Press Release   -

Tissue Diagnostic Market to Reach 5,157.33 USD Million by 2028

The Global Tissue Diagnostic Market is expected to reach 5,157.33 USD Million by 2028, growing at a CAGR of 6.10% from 2022 to 2028. The increasing incidence of cancer along with the growing healthcare expenditure is anticipated to augment the growth of the market during the forecast period.

Key Findings:

• The consumables segment held a significant share in 2021. This is attributable to the increasing consumption of these products along with an increasing number of reagent rental agreements across the globe. Further, the introduction of new reagents and kits is also expected to support the segmental growth of the market.
• The immunohistochemistry segment is projected to grow at a significant CAGR during the forecast period. This is attributable to the increasing prevalence of chronic diseases across the globe. Further, IHC is preferred mostly over conventional enzyme staining techniques since it provides variations between different types of tumors.
• The breast cancer segment held a significant share in 2021. This is attributable to the increasing incidence rates of breast cancer across the globe due to the increase in inheritance and family history and history of radiation exposure. Further, the support of the government and private centers is also expected to support the segmental growth of the market.
• The hospital's segment is projected to grow at a considerable CAGR during the forecast period. This is attributable to the significant increase in agreement models for better disease diagnostics and the availability of skilled healthcare professionals. Further, increasing government funding and rising private sector investment in healthcare are also expected to support segmental growth of the market.
• Asia Pacific is expected to grow at the fastest CAGR during the forecast period. China accounted for the largest share in APAC in 2021. This is attributable to the rapid adoption of advanced cancer diagnostic techniques and tools by emerging economies such as India, and China in the region. Furthermore, the increased access to several tissue diagnostic assays along with favorable R&D initiatives is also anticipated to support the regional growth of the market.

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The increasing prevalence of cancer such as breast, lung, colon, rectum, and prostate, among others, is anticipated to augment the growth of the Tissue Diagnostic Market in the years to come. This is attributable to the increase in tobacco intake, alcohol consumption, physical inactivity, unhealthy diet, and rising air pollution globally. As per WHO estimates, cancer caused nearly 10 million deaths in 2020 and 2.3 million women were diagnosed with breast cancer in 2020 and caused 685 000 deaths globally and also estimated that there were 7.8 million women alive as of the end of 2020, who was diagnosed with breast cancer in the past 5 years, which made it the most prevalent cancer globally. With the increasing number of cases of cancer across the globe, the demand for tissue diagnostics is also expected to increase in the future. Further, the growing healthcare expenditure, for instance, as stated by the National Health Expenditure Accounts, U.S. health care spending grew to 9.7% and reached $4.1 trillion or $12,530 per person in 2020 is also expected to propel the market growth in the near future.

However, the high degree of consolidation and lack of infrastructure, and low awareness in middle- and low-income countries is expected to hamper the growth of the market in the years to come. Moreover, an increase in demand for personalized medicines from countries along with an increasing number of clinical trials pertaining to cancer drugs are expected to create immense opportunities for the growth of the market within the forecast period.

North America held the largest shares in 2021. The US held the largest share in North America for the Tissue Diagnostic Market. This is attributable to the increasing prevalence of cancer and increasing healthcare expenditure in the region. Furthermore, the easy accessibility to advanced technologies and high-quality infrastructure for hospitals and clinical laboratories in the region is also expected to fuel the regional growth of the market. Additionally, the rising government initiatives for screening cancer patients in the region are also expected to support the growth of the Tissue Diagnostic Market market in the region.

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