Anatomic Pathology Market is Expected to Garner $24.3 Billion Revenue by 2024
Advancing at a CAGR of 5.8% during the forecast period (2019–2024), the anatomic pathology market is expected to garner $24.3 billion revenue by 2024, compared to $17.4 billion in 2018. The biochemical, microscopic, macroscopic, molecular, and immunologic examination of organs and tissues, which helps in disease diagnosis, is termed as anatomic pathology. The main reasons for the market growth are the increasing prevalence of chronic diseases, rising geriatric population, and technological advancements in the field.
The anatomic pathology market is observing the trend of the increasing adoption of new technologies, such as biobanking. It is the collection of samples of bodily tissues and fluids for the purpose of carrying out research for better understanding of diseases and health. In today’s time, when the emphasis is on obtaining faster test results for making a quick diagnosis, biobanking processes are being digitized for the easy storage and reference of test results. Additionally, the development of the liquid biopsy technique, coupled with next-generation sequencing, is revolutionizing the cancer diagnosis domain.
The categories of the anatomic pathology market, based on technique, are special staining, genetic testing, immunohistochemistry, and electron microscopy. All throughout the historical period (2014–2018), in terms of revenue, the market was led by the special staining category. This can be attributed to its wide application in pathological tests that are exclusively designed for the identification of microorganisms. The genetic testing category is predicted to witness the fastest growth, at a 7.2% CAGR, during the forecast period, which can be attributed to the increasing number of genetic tests being conducted.
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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.
