Anatomic Pathology Market: Current Analysis and Forecast (2022-2028)

The global anatomic pathology market is experiencing significant growth due to the increasing geriatric population coupled with rising cancer, stepping growth on the support of extensive use of anatomic pathology for identifying and managing tumors that are growing at an alarming rate. For instance, In May 2021, Hologic received premarket approval (PMA) from the FDA for its ThinPrep GenesisTM processor for cytology processing and specimen transfer for downstream applications. The launch of the ThinPrep Genesis processor shows our continued commitment to improving the testing experience for our laboratory partners and, ultimately, helping them and clinicians deliver accurate results. Thus, the latest approval will boost Hologic's diagnostics solutions offering with the growing focus on technology and increase the accuracy of cervical cancer screening used by laboratories which gives detailed information about patients. Therefore, the market for anatomic pathology is expected to witness a significant CAGR of 6.45% during the forecast period.

The global anatomic pathology market is expected to register a CAGR of around 6.45% from 2021 to 2027. This is mainly due to the high prevalence of cancer and other associated chronic diseases coupled with the growth in the geriatric population and the stringent government regulations coupled with the growing focus of major stakeholders in the healthcare industry to adopt to make products and services more sustainable and eco-friendlier. Major healthcare companies are investing heavily in their products due to the rising prevalence of cancer, with the number of patients with chronic disease rising which includes the growth of cancer cases among the older population. According to National Cancer Institute, The incidence rates for cancer overall climb steadily as age increases, from fewer than 25 cases per 100,000 people in age groups under age 20 to about 350 per 100,000 people among those aged 45-49, to more than 1,000 per 100,000 people in age groups 60 years and older. Thus, increase in the prevalence of cancer, there is increasing usage of advanced pathology equipment such as staining systems, gross imaging, and digital microscopes that are poised to improve anatomic pathological practices to some extent. Furthermore, various factors such as smoking, unhealthy diet, physical inactivity, and advancing age, increase the risk and diagnosis of such diseases. Therefore, the market for anatomic pathology devices is expected to witness significant growth during the forecast period.

F. Hoffman-La Roche Ltd., Danaher Corporation, Thermo Fisher Scientific, BioGenex Laboratories, Hologic, Inc., Agilent Technologies, Becton, Dickinson and Company, Sakura Finetek USA Inc., Merck KGaA, Bio SB are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report:

"Amongst Product and Services, services category accounted for the majority share in the market in 2020"

Based on the product and services, the market is categorized into instruments, consumables, and services. The services category accounted for a significant share of the market. This is mainly due to the rising prevalence of critical illnesses that require immediate medical attention. A substantial number of reagents and kits, antibodies, and probes are being marketed for anatomic pathology protocols. The growth of this segment can be attributed to the drive to enhance technical capabilities to offer anatomic pathological instruments with an improved design. For instance, in April 2020, Precisionary Instruments launched a CF-6100 cryostat. This cryostat promotes and supports tissue sectioning in dermatology, histology, and pathology. The continuous development of the new products due to technological advancements that will lead to the production of innovative instruments and procedures is likely to strengthen the market of the segment during the forecast period.

"Amongst Application, disease diagnosis is expected to witness highest CAGR during the forecast period"

Based on the application, the market is categorized into disease diagnosis, drug discovery and development, and others. Among these, disease diagnosis is expected to witness the highest CAGR during the forecast period. This is mainly due to pathology protocols providing an opportunity for researchers to explore disease etiology and associated outcomes. For instance, according to NCBI, Larger laboratories accessioning 20,000 or more specimens per year face a high rate of discrepancies as compared to those receiving less than 20,000 samples. The Rising cases of chronic disease and increasing requirements to address the timely diagnosis of medical conditions are driving the market. However, the rising prevalence of cancer along with the surging geriatric population is the major factor driving the disease diagnosis over the forecast period.

"North America to witness significant growth during the forecast period"

North America is expected to show the highest CAGR growth in the anatomic pathology market. The major contributors to the growth of this market are US and Canada. This is mainly due to the increasing incidence of cancer which causes death in countries like the U.S. and Canada. The growing implementation of digital pathology services with advanced imaging tools also significantly contributed to the considerable growth of the state in the U.S. anatomic pathology market. The Increase in awareness about anatomic pathology, health screening, and the rise in the patient base suffering from cancer in the U.S. is expected to drive the market in the region. As per the American Cancer Society (2021), 1 in 3 people will be diagnosed with cancer in their lifetime. Furthermore, many medical and pharmaceutical companies are headquartered in the region, which is now focusing on research and development and clinical research activity for the treatment of cancer and various developmental strategies adopted by the regional market will drive market growth.

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