The Anatomic Pathology Market Is Estimated To Witness High Growth Owing To Rising Geriatric Population
Market Overview:
Anatomic pathology involves the examination of organs, tissues, and whole bodies to diagnose disease. It plays a vital role in disease diagnosis, prognosis and further medical interventions. Anatomic pathologists examine surgical specimens, biopsies and bodily fluids under microscopes to check for abnormalities. The growing prevalence of chronic diseases and various types of cancer has increased the demand for anatomic pathology tests globally.
Market Dynamics:
The anatomic pathology market is primarily driven by the rising geriatric population worldwide which is more prone to chronic diseases and various forms of cancer. As per the United Nations report, the population aged 60 years or over is growing at a rate of about 3% per year globally. Moreover, increasing healthcare expenditures and advancements in diagnostic technologies are allowing for precise disease diagnosis. Additionally, growing collaborations between pathologists, oncologists and clinical researchers is leading to improved prognosis and therapeutics for various types of cancer and other diseases which is positively impacting the market growth.
The global Anatomic Pathology Market Growth is estimated to be valued at US$ 30.16 Bn in 2023 and is expected to exhibit a CAGR of 8.7% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
SWOT Analysis
Content: Strength: Anatomic Pathology offers definitive diagnosis which helps in proper treatment planning. It has highly skilled pathologists who can accurately diagnose diseases. Growing aging population and rising cancer cases fuel the demand for anatomic pathology tests and services.
Weakness: It requires high capital investment for setting up labs and procuring advanced diagnostic equipment. Shortage of trained pathology professionals is also a challenge.
Opportunity: Increasing partnerships between anatomic pathology labs and hospitals/clinics expand access to diagnostic services. Growing demand for personalized medicine and companion diagnostics present an opportunity.
Threats: Alternatives like liquid biopsy pose threat. Growing pressure to reduce healthcare costs can impact pricing of anatomic pathology tests.
Key Takeaways:
The global anatomic pathology market is expected to witness high growth, exhibiting a CAGR of 8.7% over the forecast period, due to increasing prevalence of chronic diseases like cancer. According to statistics by WHO, cancer burden is expected to grow to 27.5 million new cancer cases and 16.3 million cancer deaths by 2040. This rising disease burden generates substantial demand for anatomic pathology diagnostics and services.
Regional analysis: North America dominated the anatomic pathology market in 2023, accounting for over 35% revenue share. Availability of advanced healthcare infrastructure and high adoption of personalized medicine drive the market in the region. Asia Pacific exhibits highest growth, supported by growing medical tourism, increasing healthcare spending, and expanding healthcare facilities.
Key players: Key players operating in the anatomic pathology market are Danaher PHC Holdings CorporationQuest Diagnostics IncorporatedLaboratory Corporation of America HoldingsF. Hoffmann-La Roche AGAgilent Technologies, Inc.Cardinal HealthSakura Finetek USA, Inc.NeoGenomics Laboratories, Inc.BioGenexBio SB. These players are focusing on developments like advanced diagnostic platforms, partnerships, and geographical expansion to strengthen their positions.
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