July 19, 2024

The Growing Demand For Digital Pathology Is Anticipated To Openup The New Avanue For Anatomic Pathology Market

Market Overview:

Anatomic pathology refers to the examination of surgical specimens, biopsies, and cytology to diagnose diseases. The major products associated with anatomic pathology include instruments, kits reagents, and software. Pathologists use microscopes and sophisticated molecular diagnostic instruments to examine tissue samples. Digital pathology facilitates remote diagnosis, consultation, and teaching through whole-slide imaging.

Market Dynamics:

The rising prevalence of cancer and other chronic diseases is a key factor driving the growth of the anatomic pathology market. According to the World Health Organization (WHO), cancer is the second leading cause of death globally and accounted for nearly 10 million deaths in 2020. Moreover, technological advancements in digital pathology and the adoption of companion diagnostic assays to aid treatment decisions are also contributing to the market growth. The development of innovative anatomical pathology techniques such as multiplex immunohistochemistry (IHC) for simultaneous analysis of protein expression in tissue samples is further fueling the demand. However, the high cost of digital solutions may hamper the market growth over the forecast period.

The global Anatomic Pathology Market Growth is estimated to be valued at US$ 30.16 Bn in 2023 and is expected to exhibit a CAGR of 8.7% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Segment Analysis

The anatomic pathology market is dominated by the diagnostics segment. This segment accounts for over 60% market share owing to the increasing prevalence of chronic diseases such as cancer that requires histopathological diagnosis. The diagnostics segment involves laboratory examinations and analysis of patient samples such as biopsied tissues.

PEST Analysis

Political: Governments across countries are increasing healthcare expenditure to provide better diagnostic facilities for diseases. This is promoting investments in advanced laboratory infrastructure and anatomic pathology devices.
Economic: Rising income levels are enabling more people to opt for various diagnostic tests. The growth in the aging population suffering from age-related chronic illnesses is also boosting demand.
Social: Higher disease awareness among the public is driving early diagnosis. Social trends indicate growing preference for minimally invasive surgeries which require pathology examinations.
Technological: Introduction of digital and automated pathology devices is augmenting precision, analytics capabilities and laboratory workflow efficiency. Advancements in imaging, slide scanning and multiplexing are further enhancing diagnostic accuracy.

Key Takeaways

The global anatomic pathology market size was valued at USD 30.16 billion in 2023 and is expected to witness high growth, exhibiting a CAGR of 8.7% over the forecast period, due to the increasing prevalence of cancer globally.

By region, North America dominated the market with over 30% share in 2023 led by advanced healthcare facilities, diagnostic infrastructure, and presence of key market players in the US. Asia Pacific is poised to grow at the fastest rate during the forecast period supported by growing medical tourism, increasing disease awareness, and healthcare reforms across emerging countries.

Key players operating in the anatomic pathology market are Danaher, PHC Holdings Corporation, Quest Diagnostics Incorporated, Laboratory Corporation of America Holdings, F. Hoffmann-La Roche AG, Agilent Technologies, Inc., Cardinal Health, Sakura Finetek USA, Inc., NeoGenomics Laboratories, Inc., and BioGenex. These players are focusing on new product launches, partnerships, mergers, and acquisitions to strengthen their market presence.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it