Selbyville, Delaware, June 20, 2023 (GLOBE NEWSWIRE) --
Tissue Diagnostics Market size is expected to cross USD 11 billion by 2032. Surging demand for personalized therapeutics globally is paving the path for industry expansion. Personalized therapeutics often rely on identifying specific biomarkers associated with a particular disease or treatment response. The increasing prevalence of chronic diseases, such as cancer and cardiovascular disorders, has escalated the need for accurate and timely diagnostic procedures.
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Technological breakthroughs in tissue diagnostic techniques, such as immunohistochemistry and in situ hybridization, have enhanced the accuracy and efficiency of diagnostics. Moreover, the rising geriatric population, which is more susceptible to age-related diseases. This apart, the expanding healthcare infrastructure and growing patient awareness about early disease detection will favor the market dynamics through 2032.
Tissue diagnostics instrument sales to witness an upward trend
The tissue diagnostic instruments market share will grow at a significant CAGR by 2032. Growing awareness about the early diagnosis of chronic diseases has increased the demand for tissue diagnostic instruments such as scanners, and other imaging systems. Moreover, advancements in these devices have further propelled their need. These improvements over the years have enhanced the speed, accuracy, and efficiency of disease diagnosis, molecular profiling, and personalized treatment decisions.
Prevalence of prostate cancer to favor market progression
Tissue diagnostics market value from the prostate cancer segment will amass notable gains through 2032. The increasing burden of prostate cancer has increased the utilization of tissue diagnostic techniques. As per the American Cancer Society, in 2023, the U.S. is projected to report around 288,300 new cases of prostate cancer. Moreover, surging awareness about the disease and a noticeable rise in healthcare expenditure across both developed and developing economies has increased the number of tissue diagnostic procedures globally.
Surging investment in drug development to favor industry gains
The tissue diagnostics market from the pharmaceutical companies segment will amass appreciable gains over 2023-2032. Increasing investment in drug development has propelled the need for tissue diagnostics in pharmaceutical companies. Tissue diagnostics products help these companies identify and validate specific targets for drug development. In addition, the ability of tissue diagnostics to detect and evaluate any potential adverse effects or toxicities associated with pharmaceutical products.
Europe to accumulate a substantial market share
Europe tissue diagnostics market share will grow at a lucrative CAGR from 2023 to 2032. The rising prevalence of cancer in the region has increased investments in tissue diagnostics. As per the European Commission, around 25% of total annual cancer cases are diagnosed in Europe. Moreover, rapid advancements in tissue diagnostic technology, in line with the growing demand for accurate and efficient diagnostic methods, have further opened new application avenues for tissue diagnostics in the region.
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Tissue Diagnostics Industry Players
Abbott Laboratories, Danaher, bioMérieux SA, Becton Dickinson & Company, Thermo Fisher Scientific, Inc., Siemens, QIAGEN, and Merck KGaA, among others
Tissue Diagnostics Market News:
- In January 2023, Thermo Fisher Scientific, Inc., an American supplier of scientific instrumentation, completed the acquisition of The Binding Site Group, a leader in specialty diagnostics space.
Partial Table of Contents (ToC) of the report:
Chapter 3 Tissue Diagnostics Industry Insights
3.1 Industry ecosystem analysis
3.2 Industry impact forces
3.2.1 Growth drivers
3.2.1.1 Rising prevalence of cancer globally
3.2.1.2 Growth of personalized therapeutics and diagnostics
3.2.1.3 Growing demand for digital pathology
3.2.1.4 Increasing number of private diagnostic centers globally
3.2.2 Industry pitfalls & challenges
3.2.2.1 Lack of skilled professionals
3.2.2.2 High cost of diagnosis and reimbursement issues
3.3 Growth potential analysis
3.3.1 By product
3.3.2 By technology
3.3.3 By application
3.3.4 By end-use
3.4 COVID- 19 impact analysis
3.5 Regulatory landscape
3.5.1 U.S.
3.5.2 Europe
3.6 Technology landscape
3.7 Porter's analysis
3.8 PESTEL analysis
Chapter 4 Competitive landscape
4.1 Introduction
4.2 Company matrix analysis, 2022
4.3 Competitive dashboard
4.4 Company market share, 2022
4.5 Competitive analysis of major market players
4.6 Competitive positioning matrix
4.7 Strategic outlook matrix
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