increase service quality. To achieve a substantial market share in the worldwide pathology services market and strengthen their position, service providers are pursuing expansion methods such as current developments, mergers and acquisitions, collaborations, and partnerships, joint ventures.
Some of the development is as follows-
- In January 2022 – PathGroup, one of the largest providers of anatomic pathology, digital pathology, and clinical and molecular laboratory services in the United States, announced the acquisition of Pathology Consultants, a leading provider of pathology services based in Greenville, S.C.
- In November 2022 - Sonic Healthcare is pleased to announce that it has agreed to acquire a shareholding in Microba Life Sciences Limited.
- In April 2021 - SYNLAB, announced a collaboration with Guy’s and St Thomas’, and King’s College Hospital NHS Foundation Trusts to deliver and transform pathology services for hospitals.
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Recent Trends
1. Growing Demand for Automation: Automation technologies such as artificial intelligence (AI) and robotics are becoming increasingly popular in pathology services. Automation can reduce turnaround times for specimen processing, improve accuracy of results, and reduce labor costs.
2. Increasing Use of Telemedicine: Telemedicine has enabled remote pathology services, allowing pathology laboratories to provide services to rural or underserved areas. This is expected to drive market growth.
3. Expansion of Point-of-Care Diagnostics: Point-of-care diagnostics provides immediate results and is becoming increasingly popular in pathology services. This is expected to drive market growth.
4. Increasing Demand for Biomarkers: Biomarkers are increasingly used in pathology services to diagnose, monitor, and predict diseases. This is expected to drive market growth.
5. Growing Demand for Digital Pathology: Digital pathology has enabled the digitization of pathology services, leading to improved accuracy and efficiency. This is expected to drive market growth.
Key Segments Covered in Pathology Services Industry Report
- By Application :
- Disease Diagnostics
- Drug Discovery and Development
- Others
- By End-User :
- Hospitals
- Research Laboratories
- Diagnostic Laboratories
- Others
- By Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia and Oceania
- Middle East & Africa
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More Valuable Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the pathology services market, presenting historical demand data (2018-2022) and from 2023 to 2033.
The study divulges essential insights on the Pathology Services Market Analysis Report by Application (Disease Diagnostic, Drug Discovery, and Development, Others) by End-User (Hospitals, Research Laboratories, diagnostic Laboratories, others) and By Region - Global Forecast 2023-2033
Key Questions Covered in the Pathology Services Market Report
- What is the projected value of the Pathology Services Market in 2023?
- At what rate will the global Pathology Services Market grow until 2033?
- Which are the factors hampering the growth in the Pathology Services Market?
- Which region is expected to lead in the global Pathology Services Market during 2023 to 2033?
- Which are the factors driving the Pathology Services Market during the forecast period?
- What is the expected market value of the Pathology Services Market during the forecast period?
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