Tissue Diagnostics Market Worth $8.4 Billion | MarketsandMarkets

CHICAGO, Jan. 8, 2024 /PRNewswire/ -- Tissue Diagnostics Market in terms of revenue was estimated to be worth $5.6 billion in 2023 and is poised to reach $8.4 billion by 2028, growing at a CAGR of 8.4% from 2023 to 2028 according to a new report by MarketsandMarkets™. The tissue diagnostics market is driven by the growing healthcare expenditure, and growing demand for digital pathology are the major factors driving the growth of the market. Growth in emerging countries and development of condition specific biomarkers and tests are anticipated to offer lucrative growth opportunities for the tissue diagnostics market.

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Tissue Diagnostics Market Scope:

In 2022, the Antibodies in the consumables segment is holds the largest share of the tissue diagnostics market, by product segment.

The global tissue diagnostics market is divided into consumables (Antibodies, Kits, Reagents, and Probes) and Instruments (Slide-staining Systems, Scanners, Tissue-processing Systems, and Other Instruments [automated cover slippers, microtomes, embedding systems, paraffin dispensers, and slide labelers]). This dominance is anticipated to persist, solidifying antibodies as a leading driver in the tissue diagnostics market, part of a segment that encompasses kits, reagents, and probes. The increased usage of consumables like kits and reagents contributes significantly to the rising demand for these products in cancer diagnosis. These kits play a dual role, aiding not only in diagnosing cancers but also in facilitating research. Hence, the increasing utilization of antibodies and kits in diagnostic and research capacities significantly fuels the expansion of the reagents and kits product segment.

The hospitals segment accounted for the largest share of the tissue market, by end user, in 2022.

The hospitals segment is expected to dominate the global tissue diagnostics market in 2022. The substantial segment share stems from several factors such as surge in hospital visits by patients, an uptick in in-house diagnostic procedures within hospital settings, heightened awareness surrounding early diagnosis, and the presence of reimbursements in developed markets for clinical tests conducted within hospitals.

North America is the largest regional market for tissue diagnostic market.

The global tissue diagnostics market has been segmented into—North America, Europe, the Asia Pacific, and  Rest of the World. In 2022, North America dominated the global tissue diagnostics market in 2022. The Increasing healthcare expenditure, and high-quality infrastructure for hospitals and clinical laboratories are the key factors driving market growth in the US.

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Tissue Diagnostics Market Dynamics:

Drivers:

1. Growing demand for digital pathology

Restraints:

1. Stringent Regulatory requirement

Opportunities:

1. Significant opportunities in BRICS Countries

Challenge:

1. Lack of Infrastructure and low awareness in middle- and low-income countries

Key Market Players of Tissue Diagnostics Industry:

The top players in this market are F. Hoffmann-La Roche (Switzerland), Danaher Corporation (US), and PHC Holdings Corporation (Japan). These players hold leading positions in the market owing to their broad product offerings in the tissue diagnostics market. These mentioned players have undertaken various organic and inorganic growth strategies such as product launches and approvals, collaborations, acquisitions, and agreements to retain their position in the market.

The break-up of the profile of primary participants in the tissue diagnostics market:

• By Company Type: Tier 1 - 40%, Tier 2 - 30%, and Tier 3 – 30%
• By Designation: C-level - 27%, D-level - 18%, and Others - 55%
• By Region: North America - 51%, Europe – 21%, Asia Pacific – 18%, and Rest of the World- 10%

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Tissue Diagnostics Market Recent Developments:

• In April 2023, Leica Biosystems received FDA clearance for BOND MMR Antibody Panel, for detection of colorectal cancer.
• In April 2023, Leica Biosystems launched its BOND-PRIME an advanced staining solution for increasing diagnostic productivity in the lab
• In February 2023, F. Hoffman-La Roche Ltd launched its IDH1 R132H (MRQ-67) Rabbit Monoclonal Antibody and the ATRX Rabbit Polyclonal Antibody for use in the BenchMark series of instruments for the detection of brain cancer.
• In October 2022, F. Hoffman-La Roche Ltd received FDA approval for its PATHWAY anti-HER2/neu (4B5) Rabbit Monoclonal Primary Antibody use as a companion diagnostic test to identify metastatic breast cancer patients with low HER2 expression.
• In August 2022, F. Hoffman-La Roche Ltd (Switzerland) received FDA approval its for label expansion for the VENTANA MMR RxDx Panel.

Tissue Diagnostics Market - Key Benefits of Buying the Report:

The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall tissue diagnostics market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.

The report provides insights on the following pointers:

• Analysis of key drivers (the rising prevalence of cancer, growing healthcare expenditure, growing demand for digital pathology, increasing healthcare expenditure, developing infrastructure for cancer diagnosis, increasing availability of reimbursements, and increasing technological advancements in tissue diagnostics are the major factors driving the growth of the market), restraints (high degree of consolidation, high cost of diagnostic imaging system), opportunities (significant opportunities in BRICS countries, growing demand for personalized medicines, increasing number of clinical trails perraining to cancer drugs, emerging economics to offer significant opportunities to companies), challenges (lack of skilled professionals, availability of refurbished products, stringent regulatory requirements, lack of infrastructure and low awareness in middle and low income countries and lack of standardization ) and trends (Increasing number of reagent rental agreements, increasing usage of Al in histopathology ) influencing the growth of the tissue diagnostics market
• Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product launches in the tissue diagnostics market.
• Market Development: Comprehensive information about lucrative markets – the report analyses the tissue diagnostics market across varied regions.
• Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the tissue diagnostics market
• Competitive Assessment: In-depth assessment of market shares, growth strategies and product offerings of leading players like F. Hoffmann-La Roche Ltd (Switzerland), Danaher Corporation (US), PHC Holdings Corporation (Japan), Agilent Technologies (US), Thermo Fisher Scientific Inc. (US), and among others in the tissue diagnostics market strategies.

Related Reports:

Molecular Diagnostics Market - Global Forecasts to 2028

Immunohistochemistry (IHC) Market - Global Forecasts to 2028

In Vitro Diagnostics Market - Global Forecasts to 2027

Slide Stainer Market - Global Forecasts to 2027

In Situ Hybridization Market - Global Forecasts to 2027

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