by Market 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.
Market Overview:
Anatomic pathology is a medical specialty that is concerned with the diagnosis of disease based on the gross, microscopic, chemical, immunologic and molecular examination of organs, tissues, and whole bodies. It plays a crucial role in disease diagnosis and management. Anatomic pathology aids in the diagnosis of various chronic and infectious diseases including cancer.
Market key trends:
The increasing prevalence of cancer has significantly driven the demand for anatomic pathology services. According to the National Cancer Institute, in 2020, approximately 1.8 million new cancer cases were diagnosed in the US. Early and accurate detection plays a vital role in cancer management. Anatomic pathology helps in cancer diagnosis and staging which aids in determining the appropriate course of treatment. Furthermore, the growing demand for personalized medicine is also boosting the anatomic pathology market. In personalized medicine, pathology tests are used to understand individual patient’s genetic makeup and biology to customize treatment accordingly. This is expected to drive the anatomic pathology market during the forecast period.
Porter’s Analysis
Threat of new entrants: New entrants face high capital requirements for infrastructure and R&D. They also have to deal with strong customer loyalty towards established brands.
Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of substitutes and concentration of buyers.
Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to the availability of substitutes and less differentiation in products.
Threat of new substitutes: Threat of substitutes is moderate as there are few alternative options available at present.
Competitive rivalry: High due to the presence of many global and regional players.
SWOT Analysis
Strengths: Wide product portfolio and strong brand recognition of key players. Advancements in diagnostic procedures enhance accuracy.
Weaknesses: High setup and maintenance costs. Heavy regulatory compliance requirements increases operating costs.
Opportunities: Untapped growth potential in emerging economies. Integration of advanced technologies like AI and cloud computing.
Threats: Threat from refurbished and cheaper alternatives. Stringent regulatory frameworks and data privacy laws.
Key Takeaways
Market size: The Global Anatomic Pathology Market is expected to witness high growth, exhibiting CAGR of 8.7% over the forecast period, due to increasing incidence of chronic diseases and cancer and growing geriatric population.
Regional analysis: North America dominates the global market and is expected to retain its leading position throughout the forecast period. This is attributed to well-established healthcare infrastructure, rising healthcare spending, and presence of key market players in the region. Asia Pacific exhibits the fastest growth owing to growing medical tourism, rapidly developing healthcare infrastructure, and rising healthcare spending in countries like China and India.
Key players: Key players operating in the Anatomic Pathology market are Thermo Fisher Scientific, F. Hoffman-La Roche AG, Agilent Technologies, Danaher Corporation, Quest Diagnostics, Inc., Biocartis NV, and Sakura FineTechnical Co., Ltd. They are focusing on new product launches, partnerships, and strengthening their distribution networks to strengthen market presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
