Tissue Diagnostic Market is Projected to Expand Significantly at the CAGR of 9.50% by 2024
Global Tissue Diagnostic Market: Snapshots
The rising prevalence of the cancer is likely to propel the growth of the global tissue diagnostic market in near future. The development of infrastructure in the healthcare and medical sector is another factor attributing to the overall growth of this market in near future. Additionally, increasing awareness about the qualitative and quantities analysis of the tissue samples, high awareness about tissue diagnosis and the discovery of the specific target antibodies in the biopharmaceutical sector are some of the important factor driving the growth of the global tissue diagnostic market in coming years. Also, the increasing need for improvement in healthcare infrastructure and the better treatment of cancer patients have positively upsurge the demand of the tissue diagnostic over the forthcoming years.
Apart from the cancer cases, the geriatric population may likely to influence the growth of the tissue diagnostic market, across the globe. Also elderly population are highly vulnerable to disease and requires medical check-up on the regular basis. This could be another factor augmenting the demand of the tissue diagnostic market, globally.
On the other hand, the delay approval of new treatment and other potential test by the Food and Drug Administration (FDA) hampers the growth of the tissue diagnostic across the globe. Also, despite high expense of the diagnostics, growing awareness, and rise in merger and acquisition, innovation and rise in disposable income could be some important factor influencing the expansion of the market in near future.
Product Type Segments Dominates the Global Tissue Diagnostic Market
The global market for tissue diagnostic is segmented on the basis of product type, technology and end user. Among all these segment, Tissue diagnostic instruments have been enjoying a greater demand from end users than the diagnostic kits. Whereas, if the increase usage of these instruments in laboratories, diagnostic center and healthcare, this segment is projected to remain key contributor this market throughout the assessment period. Also, the expensive treatment charge and diagnostic test could be another factors restraining the growth of this market.
North America to Dominate the Global market for Tissue Diagnostic in Terms of Adoption
On the basis of geography, North America could projected to remain the dominating market on account of increase in research activities, highly-established pharmaceutical industry and biotechnology industry in coming years.
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In recent periods, the North America market could be thoroughly followed by Asia Pacific and Europe and the overall scenario in this region likely to remain same in near future. The market for tissue diagnostic in Europe could be compelled by the following factors such as the increasing investment from the research organization for the advance study of the cancer, implementation of government regulation as well as advancement of technology in pharmaceutical industry. Also, Asia Pacific is likely to dominate the market in terms of drug discovery and due to ongoing industrialization in coming years.
The study also provides few prominent players operating in the global market for tissue diagnostic such as Roche Diagnostics, Abbott Laboratories, GE Healthcare, Genomic Health Inc. and Agilent Technologies.
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