The global tissue diagnostic market size is expected to reach USD 4.7 billion by 2025 from USD 3.4 billion in 2020, at a CAGR of 6.5%. This industry is experiencing significant growth due to the rising incidence of cancer, developing infrastructure for cancer diagnosis, recommendation of cancer screening, availability of reimbursements, and increasing healthcare expenditure.
Based on the product, the tissue diagnostics market is segmented into instruments and consumables. The consumables segment is expected to grow at the highest growth rate during the forecast period. This is attributed primarily to their requirement in large numbers, cost-effectiveness, and ease of use.
The increasing number of reagent rental agreement is also one of the major factors to drive the growth of the consumables market globally.
Based on the technology, the tissue diagnostic market is segmented into immunohistochemistry, in situ hybridization, digital pathology and workflow, and special staining. The immunohistochemistry segment is estimated to register the highest CAGR during the forecast period.
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Easy accessibility to advanced technologies, government initiatives for screening cancer patients, favorable reimbursement scenario for pathology diagnostic tests, increasing healthcare expenditure, and high-quality infrastructure for hospitals and clinical laboratories in this region are the major factors driving the growth of the tissue diagnostic market in North America.
The end user segment of this market is categorized into hospitals, pharmaceutical companies, research laboratories, contract research organizations, and other end users. The research laboratories segment is expected to grow at the highest growth rate during the forecast period. This can be attributed to increasing outpatient surgeries such as endoscopies performed in ambulatory surgical centers (ASCs) and physician offices.
The prominent players operating in the global tissue diagnostic include Roche (Switzerland), Danaher (US), Thermo Fisher Scientific (US), Abbott (US), Agilent Technologies (US), ABCAM (UK), Merck KGAA (Germany), BD (US), Hologic (US), Bio Rad (US), Biomeriux (France), Sakura Fientek Japan (Japan), BioSB (US), Biogenex (US), Cell Signaling Technology (US), Histoline Laboratories (Italy).