According to FutureWise analysis the market for tissue diagnostics in 2023 is US$ 5.66 billion, and is expected to reach US$ 9.6 billion by 2031 at a CAGR of 6.80%.
Tissue diagnostics is used for understanding tumors at a biological level which is why it is generally used for diagnosing cancer. There has been a surging demand for tissue diagnostics with a rising prevalence of cancer across the world, thereby contributing to the growth of the market. As per the data provided by the Globocan, over 14 million newly registered cancer cases and over 8 million deaths related to cancer were recorded in 2012 and it is estimated that this numbers shall reach over 17 million and over 10 million by 2021. Based on this data, the EHO and the ICRA predicted that over 19 million new cancer cases will be recorded by 2025 and this hike in the number of patients is primarily due to the increasing geriatric population. AS pe the WHO report, the geriatric population is expected to rise from over 11% in 2015 to over 21% by 2050, which shall increase the cancer patient pool, thereby proliferating the market.
Research institutes are working on automizing the tissue-based diagnosis which shall help in obtaining a faster tumor diagnosis. Furthermore, there has been a surging demand for customised medical care and with some extensive ongoing research, it will be possible to produce companion tissue diagnostic kits which is likely to positively impact the market growth. In case of the share distribution amongst market players, over 80 percent of the total market is held by five major players and due to these players have established a high level of brand loyalty which makes it difficult for emerging players to enter the market and establish their position as theses players are not at the same financial level as the established players are in terms of research infrastructure and workforce. Such factors can negatively impact the market growth during the forecast period.
There has been a significant change in the pathology sector with many clinicians shifting from traditional pathology to digital pathology, thereby allowing them to reduce the test turnaround time, enhance the outcome of patients and prioritise critical cases. For example, Alverno Laboratories in May 2019, partnered with the Royal Philips, introduced the IntelliSite Pathology Solution of Philips in their clinical labs for enhancing lab quality, patient safety and efficiency. This shall significantly boost the tissue diagnostics market growth.