In a recent published report, Kenneth Research has updated the market report for Tissue diagnostic Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Tissue diagnostic Market products.
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Kenneth Research has recently added a report titled Tissue diagnostic Market in its storehouse of market research reports. The report provides a detailed insight into the market scenario on the basis of the market size and volume for the forecast period, i.e., 2021 2030. Factors such as the growing advancements in the development of novel drugs, coupled with the growing health infrastructure in several nations worldwide are anticipated to drive the growth of the market in the coming years. Moreover, increasing expenditure on healthcare, backed by the need amongst individuals for quality healthcare services, is also anticipated to contribute to the market growth.
According to the statistics by the World Bank, the current health expenditure (% of GDP) around the world increased from 9.08% in 2001 to 9.84% in 2018. Additionally, the current health expenditure per capita (current US$) increased from USD 492.99 in 2001 to USD 1110.84 in 2018. Moreover, growing concern for deaths caused due to various diseases and the need for treatment that can lower the crude death rate, which in the year 2019 recorded close to 7% (per 1000 people), are also anticipated to drive the market growth 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.
“The Final Report will cover the impact analysis of COVID-19 on this industry.”
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Market Dynamics
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.
Geographical Outlook
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.
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Competitive Landscape
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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