Northrook, IL -- (SBWIRE) -- 10/07/2019 -- According to a new market research report "Anatomic Pathology Market by Product & Service (Instruments (Tissue Processing Systems, Microtome), Consumables (Reagent & Antibodies), Histopathology, Cytopathology), Application (Disease Diagnosis, Drug Discovery & Development) - Forecasts to 2021" published by MarketsandMarkets, the global market is expected to reach USD 21.9 Billion by 2021 from USD 16.2 Billion in 2016, at a CAGR of 6.1% from 2016 to 2021.
The increasing prevalence of chronic diseases, the growing the aging population, and increasing healthcare expenditure are the major factors driving the growth of the Anatomic Pathology Market.
On the basis of product and service, the Anatomic Pathology Market is segmented into instruments, consumables, and services. The instruments segment has been sub-segmented into tissue processing systems, slides staining systems, microtomes, and other instruments. Similarly, the consumables segment has been sub-segmented into reagents & antibodies, probes, kits, and other consumables. Likewise, the services segment has been sub-segmented into cytopathology, histopathology, and other services. In 2016, the services segment accounted for the largest share of the market. This growth can be attributed to the increasing prevalence of chronic diseases and the subsequent growth in the number of anatomic pathology tests.
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In the instrument subsegment, the tissue processing systems segment accounted for the largest share of the anatomic pathology market in 2016 due to the increasing automation in the instruments that improve the quality of the diagnosis process. Similarly, in the consumables subsegment, the reagents & antibodies segment accounted for the largest share of the market, in 2016. This is due to the increasing number of diagnostics tests that fuel the utilization of reagents & antibodies. Likewise, in the services subsegment, the histopathology segment accounted for the largest market share in 2016. This is mainly due to their use in the diagnosis of a wide range of chronic diseases, such as cancer, and bacterial and viral diseases.
On the basis of application, the anatomic pathology market is segmented into disease diagnosis, drug discovery & development, and other applications. The disease diagnosis segment accounted for the largest market share in 2016. The rapid growth in the aging population and increasing incidence of cancer and other chronic diseases is a key market driver in this segment. The drug discovery & development segment accounted for the second-largest share in 2016. Increasing R&D expenditure is driving the adoption of anatomic pathology services in pharmaceutical and biopharmaceutical companies for drug discovery & development applications.
On the basis of region, the global anatomic pathology market is segmented into North America, Europe, Asia, and the Rest of the World (RoW). Asia is expected to grow at the highest CAGR during the forecast period. The presence of emerging economies like China, India, and Japan; the large population and rising prevalence of chronic diseases in these countries; improving standards of living; growing demand for quality medical care; increasing healthcare spending and government initiatives; rising awareness about the use of anatomic pathology tests among physicians; and growth in the demand for diagnostics are some major factors driving the high growth of this regional segment.
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Some of the Major Players operating in the Anatomic Pathology Market are F. Hoffmann-La Roche AG (Switzerland), Thermo Fisher Scientific (U.S.), Danaher Corporation (U.S.), Agilent Technologies (U.S.), Sakura Finetechnical Co., Ltd. (Japan), Quest Diagnostics Incorporated (U.S.), Laboratory Corporation of America Holdings (U.S.), and NeoGenomics Laboratories, Inc. (U.S.).
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