Anatomic Pathology Market size in 2019 is estimated to be $16.3 billion, growing at a CAGR of 6.1% during the forecast period 2020-2025. Anatomical pathology is a medical specialty that is concerned with the diagnosis of disease based on the macroscopic, microscopic, biochemical, immunologic and molecular examination of organs and tissues. The function of anatomy pathology is to detect abnormalities that can be helpful to enhance diagnostics and treatment management. Increasing incidence of chronic disease and high usage of advanced equipment are the major factors driving the growth of the market. Moreover, growing geriatric population and changing lifestyle further enhance the overall market demand for anatomic pathology during the forecast period 2020-2025.
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Product Type – Segment Analysis
Based on the Product Type, anatomic pathology market is segmented into instruments, consumables and services. The instruments is projected to be the fastest-growing segment and is estimated to grow at a CAGR of 5.63% during the forecast period 2020-2025. This is mainly owing to rise in the incidences of various health disorders and increasing expenditure on healthcare. Moreover, there is a growing need to improve the diagnostics procedures and provide effective treatment that are contributing to the growth of this segment.
End-Use – Segment Analysis
Based on the end-use, anatomic pathology market is segmented into hospitals, Research Laboratories, Diagnostics Laboratories and others. In 2019, hospital held the largest share in the anatomic pathology market. Growing demand for efficient and effective surgery with shorter recovery time and reduced hospital stay are key factors driving the growth of this segment. Moreover, presence of well-developed infrastructure as well as well-trained staff in hospitals is also contributing to the growth of this segment.
Geography – Segment Analysis
North America dominated the anatomic pathology market share accounting for 40% of the market in 2019. This is mainly owing to rise in awareness over the diagnosis procedures and growing number of research institute. According to American Medical Association, around 3.9 million people suffer from chronic diseases and about 17 million new cases of cancer in U.S. According to Cancer Research Organization, about 85,000 people were infected that increase the number of surgical procedures in U.S.
However, the Asia-Pacific region is projected to be the fastest-growing during the forecast period 2020-2025. This is owing to the increase in better patient care facilities, growing geriatric population and increasing the healthcare infrastructure.
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Drivers – Anatomic Pathology Market
Increasing prevalence of chronic disease and increasing concern towards health are some factors driving the growth of anatomic pathology market. Moreover, rising incidence of disease owing to changes in food habits and lifestyle are also set to increase the market growth.
Increasing usage of advanced technology and growing prevalence for the effective treatment procedures are some factors driving the growth of the market. Moreover, technological evolution in the medical industry has given rise to a number of surgeries and increasing awareness towards treatment further contributing to the growth of anatomic pathology market.
Challenges – Anatomic Pathology Market
Lack of skilled professional in healthcare are challenging the growth of the market. Moreover, unavailability of proper healthcare infrastructure, growing alternative products and lack of standardization are further restraining its market growth during the forecast period 2020-2025.
Anatomic Pathology Industry Outlook
Product launches, Merger & Acquisitions, joint ventures and R&D activities are key strategies adopted by players in the Anatomic Pathology Market. Anatomic Pathology top 10 companies are Thermo Fisher Scientific, Inc., Cardinal Health, Inc., F. Hoffmann-La Roche AG, Agilent Technologies, Inc., Sakura Finetek USA, Inc., Quest Diagnostics Incorporated, Laboratory Corporation of America Holdings, NeoGenomics Laboratories, Inc., BioGenex, and Bio SB.
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