The Histology And Cytology Market Is Estimated To Witness High Growth Owing To Increasing Incidence Of Cancer
The histology and cytology market is estimated to be valued at US$ 20882.22 Mn in 2023 and is expected to exhibit a CAGR of 13 % over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Histology involves the microscopic examination of tissue samples to study the details of cellular structures. Cytology involves the examination of cell samples from body fluids like urine, sputum, cerebrospinal fluid, etc. for detection of cancer and other diseases. These techniques play a crucial role in cancer diagnosis, staging, prognosis and management. The broad applications of histology and cytology techniques are in diagnosing diseases like cancer, infections and hematological disorders.
Market Dynamics:
The histology and cytology market is primarily driven by the increasing incidence of cancer globally. According to World Health Organization (WHO), cancer is a leading cause of death worldwide, accounting for nearly 10 million deaths in 2020. The other key drivers include increasing investments in cancer research, rising awareness about advanced diagnostic techniques and growing demand for minimally invasive procedures. Moreover, technological advancements leading to better tissue processing, staining methods and microscope imaging are further fueling the market growth. However, high cost of advanced instruments and lack of skilled professionals and standardized practices pose challenges to market growth.
SWOT Analysis
Strength: Histology and cytology market has three technical strengths that include high growth potential due to increasing prevalence of cancer worldwide, advanced digital pathology solutions that improve efficiency and diagnostic accuracy, and automated staining systems reduce manual tasks and turnaround time.
Weakness: Histology and cytology market faces challenges in lack of pathologist specializing in diagnostic techniques, high installation and maintenance cost of digital pathology solutions limits adoption in low resource setting, and technical limitations of automated staining systems.
Opportunity: Key growth opportunities lie in untapped emerging markets of Asia Pacific and Latin America due to rising healthcare expenditure, and adoption of companion diagnostics using cytology and histology samples offers synergies in personalized medicine.
Threats: stringent regulatory guidelines for approval of new digital pathology solutions, and threat from refurbished equipment and reagents limit pricing flexibility of key players.
Key Takeaways
The Global Histology And Cytology Market Demand is expected to witness high growth, exhibiting CAGR of 13% over the forecast period, due to increasing prevalence of cancer worldwide. The market size for 2023 is US$ 20,882.22 Mn.
Regional analysis: North America is expected to dominate the histology and cytology market during the forecast period. Presence of major market players, early adoption of advanced digital pathology solutions, and large cancer patient pool are major factors contributing to its large market share. Asia Pacific is poised to grow at a fastest pace due to growing healthcare infrastructure, rising medical tourism, and increasing cancer incidence.
Key players analysis: Key players operating in the histology and cytology market are Abbott, Hologic Inc., Becton, Dickinson and Company, Southwest Precision Instruments, LLC, F. Hoffmann-La Roche Ltd, Sysmex Corporation, Thermo Fisher Scientific Inc., Danaher, Life Technologies Corporation, Merck KGaA, Koninklijke Philips N.V., Perkin Elmer, and Trivitron Healthcare.
Key players are focusing on new product launches, mergers, acquisitions and geographical expansion to strengthen their market presence. For instance, in 2022, Abbott launched pan-cancer liquid biopsy test to detect multiple cancer types from a simple blood draw.
Read More:
https://www.marketwebjournal.com/histology-and-cytology-market-growth-demand-and-overview/
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