New York, April 07, 2020 (GLOBE NEWSWIRE) -- According to the current analysis of Reports and Data, the Anatomic Pathology market was valued at USD 32.35 billion in 2019 and is expected to reach USD 52.89 billion by the year 2027, at a CAGR of 6.3%. The Anatomic pathology is a branch of medicine that deals with the diagnosis and effect of diseases on the body. The process relies on direct visualization of organ tissues, both grossly and microscopically. Various stains are used to identify and classify different microorganisms for disease diagnosis. The rising prevalence of cancer and tumorigenesis is expected to drive the industry widely. Diagnosis of cancer in anatomic pathology using biomarkers is a growing trend in the market. According to the World Health Organization, nearly 9.6 million deaths in 2018 occurred due to cancer; Cancer is the second leading cause of death globally. About 1 in 6 deaths is due to cancer. These deaths could have been avoided with the availability of proper medical equipment and devices for healthcare procedures. This significant number is expected to act as a driver to market growth. The increasing cases of targeted diseases due to unknown new organisms is also expected to propel the market growth. These diseases affect different people with different types and need treatment accordingly. Therefore, the rising demand for personalized medicines may fuel the market in the future. Mergers and acquisitions among various industry players to increase their profits could also propel the market growth in the forecast period. Furthermore, to increase awareness about anatomic pathology among healthcare professionals, the government is taking initiatives and has introduced various training modules to ensure proper training to the trainees. Regionally, developing countries such as India and China has enormous untapped potential providing a favorable growth scenario. The favorable reimbursement policies and technological advancements in the region will further boost the market growth.
However, the lack of skilled professionals in healthcare and the availability of various alternative products in the market are expected to be some restraints for the market. Moreover, the product recalls from the market due to lesser efficacy, and other issues are also likely to hinder the industry growth in the forecast period.
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COVID-19 Impact Assessment on Market:
The recent outbreak of COVID-19 disease caused by a novel strain of coronavirus has created certain unique upheavals in the healthcare industry, especially in the field of anatomic pathology. According to the surveys and interviews which we conduct regularly, MedTech manufacturers are pointing out an increasing demand for devices and equipment used for pathological screening. The nature of COVID-19 is such that there is an urgent need all across the world to ramp up the production of diagnostic devices which detect diseases caused by micro-organisms. Although the industry was seeing an upward trend in growth for the past few years, the recent upsurge in demand for testing kits, reagents, cover-slips, probes and many other laboratory equipment may bode well for anatomic pathology product manufacturers. Greater attention being paid towards hygiene and faster test results is expected to provide an impetus to the demand for anatomic pathology devices. Industry experts have also pointed out that although the global economy is currently facing headwinds due to the COVID-19 outbreak, it is expected that as these pathology equipment are used extensively in the screening and diagnosis of diseases, their usage is expected to increase significantly.
Further key findings from the report suggest
- Various companies have entangled into mergers and acquisitions to keep their strong presence in the market. For instance in 2018, Sakura Finetek, which is a U.S. based company, got into a merger with Laboratory Medicine and Henry Ford Health System Pathology.
- The merger is expected to increase the automation level of Sakura Finetek’s pathology laboratories and decrease the errors and to obtain faster accurate results. Such automation increases the workflow and productivity of laboratories.
- Introduction of various new technologies and products in the market is expected to fuel the market growth. For instance, in 2018, Sakura Finetek introduced a manual microtome called as Accu-Cut SRM 300 LT.
- The product is known to be installed with a latest feature which is a 4-color LED backlit 3D precision Chuck. This feature enables the pathologist to check samples tissues embedded in paraffin as well as more simplified and faster visualization of biopsies could be conducted.
- Key participants in the market include Sakura Finetek, F. Hoffmann-La Roche Ltd., BioGenex Laboratories, Thermo Fisher Scientific, Hologic, Inc., Becton, Dickinson and Company, Agilent Technologies, Merck KGaA, Bio SB, Diapath S.p.A., and Danaher Corporation.
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For the purpose of this report, Reports and Data has segmented the Anatomic Pathology market on the basis of product and services, application, end use and region:
Product and Services Outlook (Revenue in Million USD; 2017–2027)
- Instruments
- Microtomes & Cryostat
- Tissue processors
- Automatic Stainer
- Slide Staining Systems
- Embedded Systems
- Cover slippers
- Others
- Services
- Neuropathology
- Hematopathology
- Cytopathology
- Forensic pathology
- Histopathology
- Consumables
- Reagents
- Antibodies
- Probes & Kits
- Others
Application Outlook (Revenue in Million USD; 2017–2027)
- Disease Diagnosis
- Drug Discovery and Development
- Medical Research
- Others
End-use Outlook (Revenue in Million USD; 2017–2027)
- Hospital Laboratories
- Clinical Laboratories
- Others
Regional Outlook (Revenue in Million USD; 2017–2027)
- North America
- U.S
- Canada
- Europe
- Germany
- France
- UK
- Spain
- Italy
- Rest of the Europe
- Asia Pacific
- China
- India
- Japan
- Rest of Asia-Pacific
- Middle East & Africa
- Latin America
- Brazil
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/anatomic-pathology-market
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