Global Tissue Diagnostic Market is expected to reach USD 6.4 billion by 2022, according to a new study by Grand View Research Inc. Tissue diagnostic, due to its ability to detect cancer at an early stage, is expected to witness significant growth over the forecast period. Increasing incidences of breast cancer, rising geriatric population base and the growing demand for personalized medicines are high impact rendering drivers of the tissue diagnostics market. Furthermore, improving healthcare infrastructure, increasing demand for safe and cost effective treatment and rising focus of major market players on emerging economies such as India and China are likely to propel market growth. Technological advancement occurring in the field of tissue diagnostics is expected to lead towards the availability of better option for healthcare professionals and the patients. Tissue diagnostic procedures encompass a broad array of technologies designed to revolutionize the cancer diagnosis process and provide apt molecular information. Tissue diagnostic detects the presence of malignant cells by performing microscopic study of the involved tissue. This investigation is considered to be vital for any type of cancer in order to decide the most effective treatment line.
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Further key findings from the study suggest:
· Immunohistochemistry (IHC) is identified as the most lucrative sub segment of the tissue diagnostic market majorly owing to increasing incidences of cancer diagnostic
· The tissue based breast cancer diagnostic segment accounted for the largest market share in 2014. Rising alcohol consumption, lifestyle associated changes and growing geriatric population are some factors expected to drive segment growth over the forecast period.
· North America accounted for over 40.0% of the tissue diagnostic market in 2014 on account of high usage rates of technologically advanced products. Rising patient awareness level and the presence of accessible healthcare infrastructure is also expected to contribute towards healthy regional market growth.
· Asia Pacific is expected to witness the fastest growth over the forecast period. Rapid economic development and the consequent improvement of the healthcare infrastructure is expected to help manufacturers capitalize on the available opportunities in the form of unmet medical needs. Presence of sophisticated healthcare facilities in the developed markets of Japan and Australia is also expected to boost usage rates over the forecast period.
· Key players of the tissue diagnostic market include Roche Diagnostics, Cell Signaling Technologies, Becton Dickinson & Company, Agilent Technologies, Abbott Laboratories, GE Healthcare, Thermo Fisher Scientific, Johnson & Johnson and Danaher Corporation.
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