Kenneth Research recently added a report on ‘Tissue diagnostic Market’ in its database of market research reports which provides its readers an in-depth analysis on the latest trends, growth opportunities and growth drivers that are associated with the growth of the market. The report additionally shares critical insights on the COVID-19 impacts on the , along with the compound growth rate (CAGR) of the market for a projected period between 2021 2025. The report also includes analysis of the market by utilizing different analytical tools, such as PESTEL analysis and Porter’s five forces analysis. These tools also provide an in-depth analysis on the micro and macro-environmental factors that are associated with the growth of the market during the forecast period.
Tissue diagnostic is considered as the medical test that is mainly performed by the interventional radiologist, surgeon or an interventional cardiologist to determine presence of any disease or an extent of any disease. The procedure includes extraction of sample cells from the body and examining them with the help of microscope or can be analyzed chemically.
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Increasing number cancer patients across the globe has resulted in the rise in demand for tissue diagnostics. Common forms of cancer that have proven to be fatal include lung cancer, breast cancer and liver cancer (pancreatitis). According to Insights and Reports, the U.S recorded more than 15 million cancer survivors in 2016 and it is expected that adequate diagnostic methods would increase the number of cancer survivors in the coming years as well.
High healthcare spending in the country is another key factor boosting the demand for tissue diagnostics. According to the National Health Expenditure Accounts (NHEA), the healthcare spending in the U.S. reached US$ 3.3 trillion in 2016, which also equals US$ 10,348 per person. Further, adequate public healthcare system in the country is also a key factor resulting in the high growth of the tissue diagnostics market in the country.
However, low public spending on healthcare facilities in the developing economies such as India, due to lack of proper infrastructural development is one of the key factors barring the growth of the tissue diagnostics market. According to Insights and Reports, the government of India spends roughly 1.4% of the GDP on healthcare.
Further, the government also does not provide adequate primary and secondary medical care as a result of which, more than 75% of these services are provided by the hospitals plying in the private sector. Due to this factor, the rural population in India is devoid of adequate healthcare services, which in turn is hampering the market growth of tissue diagnostics.
Market Segmentation and Analysis
The global tissue diagnostic market has been segmented on the basis of product type, technology and end-user. On the basis of product type the market has been bifurcated into consumables and instruments. Consumables are further segmented into Kits Antibodies, Probes, and Reagents among others.
On the other hand instruments have further segmented into scanners, slide staining system, tissue processing system among others. Consumables segment dominated the market owing to the rising in advancements in the technology over the years On the basis of technology the market has been segmented into
Immunohistochemistry, In situ hybridization, digital pathology and special staining.
Immunohistochemistry technology dominated the market owing to the rising adoption as well as an efficient process to detect any antigen within the tissue. Such techniques are sensitive and provide accurate results for better understanding of the diseases. By end-use the market has been segmented into hospitals, ambulatory surgical centers, research laboratories and diagnostic centers.
In terms of region the market has been segmented into North America, Europe, Asia Pacific, Middle East and Africa and Latin America. North America and Europe captured a significant market share owing to the rising awareness towards proper health and wellness among the population. High spending on healthcare in U.K. is one of the key factors driving the demand for tissue diagnostics market in the country.
Healthcare spending in U.K. amounted to roughly US$ 260.19 Bn in 2017, with government spending accounting for more than 80% of the total healthcare spending. In addition, long term healthcare spending in the U.K. was recorded at US$ 51.32 Bn in 2017. According to Insights and Reports, U.K. saw more than 367,820 new cases of cancer in 2016. These factors are highly supporting the growth of the tissue diagnostic market in the country.
Some of the major key players of the global tissue diagnostic market are Roche, Danaher, Thermo Fisher Scientific, Abott Laboratories, Agilent Technologies, Merck KGaA, Sakura Finetek Japan, Abcam, Biogenex Qiagen among others.
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