Tissue Diagnostics Market Worth $6.6 Billion By 2027

The global tissue diagnostics market size is anticipated to reach USD 6.6 billion by 2027, growing at a CAGR of 5.9% during the forecast period, according to a new report by Grand View Research, Inc. Accelerating demand for automated tissue diagnostic systems due to the lack of skilled pathologists has driven the market. The advent of advanced imaging techniques, such as autofluorescence, that minimize the need for invasive diagnostics further supplement market growth.

The digitalization of tissue diagnostic techniques has resulted in the improvement of workflows and better patient care. Ongoing strategic models taken-up by key companies to enhance the efficiency of diagnostics also drives the market. For instance, in December 2019, Philips collaborated with Paige to provide clinical-grade artificial intelligence-based solutions to pathology laboratories. This enhanced the speed and accuracy of cancer diagnostics in laboratories.

Tissue diagnostic techniques, such as immunohistochemistry (IHC) or in situ hybridization, are used in companion diagnostics (CDx) to determine the quantity of a target analyte present in the sample. Introduction of CDx tests, such as the launch of the VENTANA HER2 Dual ISH CDx

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Further key findings from the report suggest:

• IHC tests are highly adopted as these tests are specific and helpful in identifying the variations between different types of cancer, resulting in the largest revenue share
• A rise in the investments for the development of advanced infrastructure to digitalize images is anticipated to drive the digital pathology segment with the fastest CAGR.
• Moreover, an increase in the demand for automated modalities owing to a dearth of skilled pathologists further compliments this growth
• A large number of breast cancer cases coupled with a rise in the application of digital image processing techniques on histopathological samples for breast cancer detection contributes to the largest share of breast cancer
• Prostate cancer is anticipated to register lucrative growth owing to the extensive ongoing research pertaining to early diagnosis and prevention of this disease
• Hospitals dominated the market in terms of revenue share due to the high adoption of tissue diagnostics solutions. These solutions provide accurate results in minimal time than conventional testing procedures
• North America accounted for the largest revenue share owing to increasing collaborations between pharmaceutical and biotech firms to expand their product offerings
• The requirement of better laboratory management systems, growing demand for novel patient care facilities, and favorable regulatory framework, boost the Asia Pacific market at a lucrative pace
• Abbott, QIAGEN, Roche, Siemens, Danaher, Thermo Fisher, and Merck are some key participants operating in the tissue diagnostics market
• Key vendors are engaged in novel product developments, partnership, and acquisition models to maintain their revenue share in the market.

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About Grand View Research        

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

For more info visit @ https://www.grandviewresearch.com